Transcript

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my name is Mindy Jensen and I’m the
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community manager for BiggerPockets comm
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the real estate investing social network
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I spend a lot of time in the forums and
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while I have a lot of tips and tricks
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based on my own experiences I’ve picked
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up some pretty amazing tips from my
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fellow investors on the site here are
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ten of my favorite not-so-obvious
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tips for real estate investing success
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[Music]
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tip number one your inherited tenant
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refuses to provide a key to the property
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first off this situation should not even
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be given a chance to happen always get a
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copy of the key to the property and
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verify that it works before you close if
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the selling landlord doesn’t have a copy
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they can get one from the tenant it’s a
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sure bet they’ve got one however if the
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situation has already passed and the
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tenant refuses to give you a copy of the
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key make your own first give your tenant
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proper notice in compliance with your
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state’s landlord tenant laws then have
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the property recued by a locksmith if
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your tenant is at home leave one copy of
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the key in a real estate agent style
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lockbox with code access inform your
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tenant of the code and then retrieve the
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lockbox at a later date one more thing
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to consider if you’ve got a combative
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tenant like this you may want to
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consider not renewing their lease tip
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number two your tenant wants to install
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cable or dish or satellite or something
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on the outside of the house you should
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have a move-in checklist that the tenant
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signs at the time they take possession
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saving the condition of the property
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make a separate checklist that goes over
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every single importance be part of the
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lease and includes a space for tenant
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initials so if necessary you can prove
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at a later date that they were informed
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do not allow installation of any service
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without your permission and make sure to
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specify in the lease that it must be
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professional installation it’s also good
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practice to have the tenant give you a
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deposit to return the property back to
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its original condition once they move
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out tip number three your tenant
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threatens a lawsuit the very moment a
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tenant
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the word attorney or lawsuit cease
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verbal communication with them
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immediately then notify them in writing
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that you will only communicate with
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their attorney many times this is the
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last you will ever hear from them
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remember text is not currently a legal
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method of notification in all 50 states
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but the US Postal Service is tip number
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for handling late rep have a clause in
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your lease for late fees and charge them
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as soon as your state laws allow
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consider adding a phrase in your late
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fees clause that says something to the
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effect of regardless of tenant
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directives any money collected will
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first be applied towards any outstanding
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builder late fees then apply to rent
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partial rent payments will not be
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accepted in many states excepting
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partial rent payments stops or forces a
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restart in the eviction process tip
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number five moving out or returning the
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security deposit in order to avoid
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confusion spell out exactly what you
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expect the property to look like when
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your tenant returns it to you consider
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creating a checklist that dictates clean
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walls clean carpets clean appliances
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clean drawers ceilings and corners free
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from cobwebs toilets free from stains
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window and sliding door tracks free from
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debris and dirt you want to make sure
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that there are no surprises at the end
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of your relationship with your tenant
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and you want to make sure you get a
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clean property back tip number 6 how to
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return the security deposit always get a
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forwarding address when the tenant
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returns the keys ask for their new
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address so that you can return any
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portion of the security deposit now you
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don’t want to tell them that they’re
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getting their deposit back what it in
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such a way that you won’t know for sure
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until you go through the unit but you
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need to return it within insert state
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security law timeline here and therefore
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you name their new address tip 7
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multiple roommates in a multiple tenant
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situation you want to make sure each
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tenant qualifies individually for the
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entire rent and that they know they are
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individually responsible for the rent
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should all other roommates not pay or
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some roommates leave the property you’ll
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save yourself an enormous amount of
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hassle by accepting only one check per
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unit which forces the tenants to come up
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with the entire amount before they give
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it to you remember
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partial rent should never be accepted
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tip eight get multiple emergency
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contacts for prospective tenants on
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their initial application if your
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application only has one space for an
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emergency contact consider an additional
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sheet with a few more this will give you
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more numbers to call to track down that
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tenant who skipped out on you it’s good
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practice at lease renewal time to ask
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the resident to update some of their
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contact information most property
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management companies and owners don’t do
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this if the resident leaves you with the
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damages or unpaid rent it gives you more
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numbers to call to try to get 100% of
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your money versus sharing it with a
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collection agency but if you do use an
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outside agency it gives them more
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numbers to call as well tip number 9
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eviction notice once residency has been
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established whether you know about it or
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not you must evict each person by name
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or use the all-encompassing at all in
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order to get the property back tip 10
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tenant notification carry a briefcase in
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your car that has all your forms in it
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so you can be ready at the drop of a hat
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to give notice instead of having to
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drive back to your office to get the
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forms Oh bonus tip 11 I don’t have an
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extra finger lease renewal inspection
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do a walk-through of apartments two
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weeks before you offer a lease renewal
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call it your lease renewal inspection
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this way if the tenant was not taking
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care of the unit you have the option of
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not offering a referral I want to give a
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huge thank you to everyone who provided
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these awesome tips from the forum’s for
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even more priceless information visit
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www.gfi.com/webmonitor for BiggerPockets
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I’ll see you around the site
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