Secrets of Property Management

Elgin 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.

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