Post-Closing

After: Buying Process Overview: Post Closing

Post Closing is all about what happens after the purchase. It is the seventh and final step in the Buying Process Overview.

buying-process-overview-post-closing

Post-Closing

  1. Complete "Post-Closing" checklist
  2. Turn off automatic property search emails
    Once you've closed on your property, you can safely turn off property search emails until you're ready to buy another property.

    Ask your Real Estate Broker to pause the automatic property search emails for you until you're ready to start buying again.

    Mark this task as complete when you've asked your Real Estate Broker to pause your property search emails.

    Post-ClosingProperty SearchUltimate Nomad ChecklistWeek 14

  3. Complete the "Dream Team - Post-Closing" checklist
  4. Complete the "Property Maintenance" checklist
  5. Complete the "Post-Closing Bookkeeping and Accounting" checklist
  6. Complete the "Maintain Your LLC" checklist
  7. Complete the "Prepare to be a Landlord" checklist
  8. Complete the "Prepare Property for Rent" checklist
  9. Complete the "Advertise Property for Rent" checklist
  10. Complete the "Take Calls from Tenants" checklist
  11. Complete the "Showings to Tenants" checklist
  12. Complete the "Process Application" checklist
  13. Complete the "Approve Applicant" checklist
  14. Complete the "Collect Rent" checklist
  15. Provide Tenant or Tenant-Buyer with receipt for rent collected each month
    Each month that you receive rent from your Tenant or Tenant-Buyer, it is considered a best practice to provide the Tenant or Tenant-Buyer with a receipt for the rent that was collected.

    Mark complete when done each month.

    Collect RentPost-ClosingUltimate Nomad ChecklistWeek 65

  16. Complete the "Collect Reservation Deposit" checklist
  17. Complete the "Lease Signing and Lease Review" checklist
  18. Complete the "Document Property Condition" checklist
  19. Complete the "Pre-Occupancy Reminders to Tenant" checklist
  20. Complete the "Tenant Move-In" checklist
  21. Complete the "Tenant Week 1" checklist
  22. Complete the "Tenant Month 1" checklist
  23. Complete the "Tenant Periodic Inspections" checklist
  24. Complete the "Tenant Turn-over Preparation" checklist
  25. Complete the "Tenant Turn-over" checklist
  26. Complete the "Post-Move-Out" checklist
  27. Complete the "Emergency Plan" checklist
  28. Complete the "Next Property" checklist

Dream Team – Post-Closing

  1. Complete the "Dream Team - Post-Closing" checklist
  2. Determine your Photographer
    You will want a Photographer to take professional photos of the property while it is vacant before you move in if this is a Nomad property or before a tenant moves in if this is a partnership purchase or a non-owner-occupant purchase.

    We recommend that you have photos taken right after you close before you move in in almost all cases. You will use these photos when you're marketing the property to rent.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as complete once you've decided which Photographer you will use to take photographs of the property after you close.

    Dream TeamDream Team - Post-ClosingDream Team - Pre-ClosingMarketingUltimate Nomad ChecklistWeek 12Week 64

  3. Determine your Contract and Paperwork Attorney for Post-Closing Paperwork
    If you're going to have your Lease (or any other paperwork you might sign) reviewed by an Attorney before you use it, you may want to determine who that attorney will be.

    This attorney will also probably review your Contract to Buy and Sell Real Estate.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

    Asset ProtectionDream TeamDream Team - Post-ClosingLeasePaperworkUltimate Nomad ChecklistWeek 54

  4. Meet with Contract and Paperwork Attorney to go over Lease
    Once you've read through the Lease and highlighted sections you have questions about, take your questions and meet with your Contract and Paperwork Attorney and go over your questions about the Lease.

    Mark this task as complete once you feel comfortable with the Lease.

    Dream TeamDream Team - Post-ClosingLeasePaperworkUltimate Nomad ChecklistWeek 44

  5. Determine your Plumber
    Decide which Plumber you will use to do a should you have plumbing issues with your property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Plumber to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 19

  6. Determine your Flooring Company
    Decide which Flooring Company you will use to do carpet or other flooring on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Flooring Company to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 21

  7. Determine your Handyman
    Decide which Handyman you will use to do a should you have general maintenance issues with your property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Handyman to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 18

  8. Determine your Painter
    Decide which Painter you will use to do painting on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Painter to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 22

  9. Determine your Roofer
    Decide which Roofing Company you will use to do roof related work on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Roofing Company to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 23

  10. Determine your HVAC Company
    Decide which HVAC Company you will use to do a heating and air conditioning work on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a HVAC Company to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 24

  11. Determine your Electrician
    Decide which Electrician you will use to do electrical work on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Electrician to use.

