are you ready to be a landlord?
TRANSCRIPT
A R E Y O U R E A D Y T O B EA L A N D L O R D ?
Reserve Funds Competition Rental Criteria
Application Lease Vendors
P R E S E N T E D B Y
MEGHANMARTINEZ
RENT IT YOURSELF
Founder
An online resource for new landlords andreal estate investors who want to managetheir property like a BOSS without quitting
their day job.
www.rentityourself.com
You should have at least 2 month’sworth of rent in a savings account,to start. If you are cash flowing,meaning you are collecting morerent than your expenses, it is agood idea to add to this balance, alittle bit every month. Here’s why.Money in the bank = peace of mind.
R E S E R V E F U N D S
It is so important to know yourcompetition when pricing yourrental. While you want to get themost rent you can, if you don’tknow your market and price ittoo high, it will sit. And you willfreak out. Take some time toeducate yourself on rentals inyour area.
K N O W Y O U RC O M P E T I T I O N
A rental criteria establishes aspecific guideline that is used todetermine whether a tenant’sapplication is approved or denied.Why is it so imperative that youdevelop your own criteria andfollow it? The short answer is, itgreatly increases your odds offinding the BEST tenant, everytime. For the long answer, checkout my blog post What is a rentalcriteria & why do I need one?
R E N T A L C R I T E R I A
The application and screeningprocess verifies that eachprospect meets it. “Trust but Verify,” that willbecome your landlord mantra.”We use a checklist to verifywe’ve received a copy of each ofthe documents we require.
Once you have all of thedocumentation, it is time toscreen.
R E N T A LA P P L I C A T I O N
Now that you have found andapproved a great tenant, it is timeto make sure everyone is on thesame page with a writtenagreement. A lease agreement islike a prenup, it will save your ass ifshit hits the fan. It is always easierto come to mutually agreeableterms and conditions when bothparties are happy.
L E A S EA G R E E M E N T
It is a good idea to have a goodvendor list, preferably BEFOREyou have a problem. At aminimum, you need to have atrusted handyman, HVAC andPlumbing contractors. To makemove in / out run smoothly,you’ll want a good housecleaning service, carpet cleaner,pest control, and landscaper.
V E N D O R S
If you need more details or want touse the exact forms & checklists
we use every day,you can sign up for my
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