Checklist Tags

These are the checklists related to Tenant-Buyers.

These are the tasks that are related to Tenants that also have the Option to purchase the property. We call these Tenant-Buyers.

When you click on the task, you can also see the tags that task is filed under. You can also click on the tag to see other tasks with that tag.

  1. REAL ESTATE BROKER: Setup Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then setup your search page on JamesOrr.com.

    Talk to James to have him show you this and get it set up for you.

    Mark this task complete when it is setup or if you decide you're not doing this.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  2. Customize your Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then after James sets up your search page on JamesOrr.com you will want to customize with your specific investing criteria.

    Mark this task complete when you've customized your Lease Option Search Page on JamesOrr.com.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  3. Setup custom domain name for your Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease-Option, then after James sets up your search page on JamesOrr.com you may want to purchase and setup a custom domain name for it.

    The custom domain name will allow you to use that domain name on your marketing and have it URL frame the page James set up for you.

    Ask James and he can usually get you a domain name and set it up for you for about $10 per year.

    Mark this task complete when you've purchased a custom domain and had it set up for your Lease-Option Search Page on JamesOrr.com.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  4. Consider ARM versus fixed-rate mortgages
    In all but a small number of cases, we recommend fixed-rate 30 year mortgages for Nomads.

    However, there are two situations we'd consider ARMs.

    First, if you're buying the property and are 100% positive you're going to be putting a Tenant-Buyer in the property and you will be out of the property before the mortgage will adjust, then you can consider using an ARM.

    Second, if you're buying the property with partners and the only loan you can get with the partnership is an ARM then you can also consider an ARM. However, in this case you probably should be putting a Tenant-Buyer in the property so it probably still falls under the first reason above.

    Interest rates for ARMs (Adjustable Rate Mortgages) tend to be a little lower than the interest rates on fixed-rate 30 year mortgages. But the ARM interest rates can adjust over time causing much higher monthly payments and significant negative cash flow after the interest rate adjusts. This adds additional risk that you could have opted not to take on.

    Mark this task as complete if you have decided to get fixed-rate mortgage or an ARM.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingNet Operating IncomeOptionalTenant-BuyersUltimate Nomad ChecklistWeek 10

  5. Create Tenant-Buyer Process
    If you're offering the property to a Tenant-Buyer on a Lease Option, write out your own process for screening and approving Tenant-Buyers.

    Plan ahead by considering all possible what-if scenarios you can think of and what you'd do in each situation before it happens. Write this out.

    Mark this task complete when you have your process written out.

    Prepare to be a LandlordTenant ScreeningTenant-BuyersUltimate Nomad ChecklistWeek 43

  6. Class Watch "Tenant Screening" Recording of Live Class
  7. Class Watch "Mock Tenant Screening" Recording of Live Class
  8. Get or create "Tenant Evaluation Criteria"
    Get or create your own written "Tenant Evaluation Criteria" to be in compliance with Fair Housing Laws.

    This is the written standards and approval process for whether a Tenant or Tenant-Buyer qualifies to rent your property.

    Remember that you are about to loan someone an asset that is probably worth hundreds of thousands of dollars (the value of your property), so you should screen Tenants and Tenant-Buyers thinking that you're loaning them something that is worth hundreds of thousands of dollars to you. Personally, I'd even tell them that to set the right tone.

    Mark this task complete when you have written "Tenant Evaluation Criteria".

    PaperworkPrepare to be a LandlordTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 46

  9. Class Watch "The Lease Option – The Lease Part II" Recording of Live Class
  10. Get or create "Lease-Option" documents
    Have your Contract and Paperwork Attorney prepare your "Lease-Option" documents for your Tenant-Buyer or create them with your Attorney's help.

    Mark this task complete once your Contract and Paperwork Attorney has prepared your "Lease-Option" documents.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordTenant-BuyersUltimate Nomad ChecklistWeek 57

  11. Read through "Lease-Option" documents
    Read through your "Lease-Option" paperwork. Highlight any sections you have questions about. Write down your questions.

    Mark this task complete once you've read through your "Lease-Option" paperwork. You'll be scheduling time to meet with your Contract and Paperwork Attorney to have your questions answered in another task.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordTenant-BuyersUltimate Nomad ChecklistWeek 57

  12. Write script for Tenant or Tenant-Buyer call
    Write out what questions you're going to ask when Tenants or Tenant-Buyers are calling in on your marketing.

    Mark this task complete when you've got a written script of questions.

    Prepare to be a LandlordScriptsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 54

  13. Practice Tenant or Tenant-Buyer script
    Practice your script for incoming calls from Tenants and/or Tenant-Buyers.

    "Professionals practice off the field." The time to learn your script is not when you have a fully qualified, Tenant-Buyer with a large down payment on the phone.

    Mark this task complete once you've run through your script enough times so that you feel comfortable with it.