    Dream TeamDream Team - Post-ClosingDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 20

  12. Determine your Credit and Background Check provider
    Determine who you will use to run credit and background checks on your tenants and tenant-buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingTenant ScreeningUltimate Nomad ChecklistWeek 43

  13. If you haven't done so already, determine your Credit and Background Check provider
    If you have not already done so, determine who you will use to run credit and background checks on your Tenants and Tenant-Buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  14. Research local landlord-tenant laws for your city, county, and state
    Take some time to research the landlord-tenant laws for your city, county, and your state.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  15. Make sure you have adequate cash reserves
    Make sure you feel comfortable with the cash reserves you have for your rental property.

    Most CPAs will recommend you have between 6 months and 12 months of your mortgage payment, taxes, insurance and maintenance reserves for your property.

    If you do not have this amount saved for your property, make it a goal to work on building up your account to have that for each rental property you have.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  16. Attend local landlord meetings
    Find your local landlord group and attend meetings to stay abreast of the rental market and network with other landlords.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

Post-Closing Bookkeeping and Accounting

  1. Complete the "Post-Closing Bookkeeping and Accounting" checklist
  2. Class Watch "Bookkeeping and Accounting for Nomads" Recording of Live Class
  3. Download Brian's Bookkeeping and Accounting Spreadsheet
    If you've decided to download and use Brian's Bookkeeping and Accounting Spreadsheet to keep track of your income and expenses on your rental and Nomad properties, you can download a copy of it here:

    https://realestatefinancialplanner.com/real-estate-bookkeeping/

    If you're not going to use Brian's accounting spreadsheet, you can skip this step and mark it as complete.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

  4. Setup Bookkeeping System
    You should setup your bookkeeping system for your rental property. There are several options to choose from including just hiring a bookkeeper/accountant to do it for you to using the tools we provide.

    Of course, you could keep track of your income and expenses in software like QuickBooks and have your accountant prepare taxes at the end of the year. There are also property management software packages that allow you to do bookkeeping and accounting as well.

    If you don't have a strong preference, we recommend you setup either Brian's bookkeeping and accounting spreadsheet or use web-based version on RealEstateFinancialPlanner.com to start tracking income and expenses for property.

    Mark complete once you've set up bookkeeping and accounting for this property.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

  5. Keep books monthly
    Each month enter the income and expenses for the property and your LLCs.

    The longer you delay doing this the more painful it becomes especially as you forget what expenses were for and why.

    It is much easier to do it either: as you receive them or, at least, once a month.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

  6. Enter income as you receive it
  7. Enter expenses as they occur
  8. Send Accountant income and expenses for year
    Send your Accountant your income and expenses for the year to prepare your tax returns.

    Mark complete once you've sent your Accountant income and expenses from either Brian's Spreadsheet or the web-based version.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 53

  9. File tax returns
    File your tax returns for the year.

    Mark this task as complete once you've filed for the year.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 65

  10. Review and approve tax return
    Review the tax return from your Accountant. Ask questions if you have them.

    Once your tax return is approved, mark this task as complete.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 64

Maintain Your LLC

  1. Complete the "Maintain Your LLC" checklist
  2. Partnership Give partners notice of upcoming annual meeting
    Schedule and give your partners notice you have an upcoming annual partnership meeting.

    Mark done once you've given partners notice.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 52

  3. Partnership Hold annual meeting for Partners
    Hold your annual meeting for Partners.

    Mark complete once you've held your annual meeting for Partners.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 53

  4. Partnership Review Operating Agreement
    Review your LLC Operating Agreement to make sure everything is up to date and relevant.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 53

  5. Partnership IF LLC: Create meeting minutes for annual meeting
    If you're operating your partnership as an LLC, create meeting minutes for your annual meeting with your partners.

    Mark this task complete when done creating your meeting minutes.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 54

  6. File "Periodic Report" with Secretary of State yearly
    Once a year you must complete a "Periodic Report" with the Secretary of State.

    If you subscribed your email to the Secretary of State for your LLC's record, you should receive an email notice. Otherwise, you should receive a postcard.

    As soon as you receive it, just do it. It takes 2 minutes if you do it right away.

    If you delay, not only could you invalidate your asset protection plan, but there are late fees from the Secretary of State.

    Maintain Your LLCUltimate Nomad ChecklistWeek 54

  7. Partnership Share tax return with Partners
    If you have a Partnership, then once you have reviewed your tax return from your Accountant share it with your Partners.

    Once you've shared it with your Partners, mark this task as complete.

    AccountingBookkeepingBookkeeping and Accounting for NomadsMaintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 64

Prepare to be a Landlord

  1. Complete the "Prepare to be a Landlord" checklist
  2. If you haven't done so already, determine your Credit and Background Check provider
    If you have not already done so, determine who you will use to run credit and background checks on your Tenants and Tenant-Buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  3. Research local landlord-tenant laws for your city, county, and state
    Take some time to research the landlord-tenant laws for your city, county, and your state.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  4. Review Service Animal Laws
    Review the rules and regulations regarding service animals. Use the following links as a starting point.

