Checklist Tags

These are the checklists related to Week 56.

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1. Review my "Future Narrative"
   Review my own "Future Narrative" to remind myself about my why, my how and what obstacles I am committed to overcoming.

   Do this at a minimum once a month.

   Mark this task as complete once you've reviewed your "Future Narrative" this month.

   ASAPFuture NarrativeGoalsUltimate Nomad ChecklistWeek 1Week 10Week 11Week 12Week 13Week 14Week 15Week 16Week 17Week 18Week 19Week 2Week 20Week 21Week 22Week 23Week 24Week 25Week 26Week 27Week 28Week 29Week 3Week 30Week 31Week 32Week 33Week 34Week 35Week 36Week 37Week 38Week 39Week 4Week 40Week 41Week 42Week 43Week 44Week 45Week 46Week 47Week 48Week 49Week 5Week 50Week 51Week 52Week 53Week 54Week 55Week 56Week 57Week 58Week 59Week 6Week 60Week 61Week 62Week 63Week 64Week 7Week 8Week 9

2. Class Watch "Analyzing a Deal with Brian's Spreadsheet" Recording of Live Class
   Watch the recording of the live presentation of "Analyzing a Deal with Brian's Spreadsheet" available on:

   https://RealEstateFinancialPlanner.com/how-to-analyze-a-deal-with-brians-spreadsheet/

   Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 4Week 56

3. IF CONCRETE DRIVEWAY: Seal driveway every two years
   If you have a concrete driveway, it is recommended that you seal concrete driveways every two years.

   Property MaintenanceUltimate Nomad ChecklistWeek 56

4. Complete the "Prepare Property for Rent" checklist
   Complete the "Prepare Property for Rent" checklist:

   https://RealEstateFinancialPlanner.com/prepare-property-for-rent/

   Buy at Home Improvement StorePost-ClosingPrepare Property for RentUltimate Nomad ChecklistWeek 56

5. Replace Fire Extinguisher
   Replace fire extinguishers to prepare for the next Tenant/Tenant-Buyer.

   They have limited lifespans and it is probably cheaper to just buy new ones than to have them serviced.

   Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

6. Replace Batteries in Smoke Alarms and Radon Detectors
   Replace the batteries in all smoke alarms and Radon detectors to prepare for the next Tenant/Tenant-Buyer.

   Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

7. Clean property
   Clean the property.

   Make sure the property is in great condition; it sets the tone for the condition you want the Tenant or Tenant-Buyer to treat and maintain your property. If you're OK with dirty windows and floors, they won't care about that or other things either.

   Things to clean probably include:

   • Kitchen including behind and underneath appliances like the strove and refrigerator
   • Clean inside refrigerator, oven and microwave
   • Bathrooms
   • At a minimum vacuum the carpet (ideally have the carpets cleaned if needed)
   • Sweep and pressure wash the garage and driveway
   • Clean windows inside and outside
   • Mow the lawn, trim shrubs and neaten landscaping
   • Clean out the gutters

   Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

8. Complete all repairs from Home Inspection
   If there were things on your Home Inspection that have not been fixed yet, complete all repairs prior to putting your property up for rent.

   Make sure the property is in great condition; it sets the tone for the condition you want the Tenant or Tenant-Buyer to treat and maintain your property. If you're OK with a dripping faucet, they won't care about that or other things either.

   Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

9. Service AC and Furnance
   Have the AC and furnace serviced prior to renting your property.

   Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

10. Check for leaks under all sinks and toilets
    Make sure you look under all sinks and around all toilets for possible leaks. Fix leaks immediately if they exist.

    Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

11. Change insurance policy to be landlord policy
    Call your Insurance Agent and make sure you have a landlord insurance policy (not an owner occupant insurance policy) on your property that you are having be a rental.

    Prepare Property for RentUltimate Nomad ChecklistWeek 56

12. Consider adding a fence to attract tenants with pets
    Tenants with pets represent an exceptionally large percentage of tenants.

    So, accepting pets and having a property with a fenced in yard can help attract a larger pool of tenants which may help you to get higher rent.

    Plus, you may also be able to collect additional pet rent on your properties.

    For more information on fence laws in Colorado (and possibly getting your neighbors to contribute to the cost of adding a fence), check out this special report.