    Prepare to be a LandlordScriptsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 55

  14. Class Watch "Marketing for Tenants" Recording of Live Class
  15. Review "Marketing for Tenants" Recording of Live Class
  16. Review "Tenant Buyer Sales and Marketing" Recording of Live Class
    If you have not recently watched the recording of the live presentation of "Tenant Buyer Sales and Marketing" you should review it:

    https://RealEstateFinancialPlanner.com/tenant-buyer-sales-and-marketing/

    Advertise Property for RentLease-OptionMarketingTenant-BuyersUltimate Nomad ChecklistWeek 43

  17. Review "Marketing for Tenants" Recording of Live Class
  18. Review "Tenant Buyer Sales and Marketing" Recording of Live Class
    If you have not recently watched the recording of the live presentation of "Tenant Buyer Sales and Marketing" you should review it:

    https://RealEstateFinancialPlanner.com/tenant-buyer-sales-and-marketing/

    Lease-OptionMarketingTake Calls from TenantsTenant-BuyersUltimate Nomad ChecklistWeek 43

  19. 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

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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

  25. Class Watch "Tenant Buyer Sales and Marketing" Recording of Live Class
    Watch the recording of the live presentation of "Tenant Buyer Sales and Marketing" available on:

    https://RealEstateFinancialPlanner.com/tenant-buyer-sales-and-marketing/

    ClassesLease-OptionMarketingTenant-BuyersUltimate Nomad ChecklistWeek 43

  26. Review "Tenant Screening" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Tenant Screening" available on:

    https://RealEstateFinancialPlanner.com/tenant-screening/

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 41

  27. Review "Mock Tenant Screening" Recording of Live Class
  28. Call Tenant/Tenant-Buyer references
    Call your prospective Tenant or Tenant-Buyer references.

    Mark this task as complete when finished.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  29. Evaluate prospective Tenant/Tenant-Buyer
    Using your written Tenant Evaluation Worksheet, evaluate your prospective Tenant or Tenant-Buyer and determine if they qualify.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  30. If you haven't already, conduct a pet visit
    If you have not already done so and they're going to be staying in the property with a pet, you should conduct a pet visit to make sure the pet is friendly with strangers.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  31. Approve or decline Tenants/Tenant-Buyers
    If your Tenants or Tenant-Buyers pass your written Tenant Evaluation Criteria, approve them.

    If your Tenants or Tenant-Buyers fail your written Tenant Evaluation Criteria, decline them.

    Mark this task as complete when finished.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  32. IF DECLINED BASED ON CREDIT: Provide Tenant/Tenant-Buyer with letter stating they were declined based on credit
    If your Tenants or Tenant-Buyers fail your written Tenant Evaluation Criteria based on their credit, you are required by law to send them a letter stating they were declined.

    Here's one sample, but you should have it reviewed by your own attorney prior to using it:

    https://www.free-legal-document.com/rejection-letter.html

    Mark this task as complete when finished.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  33. Give Tenant/Tenant-Buyer copy of "Lease"
  34. IF TENANT-BUYER: Give Tenant-Buyer a copy of "Option" agreement
    If you're offering a Lease Option, then explain the Option to your Tenant-Buyer but strongly encourage them to talk to their own attorney.

    Lease Signing and Lease ReviewPaperworkTenant-BuyersUltimate Nomad ChecklistWeek 60

  35. Explain "Lease" to Tenant/Tenant-Buyer
    Go over the "Lease" in detail, section by section explaining it to your Tenant or Tenant-Buyer.

    Encourage them to seek advice from their attorney.

    LeaseLease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  36. IF TENANT-BUYER: Explain "Option" to Tenant-Buyer
    If you're doing a Lease-Option, go over the "Option" in detail, section by section explaining it to your Tenant-Buyer.

    Encourage them to get the advice of their own attorney.

    LeaseLease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  37. Have Tenant/Tenant-Buyer sign "Lease"
  38. IF TENANT-BUYER: Have Tenant-Buyer sign "Option"
    If you're doing a Lease-Option, have your Tenant-Buyer sign the "Option".

    LeaseLease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  39. Give Tenant/Tenant-Buyer a copy of signed "Lease"
  40. IF TENANT-BUYER: Give Tenant-Buyer a copy of signed "Option"
    If you're doing a Lease-Option, once your Tenant-Buyer has signed the "Option" give them a copy.

    LeaseLease Signing and Lease ReviewLease-OptionTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 61

  41. IF ROOMMATE: Review their liability and renter's insurance policy
    If you're getting a roommate (renting out part of the home you're living in), remember to review their liability and renter's insurance policy.

    Your homeowner's policy covers YOUR STUFF and the house, but your roommates each need their own insurance policy to protect THEIR STUFF and liability if they do something and are liable.

    Insist they get and provide a copy of the policy to you. It is usually very inexpensive to get.

    Lease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 61

  42. Read "Nomad with Lease Option Exit Book" for your city
  43. Class Watch "Nomad with Lease Option Exit Overview" Recording of Live Class
    Watch the recording of the live presentation of "Nomad with Lease Option Exit Overview" available on:

    https://RealEstateFinancialPlanner.com/nomad-with-lease-option-exit-overview/

    ASAPClassesLease-OptionTenant-BuyersUltimate Nomad ChecklistWeek 17

  44. Class Watch "Analyzing Deals 201: Selling with Lease Option" Recording of Live Class
  45. Class Watch "Cash Flow Explosion" Recording of Live Class
  46. Class Watch "How to Acquire a Multi-Million Dollar Real Estate Portfolio with just $3,000" Recording of Live Class
    Watch the recording of the live presentation of "How to Acquire a Multi-Million Dollar Real Estate Portfolio with just $3,000" available on:

    https://realestatefinancialplanner.com/3k/

    ClassesGet Your First Deal DoneLease-OptionNomad BasicsTenant-BuyersUltimate Nomad ChecklistWeek 15

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