    HUD guidelines regarding Service Animals

    https://www.hud.gov/program_offices/fair_housing_equal_opp/assistance_animals

    Article published by a Colorado based law firm on this

    https://frascona.com/landlords-guide-to-handling-tenants-request-for-assistance-animals/

    Consult your attorney when making any decisions or policies regarding the accommodation of persons with service animals as the laws may have been modified or changed.

    PaperworkPrepare to be a LandlordRental ApplicationTenant ScreeningUltimate Nomad ChecklistWeek 48

  5. Review Fair Housing Act
    Review Fair Housing Act before writing your ad to make sure you do not violate any laws.

    https://www.hud.gov/fairhousing

    Be sure to check for any updates or modifications to this act.

    Advertise Property for RentMarketingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  6. Make sure you have adequate cash reserves
    Make sure you feel comfortable with the cash reserves you have for your rental property.

    Most CPAs will recommend you have between 6 months and 12 months of your mortgage payment, taxes, insurance and maintenance reserves for your property.

    If you do not have this amount saved for your property, make it a goal to work on building up your account to have that for each rental property you have.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  7. Attend local landlord meetings
    Find your local landlord group and attend meetings to stay abreast of the rental market and network with other landlords.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  8. Create Tenant Process
    Write out your own process for screening and approving tenants.

    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 ScreeningTenantsUltimate Nomad ChecklistWeek 43

  9. 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

  10. Get or create "Rental Application"
    Get or create your own "Rental Application" to be used when tenants and/or tenant-buyers apply to rent your properties.

    Use the Nomad "Rental Application" as a starting point:

    https://RealEstateFinancialPlanner.com/rental-application/

    Mark this task complete when you have your own "Rental Application".

    PaperworkPrepare to be a LandlordRental ApplicationTenant ScreeningUltimate Nomad ChecklistWeek 48

  11. Get or create "Rental Application Evaluation Worksheet"
    Get or create your own "Rental Application Evaluation Worksheet" to be used when tenants and/or tenant-buyers apply to rent your properties.

    Use the Nomad "Rental Application Evaluation Worksheet" as a starting point:

    https://RealEstateFinancialPlanner.com/rental-application-evaluation-worksheet/

    Mark this task complete when you have your own "Rental Application Evaluation Worksheet".

    PaperworkPrepare to be a LandlordRental Application Evaluation WorksheetTenant ScreeningUltimate Nomad ChecklistWeek 48

  12. Get or create "Rental Application Evaluation Criteria"
    Get or create your own "Rental Application Evaluation Criteria" to be used when tenants and/or tenant-buyers apply to rent your properties.

    Use the Nomad "Rental Application Evaluation Criteria" as a starting point:

    https://RealEstateFinancialPlanner.com/rental-application-evaluation-criteria/

    Mark this task complete when you have your own "Rental Application Evaluation Criteria".

    PaperworkPrepare to be a LandlordRental Application Evaluation CriteriaTenant ScreeningUltimate Nomad ChecklistWeek 48

  13. Get or create "Reservation Deposit Agreement"
    Get or create a "Reservation Deposit Agreement" form that you'll use with your Tenant or Tenant-Buyers when they reserve your rental property.

    Ask your Contract and Paperwork Attorney or your Real Estate Broker.

    Mark this task complete once you have a "Reservation Deposit Agreement" form.

    PaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 47

  14. Class Watch "Tenant Screening" Recording of Live Class
  15. Class Watch "Mock Tenant Screening" Recording of Live Class
  16. 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

  17. Read through "Tenant Evaluation Criteria"
    Read through your "Tenant Evaluation Criteria" and highlight sections you have questions about. Write down your questions.

    Mark this task complete once you've read through the "Tenant Evaluation Criteria" and documented your questions.

    PaperworkPrepare to be a LandlordTenant ScreeningTenantsUltimate Nomad ChecklistWeek 46

  18. Get or create "Move-In Inspection Report" and "Move-Out Inspection Report"
    Get or create your own "Move-In Inspection Report" and "Move-Out Inspection Report" that you can use with your Tenant or Tenant-Buyer.

    You can usually get this either from your Real Estate Broker or your Contract and Paperwork Attorney.

    Mark this task complete when you have a "Move-In Inspection Report" and "Move-Out Inspection Report".

    PaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 45

  19. Class Watch "The $5,000 Lease Demystified" Recording of Live Class
  20. Get or create "Lease"
    Download a copy of the "Lease" you intend to use (either from your Attorney or from your Real Estate Broker) or create your own with the help of your Attorney.

    https://RealEstateFinancialPlanner.com/lease/

    Mark this task complete once you have a copy of the "Lease".

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 44

  21. Read "Annotated Lease"
    If you're using my "Lease", read the "Annotated Lease" to see examples of the "Lease" filled in and see how we explain it to Tenants and Tenant-Buyers.

    https://RealEstateFinancialPlanner.com/lease/

    Mark this complete once you've read through the "Annotated Lease".

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 44

  22. Read through "Lease"
    Read through your "Lease" and highlight any sections you have questions about. Write down the questions you have.

    Mark this task complete once you've read through the "Lease".

