Secrets of Property Management

10/18/24 • 59 min

Santa Clarita Real Estate Investing & Real Estate Financial Planning™ Podcast

Learning how to correctly manage properties is a critical skill for landlords.

This class is Module 5 of 46 in a series called Real Estate Investing Secrets.

Topics covered in this module include:

What should you be doing to document the condition of the property before the next tenant takes possession?
The one free thing that few landlords do that could save you thousands of dollars from an unscrupulous tenant.
What is the risk-reduction significance of having matching photos of before and after?
What reminders should you be sending the incoming tenant before they start renting your property?
What is the best practice for how do you deal with a tenant moving in mid-month?
What’s the one critically important thing we must do with the security deposit and first month’s rent we collect from the tenant?
What day should the new tenant’s utilities start?
What else do we give tenants prior to moving in that we expect them to have done prior to move-in?
A little management trick you can use that gives us a break the morning the tenant’s moving in.
What should you lease say about the move-in inspection form to significantly reduce your risk?
What does a move-in inspection form look like? And, what should it say?
What obligations does the tenant have to you... as the landlord the first week moving into the property? What do you do if they fail to provide it to you after 5 days?
How do we address pest control issues with a property a tenant has just moved into?
What’s one thing we insist tenants do in the lease and require they provide proof of when they move in?
What should you be doing for the tenant in the first month? And, why do some landlords prefer to do this every month?
What’s one little reminder for the tenant that can save you thousands in repair costs?
When should you inspect a property? How do you deal with lease violations if you discover them?
What should you be doing 90-120 days prior to the current lease expiration date?
How do you differentiate between renewal rent rates and fair market rents? And, how do you deal with this discrepancy?
What should you be doing 60-90 days prior to the current lease expiration date?
See an example of a lease extension, why I personally recommend not using one and what to do instead.
What do you do if the current tenant is not renewing their lease?
An example of a move-out checklist? What should you include in yours?
What should be the very first thing you do when taking possession of the property from a tenant at the end of their lease?
What must you do to avoid having to pay a tenant 3 times their security deposit?
What should you have in every tenant file?
Plus much more...

Check out the video and additional resources related to Secrets of Property Management.

Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis SpreadsheetTM by going to:

https://RealEstateFinancialPlanner.com/spreadsheet

Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.

Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the Santa Clarita real estate investor podcast? Book a free consultation to discuss.

Learning how to correctly manage properties is a critical skill for landlords.

This class is Module 5 of 46 in a series called Real Estate Investing Secrets.

Topics covered in this module include:

What should you be doing to document the condition of the property before the next tenant takes possession?
The one free thing that few landlords do that could save you thousands of dollars from an unscrupulous tenant.
What is the risk-reduction significance of having matching photos of before and after?
What reminders should you be sending the incoming tenant before they start renting your property?
What is the best practice for how do you deal with a tenant moving in mid-month?
What’s the one critically important thing we must do with the security deposit and first month’s rent we collect from the tenant?
What day should the new tenant’s utilities start?
What else do we give tenants prior to moving in that we expect them to have done prior to move-in?
A little management trick you can use that gives us a break the morning the tenant’s moving in.
What should you lease say about the move-in inspection form to significantly reduce your risk?
What does a move-in inspection form look like? And, what should it say?
What obligations does the tenant have to you... as the landlord the first week moving into the property? What do you do if they fail to provide it to you after 5 days?
How do we address pest control issues with a property a tenant has just moved into?
What’s one thing we insist tenants do in the lease and require they provide proof of when they move in?
What should you be doing for the tenant in the first month? And, why do some landlords prefer to do this every month?
What’s one little reminder for the tenant that can save you thousands in repair costs?
When should you inspect a property? How do you deal with lease violations if you discover them?
What should you be doing 90-120 days prior to the current lease expiration date?
How do you differentiate between renewal rent rates and fair market rents? And, how do you deal with this discrepancy?
What should you be doing 60-90 days prior to the current lease expiration date?
See an example of a lease extension, why I personally recommend not using one and what to do instead.
What do you do if the current tenant is not renewing their lease?
An example of a move-out checklist? What should you include in yours?
What should be the very first thing you do when taking possession of the property from a tenant at the end of their lease?
What must you do to avoid having to pay a tenant 3 times their security deposit?
What should you have in every tenant file?
Plus much more...

Check out the video and additional resources related to Secrets of Property Management.

Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis SpreadsheetTM by going to:

https://RealEstateFinancialPlanner.com/spreadsheet

Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.

Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the Santa Clarita real estate investor podcast? Book a free consultation to discuss.

Previous Episode

Secrets of Tenant Screening

Tenant screeing... an important, but often overlooked skill. If you're going to manage properties yourself in Santa Clarita, you're going to need to know how to screen tenants.

This class is Module 4 of 46 in a series called Real Estate Investing Secrets.

