YFP Real Estate Investing 39: Managing Tenant Turnover

01/08/22 • 42 min

Jared Wonders returns to the show to share how he manages tenant turnover as a real estate investor and busy full-time pharmacist.

Key Points From This Episode

Jared explains how a new multi-family property meant multiple new tenants and tackling the turnover all at once.
Some details about these two types of properties, and communicating with the tenants.
Doing an Estoppel Certificate, and knowing your market rents when inheriting tenants.
What action steps Jared took when two of the three tenants gave their 30-day notices.
Talking about turnover; septic, new windows, appliances, and supply chain issues.
Jared chats about the repair standpoint specifically and having a flexible timetable.
How previous experience will give you the confidence to tackle the next property.
Some creative options to solve supply chain problems.
What is LVP, how to get great pictures, and why he did only one property at a time.
How and when Jared listed the properties for rent again.
Hear about the time frame before the first showing and what factors affected this.
Scheduling viewings outside professional hours, and why he likes individual showings.
The importance of following the Fair Housing guidelines, and having clear criteria.
Jared talks about his tenant application process and verifying their income.
Taking care of deferred maintenance by dealing with it during tenant turnover.
Jared's final words of advice on screening and how to treat the tenant like your client.

Links Mentioned in Today’s Episode

Jared Wonders returns to the show to share how he manages tenant turnover as a real estate investor and busy full-time pharmacist.

Key Points From This Episode

Jared explains how a new multi-family property meant multiple new tenants and tackling the turnover all at once.
Some details about these two types of properties, and communicating with the tenants.
Doing an Estoppel Certificate, and knowing your market rents when inheriting tenants.
What action steps Jared took when two of the three tenants gave their 30-day notices.
Talking about turnover; septic, new windows, appliances, and supply chain issues.
Jared chats about the repair standpoint specifically and having a flexible timetable.
How previous experience will give you the confidence to tackle the next property.
Some creative options to solve supply chain problems.
What is LVP, how to get great pictures, and why he did only one property at a time.
How and when Jared listed the properties for rent again.
Hear about the time frame before the first showing and what factors affected this.
Scheduling viewings outside professional hours, and why he likes individual showings.
The importance of following the Fair Housing guidelines, and having clear criteria.
Jared talks about his tenant application process and verifying their income.
Taking care of deferred maintenance by dealing with it during tenant turnover.
Jared's final words of advice on screening and how to treat the tenant like your client.

Links Mentioned in Today’s Episode

Previous Episode

YFP 237: 5 Financial Moves to Make to Crush Your 2022 Goals

Tim Ulbrich talks through 5 financial moves you should consider making in 2022 to accelerate your financial plan.

Key Points From This Episode

How to take advantage of this time to reset, refocus, or create your financial plan.
Finding the balance between your qualitative and quantitative goals.
Tim offers to be your accountability partner.
How to take your tax strategy to the next level.
Updating your important financial documents: what is a legacy folder and why you should get one.
Revisiting your student loan game, plus some great resources to help.
Set your personal learning plan with our top book and podcast recommendations.
A reminder of the YFP services and community available to support your financial journey

Links Mentioned in Today’s Episode

Next Episode

Ask a YFP CFP® #96: Should I max out my contributions to my 401(k) or 403(b) before contributing to other retirement accounts?

Welcome to Ask a YFP CFP®, a segment of the Your Financial Pharmacist Podcast! On today's show Tim Baker, CFP®, takes this question from Jacob in Lancaster, Ohio: Should I max out my contributions to my 401(k) or 403(b) before contributing to other retirement accounts?

Mentioned on the Show:

Disclaimer: This podcast is intended for educational purposes and should not be considered financial or investment advice as we do not know all the variables to one's personal situation when answering a question.