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 44

  23. Practice filling in "Lease"
    Practice filling in a complete sample "Lease" before meeting with your Tenant or Tenant-Buyer to show a property and complete a "Lease".

    Mark this task complete once you've practiced filling in a complete "Lease" and asking your Contract and Paperwork Attorney any questions if they come up while doing it.

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 55

  24. Class Watch "The Lease Option – The Lease Part II" Recording of Live Class
  25. 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

  26. 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

  27. Meet with Contract and Paperwork Attorney to review "Lease-Option" documents
    Meet with your Contract and Paperwork Attorney to go over the highlighted sections of your "Lease-Option" documents. Ask your Attorney your questions about the paperwork.

    Mark this task as complete once you understand and feel comfortable with your "Lease-Option" documents.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 58

  28. 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

  29. 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

  30. Determine your Tenant-Buyer Evaluation Criteria
    Determine and write out the criteria that you'll use to evaluate a Tenant-Buyer.

    Mark this task as complete when you have written evaluation criteria to be in compliance with Fair Housing Laws.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 54

  31. Determine your Rent (or Lease-Option Rent)
    Determine what Rent you'll charge for the property or, if you're offering a Lease-Option, what Lease-Option Rent you'll charge for the property.

    This is often done by researching what Fair Market Rent is.

    Some Real Estate Brokers may subscribe to a service that allows them to pull rental comparables to help to determine rent.

    Mark this task complete when you have determined your Rent.

    Analyzing DealsASAPLeaseLease-OptionNet Operating IncomePrepare to be a LandlordRentUltimate Nomad ChecklistWeek 55

  32. Determine your Lease-Option minimum Option Fee
    If you're offering the Tenant-Buyer a Lease-Option, determine what is your minimum acceptable Option Fee.

    Mark this task complete when you have your minimum Option Fee for your Lease-Option or if you're not doing a Lease-Option at all.

    Analyzing DealsASAPLease-OptionPrepare to be a LandlordUltimate Nomad ChecklistWeek 55

  33. Determine your Lease-Option strike prices
    If you're offering the Tenant-Buyer a Lease-Option, determine what price the Tenant-Buyer can purchase the property from you in year 1 and year 2.

    Mark this task complete when you have prices for year 1 and year 2 for your Lease-Option or if you're not doing a Lease-Option at all.

    Analyzing DealsASAPLease-OptionPrepare to be a LandlordUltimate Nomad ChecklistWeek 55

  34. Class Watch "Marketing for Tenants" Recording of Live Class
  35. Class Watch "Property Management Mastery" Recording of Live Class
  36. Class Watch "Solving Tenant Challenges" Recording of Live Class
  37. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Prepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  38. Get Umbrella Insurance Policy
    Call your Insurance Agent and get an Umbrella Insurance policy to protect you and your growing real estate empire.

    Prepare to be a LandlordUltimate Nomad ChecklistWeek 45

  39. Baseline for Tenant Interactions
    Remember the following when approaching Tenant Interactions

    • Build Trust and Rapport
    • Communicate Regularly
    • Respond Quickly
    • Handle Reasonable Requests
    • Be Firm but Fair
    • Set Expectations and Hold to Them
    • Document Everything
    • Remain Calm
    • If you can't be calm - Hire a Property Manager

    Prepare to be a LandlordUltimate Nomad ChecklistWeek 45

Prepare Property for Rent

  1. Complete the "Prepare Property for Rent" checklist
  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

Advertise Property for Rent

  1. Review Fair Housing Act
    Review Fair Housing Act before writing your ad to make sure you do not violate any laws.

    https://www.hud.gov/fairhousing

    Be sure to check for any updates or modifications to this act.

    Advertise Property for RentMarketingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  2. Complete the "Advertise Property for Rent" checklist
  3. Review "Marketing for Tenants" Recording of Live Class
  4. 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

  5. Take Photos
    We usually recommend that you have professional photographs taken of your new property just after Closing while it is still vacant by your Photographer.

    However, if you happened to skip or miss that step, this is your chance to have professional photos taken by your photographer so you can use them in your marketing.

    Mark this task complete when photos are taken.

    Advertise Property for RentUltimate Nomad ChecklistWeek 65

  6. Create video tour of property
    Create a short video tour of the property that you'll send to prospective Tenants/Tenant-Buyers when they call in and before you schedule a showing.

    Post this video to YouTube.

    Advertise Property for RentUltimate Nomad ChecklistWeek 65

  7. 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

  8. 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

  9. Write Property Ad
    Write ad for Tenant and/or Tenant-Buyer using photos you took from when it was vacant.

    Include date available, monthly rent, number of bedrooms and bathrooms, property features, info on the kitchen appliances, whether there is a washer & dryer in the unit, just the hookups, or none of the above, parking details, etc. Be sure to highlight attractive aspects of the property such as easy access to major roadways or pool access.