Topics covered in this module include:

What are the 5 steps in the property management process?
What 10 things should you always check—and why—when preparing a property to rent?
The Tenant Screening Process... in 5 easy steps.
How to think about renting your property to get in the right mindset.
Why you should be deliberately charitable... if you choose to be charitable... outside your rental property business.
How does the initial call with your prospective tenants set the tone for your entire relationship?
How to define the landlord-tenant relationship.
What is it important to answer your phone when marketing to find tenants and what this says about how your tenants are likely to respond to you as a landlord.
Why is it critically important to screen tenants on the first call and to not meet unqualified prospective tenants at your property?
The magic words for getting a tenant to open up to you on the phone with your questions.
What are the 10 critical initial screening questions to ask tenants on the phone before scheduling a time to meet them at the property?
What are the different ways to show tenants your property?
How should you prepare for showing the property to prospective tenants and why the first thing is critically important if you want to be paid on-time from your tenants?
How to show the property to your tenants... and the one thing at the showing that will clearly demonstrate to you how your tenants are likely to take care of your property.
The counter-intuitive secret to following up with tenants after showings...
How to collect an application from tenants... especially if you’re not going to pay for a web-based service.
What must you require from your applicants to be able to process their application... and how to deal with a tenant not having everything.
The critical things you need to double check as you accept the application to process... and what to do if the tenant comes up short.
Who provides an application and application fee... and why?
How to get tenants to only apply to your property when considering other properties.
The critical things you must get from your tenant—beyond security deposits and first month’s rent—to help protect you and help ensure you get paid.
How do you deal with a tenant that provides incorrect (false) information on an application?
How do you get an application and paperwork to use for your rental business?
The one thing you need to do to avoid hefty fines, lawsuits and possible jail time.
A surprising perspective on something that affects over 65 million Americans, but could open you up to liability, lawsuits, and possible jail time... and how you should properly deal with it.
Tips and best practices for working with disabled applicants, service animals, emotional support animals and more.
A powerful, inexpensive strategy to uncover bad apple tenants before you rent to them.
Example application evaluation criteria and why it is critically important to use written, objective criteria when approving an applicant.
A sneaky little way to get an informal co-signor on your tenants voluntarily to increase the odds of you getting paid if your tenant is unable to pay.
Examples of common application criteria overrides and how you might handle them... and one that I’d encourage you to make an automatic disqualification.
An example reservation deposit agreement, how to use it and when to use it.
How do you notify tenants when they’re approved? When they’re not approved? When MUST you—by law—send them a letter telling them they’re not approved?
How do you deal with tenant screening on a property you’re buying with an existing tenant?
Plus much more...

Check out the video and additional resources related to Secrets of Tenant Screening.

Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis SpreadsheetTM by going to:

https://RealEstateFinancialPlanner.com/spreadsheet

Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strate...

Next Episode

Secrets of Buy and Hold Real Estate Investing

Learn the secrets to buy and hold real estate investing in Santa Clarita.

This class is Module 6 of 46 in a series called Real Estate Investing Secrets.

Topics covered in this module include:

What are the different variations of the buy and hold real estate investing strategy? Variations based on down payments? Variations based on property types purchased? Variations of rental duration and niche business models?
What are the most common ways to finance buy and hold real estate investments? And what are some of the more unusual ways?
Is buy and hold real estate investing typically an active or passive investment?
How long do you typically hold buy and hold real estate investments? And, why might you change that?
How do you typically exit a buy and hold real estate investment? How does your buyer typically finance the purchase when they buy from you?
Is buy and hold real estate investing typically for real estate investors or real estate entrepreneurs... and what’s the difference?
How much money is typically required to invest in buy and hold real estate? What are some of the less common money requirements?
What credit is required to utilize the buy and hold real estate investing strategy? And, what are some less common credit-related requirements?
What are the 4 primary skills required for buy and hold real estate investors? And, how does one of those skills vary depending which strategy you’re utilizing.
Is buy and hold real estate investing actively or passively stable? And, what does that means in terms of the entire business blowing up in your face?
How scalable—in terms of net worth—is the buy and hold real estate investing strategy? What level of net worth is it typically associated with?
What is your risk exposure with the buy and hold real estate investing strategy? What are some of your risks? How does that increase with certain sub-strategies?
How quickly do you make money with buy and hold? What amount of money do you make at that interval?
How does one typically find deals as a buy and hold real estate investor? What are some of the more unusual ways to find deals?
What do you use to analyze buy and hold real estate investments and where to get a copy of the spreadsheet you need... for free?
What are the ideal market conditions for the buy and hold real estate investing strategy and what is a challenging market to utilize this strategy in?
How accessible or available are viable buy and hold real estate deals?
Can you utilize your retirement money to invest in buy and hold real estate investments?
Plus much more...

Check out the video and additional resources related to Secrets of Buy and Hold Real Estate Investing.

Free Real Estate Deal Analysis Spreadsheet: Download a copy of the newest version of The World's Greatest Real Estate Deal Analysis SpreadsheetTM by going to:

https://RealEstateFinancialPlanner.com/spreadsheet

Improve Cash Flow: Book a consultation to improve cash flow using our proprietary 88 cash flow improving strategies.

Real Estate Agent & Lender Collaborators: Interested in collaborating with us on the Santa Clarita real estate investor podcast? Book a free consultation to discuss.