Prepare to be a Landlord

Complete the "Prepare to be a Landlord" checklist

Post-ClosingPrepare to be a LandlordUltimate Nomad ChecklistWeek 44

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

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

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/sites/documents/SERVANIMALS_NTCFHEO2013-01.PDF/

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

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/sites/documents/DOC_11870.PDF

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

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

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

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

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

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

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

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

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

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

Class Watch "Tenant Screening" Recording of Live Class

Watch the recording of the live presentation of "Tenant Screening" available on:

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

ClassesPrepare to be a LandlordTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 41

Class Watch "Mock Tenant Screening" Recording of Live Class

Watch the recording of the live presentation of "Mock Tenant Screening" available on:

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

ClassesLeaseLease-OptionPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 42

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

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

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

Class Watch "The $5,000 Lease Demystified" Recording of Live Class

Watch the recording of the live presentation of "The $5,000 Lease Demystified" available on:

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

ClassesLeaseLease-OptionPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 44

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

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

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

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

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

Watch the recording of the live presentation of "The Lease Option – The Lease Part II" available on:

https://RealEstateFinancialPlanner.com/the-lease-option-the-lease-part-ii/

ClassesLease-OptionPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant-BuyersTenantsUltimate Nomad ChecklistWeek 46

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

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

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

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

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

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

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

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

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

Class Watch "Marketing for Tenants" Recording of Live Class

Watch the recording of the live presentation of "Marketing for Tenants" available on:

https://RealEstateFinancialPlanner.com/marketing-for-tenants/

ClassesLeaseLease-OptionPrepare to be a LandlordProperty ManagementTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 40Week 55

Class Watch "Property Management Mastery" Recording of Live Class

Watch the recording of the live presentation of "Property Management Mastery" available on:

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

ClassesPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 45

Class Watch "Solving Tenant Challenges" Recording of Live Class

Watch the recording of the live presentation of "Solving Tenant Challenges" available on:

https://RealEstateFinancialPlanner.com/solving-tenant-challenges/

ClassesPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 47

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

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

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

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