    Review the ad to make sure you are not discriminating and are in compliance with the Fair Housing Act.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 55

  10. Be prepared to answer your phone
    Once you start marketing, be prepared to answer your phone.

    As you market, prospective Tenants and Tenant-Buyers will expect to be able to reach you.

    If they can't reach you that sets the wrong tone for the start of the relationship. You come across as an unresponsive landlord.

    If you do miss a call, call them back as soon as possible. If prospective Tenants and Tenant-Buyers email or text you, reply quickly.

    Answer prospective Tenants and Tenant-Buyers questions. It is normal for them to ask questions that are already addressed in the ad. I believe most people don't actually read stuff (including your ad) and they're looking at a number of different properties.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 55

  11. 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

  12. 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

  13. 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

Take Calls From Tenants

  1. Complete the "Take Calls from Tenants" checklist
  2. Review "Marketing for Tenants" Recording of Live Class
  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

Showings to Tenants

  1. Complete the "Showings to Tenants" checklist
  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

Process Application

  1. Complete the "Process Application" checklist
  2. 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

  3. Review "Mock Tenant Screening" Recording of Live Class
  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

Approve Applicant

  1. Complete the "Approve Applicant" checklist
  2. 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/

    Approve ApplicantUltimate Nomad ChecklistWeek 43

  3. 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/

    Approve ApplicantUltimate Nomad ChecklistWeek 41

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

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

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  5. Let Tenant/Tenant-Buyer know they're approved
    Once you've approved them, let Tenant/Tenant-Buyer know they're approved by phone and email.

    Coordinate meeting with them to get "Reservation Deposit Agreement" and the Reservation Deposit.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  6. Send Tenant/Tenant-Buyer "Lease" to review
    Send your approved Tenants/Tenant-Buyers a copy of the "Lease" that you're going to ask them to sign.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  7. UNTIL YOU HAVE RESERVATION DEPOSIT: Continue marketing and processing applications
    Until you have a "Reservation Deposit Agreement" and the reservation deposit in hand, continue to market the property and process applications.

    No matter how solid you think your Tenant/Tenant-Buyers are it isn't rented until the paperwork is done.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  8. IF NOT APPROVED: Notify Tenant/Tenant-Buyer they've been declined
    If the Tenant/Tenant-Buyers do not meet your criteria then notify them they have not been approved.

    If they did not pass because of credit reasons you are required to notify them in writing.

    Some landlords will let Tenant/Tenant-Buyers know what they'd need to do to qualify. For example, you might agree to rent to them if they prepare for 6 months of rent or get a co-signer, etc.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

Property Maintenance

  1. Complete the "Property Maintenance" checklist
  2. 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

  3. Test GFI Receptacle/Breaker
  4. Complete the "Alarms Maintenance" checklist
  5. Complete the "Appliance Maintenance" checklist
  6. Complete the "Windows/Doors Maintenance" checklist
  7. Complete the "Caulking/Paint Maintenance" checklist
  8. Complete the "Heating Cooling Maintenance" checklist
  9. Complete the "Plumbing Maintenance" checklist
  10. Complete the "Landscaping Maintenance" checklist
  11. Complete the "Exterior Maintenance" checklist
  12. Complete the "Winterize Your Home" checklist
  13. IF WATER HEATER LEAKING Complete the "Leaking Water Heater" checklist

Collect Reservation Deposit

  1. Complete the "Collect Reservation Deposit" checklist
  2. Get Tenant/Tenant-Buyer to sign "Reservation Deposit Agreement"
    Once you've approved your Tenant/Tenant-Buyer have Tenant/Tenant-Buyer complete the "Reservation Deposit Agreement" and give you a reservation deposit.

    Collect Reservation DepositUltimate Nomad ChecklistWeek 42

  3. Collect reservation deposit from Tenant/Tenant-Buyer
    Collect reservation deposit from Tenant/Tenant-Buyer.

    Collect Reservation DepositUltimate Nomad ChecklistWeek 42

  4. Pause marketing and running applications
    Once you have a signed "Reservation Deposit Agreement" and the reservation deposit in certified funds from your Tenant/Tenant-Buyers, you can pause your marketing of the property and stop running additional applications.

    Collect Reservation DepositUltimate Nomad ChecklistWeek 42

Lease Signing and Lease Review

  1. Complete the "Lease Signing and Lease Review" checklist
  2. Review "The $5,000 Lease Demystified" Recording of Live Class
    If you haven't done so recently, review the recording of the live presentation of "The $5,000 Lease Demystified" available on:

    https://realestatefinancialplanner.com/the-5k-lease-demystified-nomad-2017-edition/

    Lease Signing and Lease ReviewUltimate Nomad ChecklistWeek 44

  3. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Lease Signing and Lease ReviewUltimate Nomad ChecklistWeek 45

  4. Give Tenant/Tenant-Buyer copy of "Lease"
  5. 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

  6. 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

  7. 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

  8. Have Tenant/Tenant-Buyer sign "Lease"
  9. 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

  10. Give Tenant/Tenant-Buyer a copy of signed "Lease"
  11. 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

  12. 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

Document Property Condition

  1. Complete the "Document Property Condition" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Document Property ConditionUltimate Nomad ChecklistWeek 45

  3. Record condition of property
    Record a video of the condition of the property with video just prior to giving possession to your new Tenant/Tenant-Buyer in case there is a dispute later.