    New ConstructionPrepare Property for RentUltimate Nomad ChecklistWeek 56

13. Place directional signs to property
    Place up directional signs to direct people toward the property you have for rent or on a rent to own.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56

14. Place "For Rent" (or "Rent To Own") sign in yard
    Place your "For Rent" (or "Rent To Own") sign in the yard.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56

15. Post "For Rent" (or "Rent To Own") ad on Zillow
    Post your "For Rent" or (or "Rent To Own") ad on Zillow.

    Mark this task complete when you've posted the ad.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

16. Post "For Rent" (or "Rent To Own") ads on CraigsList
    Post your "For Rent" (or "Rent To Own") ads for the property on CraigsList.

    Mark this task complete when you've posted your ad.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

17. Post "For Rent" (or "Rent To Own") ads on local rental websites
    Post your "For Rent" (or "Rent To Own") ad on other local rental websites.

    For example, in Northern Colorado you may also want to post an ad to NorthernColoradoRentals.com as well.

    Mark this task as complete when you've posted ads to these other websites.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

18. Take Tenant/Tenant-Buyer calls
    As calls come in on your marketing, field Tenant and Tenant-Buyer calls and answer questions about the property, complete initial telephone screening and schedule showings.

    Do your screening early... in this first call... don't meet unqualified people at the property.

    Some people prefer to ask Tenant or Tenant-Buyer for permission using something like this:

    "I’d be happy to answer any questions you have about the property."

    "Then, if you don’t mind… if it seems like a property you'd be interested in... I’d like to ask you a few questions to see if you qualify for the property and… if you qualify… then we can schedule a time for you to see the property. Will that work for you?"

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

19. Write down answers to Initial Screening Questions
    Write down the answers to these initial screening questions that you'd ask the prospective Tenant/Tenant-Buyer on the first phone call.

    Remember, we're trying to determine if the Tenant/Tenant-Buyer is qualified to borrow something worth hundreds of thousands of dollars and whether you're going to meet them at the property to show it.

    • What's your name? Phone number? Email?
    • Who will be living there besides yourself?
    • Do you have any pets? How many? What breeds? What size? Neutered/spayed?
    • Do you have good landlord references?
    • Are you renting now? How much do you pay? Why are you moving?
    • What is your approximate gross monthly income?
    • Any felonies or other convictions?
    • Any evictions?
    • How is your credit?
    • How long are you looking to stay?
    • When are you looking to move in?

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

20. IF THEY SEEM TO QUALIFY: Pre-schedule showing with prospective Tenant/Tenant-Buyer
    If the Tenant/Tenant-Buyer seems to qualify based on asking the Initial Screening Questions on your initial phone call then let them know you're going to send over a video tour of the property along with a copy of the application.

    Ask them to watch the video and look at the application and then confirm a time to meet them at the property for a showing.

    If they don't reply back confirming they've watched the video, looked at the application and will be there for the showing time, do not go to the showing.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

21. Send application and video tour to Tenant/Tenant-Buyer
    Before confirming the showing, send the Tenant/Tenant-Buyer an email with a link to a video tour of the property that you've made and posted on YouTube along with a copy of the application.

    They will need to confirm with you that they've seen the video and will be there at the showing before you drive out to meet them.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

22. Confirm Tenant/Tenant-Buyer has watched video, read "Application" and wants to meet for showing
    After your Tenant/Tenant-Buyer confirms they have watched the video tour of the property, read through your "Application" and wants to still meet at the property for a showing then confirm with them the date and time of the showing.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

23. Advertise showing
    If you're already going to be out showing the property to one Tenant or Tenant-Buyer you might as well show it more people on the same trip. So, advertise that you're going to be showing the property around the time of your scheduled showing to maximize exposure and showings.

    As an example, if your scheduled showing is at 4 PM, you might advertise an open showing window of 4:30 PM to 5 PM as well.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

24. Prepare for showings
    To prepare for showing the property to Tenant/Tenant-Buyers:

    • Show up early.
    • Turn all lights on.
    • Adjust temperature... turn AC to cooler in summer, heat to warmer in winter
    • Open windows if house is vacant and stuffy
    • Replace missing marketing materials (yard sign, flyers, etc)

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

25. Meet prospective Tenant/Tenant-Buyers outside by their car
    Meet your prospective Tenants and Tenant-Buyers outside at the property near their car when you initial gree them to show the property.