    Save a copy to your tenant folder in Dropbox.

    Document Property ConditionUltimate Nomad ChecklistWeek 45

  4. Provide Tenant/Tenant-Buyer with "Move-In Inspection"
    Have your Tenant/Tenant-Buyer document the condition of the property at the time of move-in by completing the "Move-In Inspection".

    Document Property ConditionUltimate Nomad ChecklistWeek 45

Pre-Occupancy Reminders to Tenant

  1. Complete the "Pre-Occupancy Reminders to Tenant" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Pre-Occupancy Reminders to TenantUltimate Nomad ChecklistWeek 45

  3. Remind your Tenant/Tenant-Buyer of the following
    Remind your Tenant/Tenant-Buyer of the following:

    • When their move-in date and time is and what happens if the current occupant is not out in time
    • When their rent is due and how much is due (especially true if they are moving in mid-month)
    • Expected maintenance schedule for the Tenant/Tenant-Buyer
    • That they need to get a renter's insurance policy with liability insurance (this applies to roommates as well) and they need to provide you a copy of the policy as proof

    Pre-Occupancy Reminders to TenantUltimate Nomad ChecklistWeek 45

  4. Remind your Tenant/Tenant-Buyer about Utilities
    Remind your Tenant/Tenant-Buyer about Utilities

    • Send them a list of utilities & phone numbers that need to be switched to their name
    • Remind them this must be done before move-in day

    Pre-Occupancy Reminders to TenantUltimate Nomad ChecklistWeek 45

Tenant Move-In

  1. Complete the "Tenant Move-In" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Prepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  3. Give Tenant Access to the Property
    Give tenant access to the property:

    • Meet tenant to collect cashier's check and give them keys
    • Have a lock-box and text them the code late the night before/early that morning

      • Note: One key in the lock-box and the other keys/access cards/garage door openers in a drawer inside
      Note: Only do this if you have received certified funds ahead of time

    Property ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  4. Check-In with Tenant
    Check-In with Tenant later in the day with a text/call to:

    • Build rapport
    • Ask how the move-in is going
    • Ask whether the property is in the condition they expected
    • Remind them to complete Move-In form and email back within 7 days

    Property ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  5. Show Tenant/Tenant-Buyer where fire extinguisher is under sink in kitchen
    Show the Tenant or Tenant-Buyer where the fire extinguisher is under the sink in the kitchen and tell them how to use in case there is a fire.

    Tenant Move-InUltimate Nomad ChecklistWeek 65

  6. Remind your Tenant/Tenant-Buyer of the following (again)
    Remind your Tenant/Tenant-Buyer of the following when they move in:

    • When their move-in date and time is and what happens if the current occupant is not out in time
    • When their rent is due and how much is due (especially true if they are moving in mid-month)
    • Expected maintenance schedule for the Tenant/Tenant-Buyer

    Tenant Move-InUltimate Nomad ChecklistWeek 45

  7. Replace fire extinguishers
    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.

    Property ManagementSolving Tenant ChallengesTenant Move-InTenant Turn-over PreparationTenantsUltimate Nomad ChecklistWeek 45

Tenant Week 1

  1. Complete the "Tenant Week 1" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done it recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Week 1Ultimate Nomad ChecklistWeek 45

  3. Receive "Move-In Inspection Report" from Tenant/Tenant-Buyer and save to Dropbox
    Collect the filled out "Move-In Inspection Report" from Tenant/Tenant-Buyer and save a copy to the tenant's folder in Dropbox.

    Tenant Week 1Ultimate Nomad ChecklistWeek 45

Tenant Month 1

  1. Complete the "Tenant Month 1" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Month 1Ultimate Nomad ChecklistWeek 45

  3. Verify Tenant/Tenant-Buyer replaced furnace filter
    Email or text Tenant/Tenant-Buyer and ask if they had any problems changing the furnace filter in the first month as a gentle way of reminding them they need to do it and verifying it was done.

    Tenant Month 1Ultimate Nomad ChecklistWeek 45

  4. Remind Tenant/Tenant-Buyer rent due date and amount
    Email and/or text your Tenant/Tenant-Buyer to remind them when rent is due and the amount that is due (especially if they moved in mid-month).

    Tenant Month 1Ultimate Nomad ChecklistWeek 45

Tenant Periodic Inspections

  1. Complete the "Tenant Periodic Inspections" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Periodic InspectionsUltimate Nomad ChecklistWeek 45

  3. Check fire extinguisher under sink in kitchen
    Check the fire extinguisher under the sink to make sure it is still there and still working. If not, replace it with a new one.

    Tenant Periodic InspectionsUltimate Nomad Checklist

  4. Check for leaks under all sinks and water sources
    Check for possible leaks under all sinks and around all water sources.

    Tenant Periodic InspectionsUltimate Nomad Checklist

  5. Check for Leaks from Water Heater
    Check to see if the water heater is leaking any water.

    Tenant Periodic InspectionsUltimate Nomad Checklist

  6. Check to make sure furnace filters have been replaced
    Check to make sure furnace filters have been replaced and replace it if it has not.

    Tenant Periodic InspectionsUltimate Nomad Checklist

Tenant Turn-over Preparation

  1. Complete the "Tenant Turn-over Preparation" checklist
  2. Replace fire extinguishers
    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.

    Property ManagementSolving Tenant ChallengesTenant Move-InTenant Turn-over PreparationTenantsUltimate Nomad ChecklistWeek 45

  3. Service AC and furnance
    Have AC and furnace serviced preparing for next Tenant/Tenant-Buyer.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  4. Change furnace filter
    Your HVAC person may replace the furnace filter for you, but they may not. So, make sure you have a new furnace filter installed.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  5. Check for leaks
    Check for leaks under all sinks and near all water sources. Fix them as required.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  6. Schedule carpets to be cleaned
    Call your carpet cleaner and schedule a time for them to clean the carpets right after the current tenant vacates the property.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  7. Plan on Changing the Locks
    Make arrangements for getting the locks changed the day the old tenants move out.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

Tenant Turn-over

  1. Complete the "Tenant Turn-over" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Turn-overUltimate Nomad ChecklistWeek 45

  3. Record property condition on move-out
    Record the condition of the property upon move-out so you know what needs to be done and what should be deducted from security deposit.

    Tenant Turn-overUltimate Nomad Checklist

  4. Check fire extinguisher under sink in kitchen
    Check the fire extinguisher under the sink to make sure it is still there and still working when the Tenant is leaving the property. If not, replace it with a new one.

    Tenant Turn-overUltimate Nomad Checklist

  5. Have carpets professionally cleaned
    Have carpets professionally cleaned. Deduct expense from security deposit (if your "Lease" has that clause).

    Tenant Turn-overUltimate Nomad Checklist

  6. Change Locks
    Change the locks on all external doors. You can call a locksmith to change the locks or you can replace the locks themselves.

    Tenant Turn-overUltimate Nomad Checklist

  7. Reset Garage Door Openers
    Reset the garage door opener(s). Even if all remotes are returned you should reset the opener anyway in case the previous tenant paired their vehicle to the garage.

    Tenant Turn-overUltimate Nomad Checklist

  8. Verify the Tenant Paid the Last Utility Bills
    Verify your tenant has paid the last month of utility bills before returning their security deposit. Deduct any unpaid amount from the deposit.

    Tenant Turn-overUltimate Nomad Checklist

  9. Switch the Utilities
    Switch the utilities back into your name if the property will be vacant for more than a day or so.

    Tenant Turn-overUltimate Nomad Checklist

Post-Move-Out

  1. Complete the "Post-Move-Out" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Post-Move-OutUltimate Nomad ChecklistWeek 45

  3. Complete final accounting and return remaining security deposit
    Complete your final accounting and return the remaining security deposit to your previous Tenant/Tenant-Buyer.

    Post-Move-OutUltimate Nomad ChecklistWeek 45

Emergency Plan

  1. Complete the "Emergency Plan" checklist
  2. Class Watch "Emergency Plan Workshop" Recording of Live Class
    Watch the recording of the live presentation of "Emergency Plan Workshop" available on:

    https://RealEstateFinancialPlanner.com/emergency-plan-workshop/

    ClassesEmergency PlanUltimate Nomad ChecklistWeek 50

  3. Class Watch "Warning: The Dangers and Risks of Real Estate" Recording of Live Class
    Watch the recording of the live presentation of "Warning: The Dangers and Risks of Real Estate" available on:

    https://RealEstateFinancialPlanner.com/warning-the-dangers-and-risks-of-real-estate/

    ClassesEmergency PlanUltimate Nomad ChecklistWeek 21

  4. Create your own "Emergency Plan"
    Create your own "Emergency Plan" assuming you won't be able to talk or tell your Emergency Contacts any more than what you have written down, documented.

    Once you've completed your own "Emergency Plan", mark this task as done.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  5. Create your Will
    With the help of your Attorney create a Will that will document who is responsible for taking over should you die.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  6. Identify your Primary Emergency Contact
    Determine who your Primary Emergency Contact will be.

    You'll need their name, address, phone and email.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  7. Notify your Primary Emergency Contact for your Emergency Plan
    Email or call your Primary Emergency Contact for your Emergency Plan to tell them where your Emergency Plan is located and how they can access it should something happen to you.

    Emergency PlanUltimate Nomad ChecklistWeek 51

  8. Give your Primary Emergency Contact Limited Power of Attorney
    While having your Primary Emergency Contact listed in your business Operating Agreement will give them the ability to step in and manage your business should something happen to you, they may need a Limited Power of Attorney to manage your personal affairs.