    Peek inside their car to see how they maintain their car. That's how your house will look.

    Introduce yourself and invite them inside the home.

    Strongly recommend you take your shoes off and encourage them to do the same... this sets the tone that you take care of your property and they should too.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

26. Show property to prospective Tenants/Tenant-Buyers
    Give prospective Tenants/Tenant-Buyers a quick tour of the property highlighting the things you love best about the property. Remember, why did you buy the property? Those are the things to share.

    Invite them to take their time and look around the property.

    If the property is still occupied... do not let the prospective Tenant/Tenant-Buyers out of your sight. Be aware of people looking in medicine cabinets or at the current occupant's personal stuff. Remember, you have NOT done your background check yet!

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

27. Explain pet and pet fee policies
    While looking at the property, explain your pet policy and pet fee policy to your prospective Tenants/Tenant-Buyers.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

28. Explain utilities and utility fee policies
    While looking at the property, explain how utilities work (which ones are in their name and which ones are kept in your name) as well as the utility fee policy to your prospective Tenants/Tenant-Buyers.

    If you happen to know average utilities for the property, share that as well.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

29. Explain next steps in application process
    While looking at the property, explain the next steps to your prospective Tenants/Tenant-Buyers:

    • Fill out application (and what that means)
    • How the application approval process goes
    • How you notify them
    • How the reservation deposit works when they're approved

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

30. Provide prospective tenants/tenant-buyers "Rental Application"
    Provide any prospective tenants and/or tenant-buyers your "Rental Application" to complete by each person 18 or older that will be living in the property.

    If you are a licensed Real Estate Agent renting your own property you must also send over a copy of the "Brokerage Disclosure to Tenant" via DocuSign at this step as well to have them acknowledge that you do not represent them in the transaction.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

31. Collect completed "Rental Application" and verify information
    Once the Tenant/Tenant-Buyer has completed the "Rental Application" collect it from them. In an ideal world, you'd collect it from them at their current residence giving them little or no notice so you can see how they maintain that property.

    Is the property clean? How is the outside maintained? This is how your property will look.

    This is also a chance for you to visit with their pet to make sure it is friendly.

    It should include:

    • A complete application for each person over the age of 18 who will be living in the property. That includes children over 18. Check the application to make sure you can read everything and that every spot is filled in. Ask them to mark any blank spots with "N/A" if they really are not applicable.
    • Application fee of $30 per application in cash, money order or cashier's check only. Do not accept personal checks.
    • Copy of valid Driver's License (or state-issued photo ID if no Driver's License). Check to make sure they look like the person on the ID and that the name on the ID matches the name on the application.
    • Proof of current balances in checking and savings accounts.
    • Previous 3 months of statements for checking and savings accounts.
    • Latest W-2 and most recent 2 months of paystubs (or if self-employed, previous 2 years or tax returns)

    Remember, you're about to loan someone an asset worth (in many cases) hundreds of thousands of dollars... treat the application process as such!

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

32. Pet visit
    When you pick up their application, do a pet visit. This is also an opportunity to see their current residence.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

33. Peak inside potential Tenant/Tenant-Buyer's car
    Either meet the Tenant/Tenant-Buyer at their car when they pull up or walk the Tenant/Tenant-Buyer out to their car after the showing so you can look inside their car.

    If the inside of their car is full of trash, that's how your property will look since that's how they take care of stuff. Write down the condition of their car in your notes.

    TIP: If this is not part of your written Tenant Evaluation Criteria, we strongly recommend adding it.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

34. Don't chase prospective Tenants/Tenant-Buyers
    If the prospective Tenants/Tenant-Buyers do not submit an application do not chase them... you're not trying to convince them they should rent from you... you want someone who wants to rent from you and loves the home.

    If they are interested, they'll follow up with you.

    Do more marketing instead of chasing.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

35. Alternative Showing Variations
    While we recommend scheduling individual showings for the property, there are some alternative methods you may consider in the right situation.

    For example, you could also:

    • Put a lockbox on the property and have people show it themselves. Not good when tenant-occupied.
    • Hold an open house. "I'll be there from 1 to 3 PM on Saturday." Not good when tenant-occupied.
    • Scheduling back t back showings, every X minutes (usually 15). Recommended.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60