    With the help of your Attorney give your Primary Emergency Contact a Limited Power of Attorney so they can handle your affairs should you become injured or incapacitated.

    Emergency PlanUltimate Nomad ChecklistWeek 51

  9. Add your primary Emergency Contact to your Operating Agreement
    With the help of your Attorney, add your primary Emergency Contact to your LLC Operating Agreement as who takes over as manager in case you're injured, incapacitated or die.

    Let them know they're to take over as manger if something happens to you.

    Emergency PlanLLCUltimate Nomad ChecklistWeek 50

  10. Make sure all your Emergency Contacts know about each other and have each other's contact info
    Make sure your primary, backup and third Emergency Contact all know the others. Send each of them the other's contact info in case there is an emergency for you and they need to contact each other.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  11. Make sure all your Emergency Contacts have your Attorney's contact info
    Make sure your Primary, Backup and Third Emergency Contact all know your Attorney's contact info.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  12. Create your own "Emergency Plan Summary" sheet
    Create your own "Emergency Plan Summary" sheet and tell your Primary, Backup and Third Emergency Plan contact and your Attorney where it is located. For example, you might have a copy of it in your safe in your home and you have a key to the safe on your primary keychain.

    The "Emergency Plan Summary" should list the following information at a minimum:

    • Name, address, phone and email of your Attorneys
    • Name, address, phone and email of your Primary, Backup and Third Emergency Contacts
    • List of all your properties (rentals and owner occupied)
    • List of tenants in each property and where to find their tenant file
    • List of all your bank, savings and investment accounts with account numbers, logins and passwords
    • List of all your LLCs, trusts and other entities, what is in each and who is to run them should something happen
    • List of all your mailboxes and where the key is to each
    • List of all your email accounts and password for accessing each
    • List of all your insurance policies and the Insurance Agent for each
    • List of all your Powers of Attorney, who they're with and where to find each
    • Location of your Will
    • If you've buried or otherwise hidden any treasure, a map or at least clues as to where to find it
    • Your preferred referral list for all your contractors and professional advisers
    • Documentation on your key business processes (how to run your business if you're not there)

    Emergency PlanUltimate Nomad ChecklistWeek 50

  13. Store a backup of your "Emergency Plan Summary" sheet
    Store an off-site backup of your "Emergency Plan Summary" sheet in case of fire, floor or other issue with your primary copy of your "Emergency Plan Summary" sheet.

    Example might be you store your primary "Emergency Plan Summary" sheet in your locked safe in your office. You could keep a backup in your safe at home.

    Another example might be you store your primary "Emergency Plan Summary" sheet in your locked filing cabinet at home and your Attorney has a second copy in his locked filing cabinet in his office.

    IMPORTANT NOTE: My personal Attorney suggested NOT using a safe deposit box as they can be hard for your Emergency Contacts to access should something happen to you.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  14. Go over "Emergency Plan Summary" with Emergency Contacts
    Sit down and go over your entire Emergency Plan with your Emergency Contacts so they're familiar with it and how it is setup.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  15. Update your "Emergency Plan Summary" sheet yearly
    Make sure you update your "Emergency Plan Summary" sheet yearly.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  16. Complete "Emergency Escape Plan" checklist
    Complete "Emergency Escape Plan" checklist

    https://RealEstateFinancialPlanner.com/emergency-escape-plan/

    Emergency Escape PlanEmergency PlanUltimate Nomad Checklist

Next Property

  1. Complete the "Next Property" checklist
  2. IF NEW CONSTRUCTION FOR NEXT PURCHASE: Research build time from builder
    If you're planning to buy new construction for your next purchase, research the build time from the builder you're considering. Some can take 6 months or more.

    So, it might be better to research this and maybe even go under contract very early to make sure you hit your ideal timeline for your next purchase.

    New ConstructionNext PropertyUltimate Nomad ChecklistWeek 26

  3. Start another checklist for buying your next house
    We're estimating you have 3 months until your home buying anniversary which means you should start the buying process now to buy your next home if you want to buy it within 3 months.

    Mark this task complete once you've started another Ultimate Nomad Checklist™ for your next purchase.

    Next PropertyUltimate Nomad ChecklistWeek 52

The Post Closing stage consists of the following steps with brief explanations of what is included in each step:

  1. Real Estate Reviews – Periodic updates on recent sales around each property you own to get a feel for what is happening with value.
  2. Referral Directory – Access to your real estate agents referral network for anything you might need relating to your real estate (and often more).
  3. Changes in market conditions that affect your real estate – updates on stats including Months of Inventory and other market trends that could affect your real estate holdings and achieving your real estate goals.
  4. Classes on various real estate topics – Learn about the buying, selling and property management processes with regular classes.
  5. Answers to your real estate questions – If you have questions about real estate, your real estate agent should be there to support you after the sale with answers to all your questions.

Check out the After processes once you’ve completed the Post Closing stage.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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