Tag Archives: landlord checklist

Run It Like a Business

My Rental Property Coach - Run it Like a BusinessIn order to be successful in the rental property business, you really do need to be prepared. Putting good systems and processes in place will give you the confidence to get started and also keep things running smoothly as you acquire and manage more properties. This business like mindset is the key to success for a new landlord. On that note, here are a few things you should have in place before you start looking for tenants:

  • Rental property forms. Your basic collection of forms would include an application form, a lease, a walk through checklist and a landlord checklist. Store a few copies of each in a labeled binder and you’re good to go.
  • A prepared ad to attract quality tenants. I advertise exclusively online so I keep a copy of my ad with pictures in a folder so it’s easy to cut and paste on various sites. Later, if a tenant gives me notice, I can have an ad placed immediately to start looking for someone new.
  • A property information binder ready to go. There are a few items that you can personalize later when you find tenants but the bulk of the information can be prepared ahead of time. Once the information is stored on your computer, it’s easy to modify to create new binders for additional properties.
  • A filing system. This will already have some items in it such as mortgage documents, legal documents and insurance information. You can add more sections as you go to include tenant information and other paperwork you receive relating to your rental. This is also easy to replicate as you buy more properties.

As I continued to manage my first property, I added a few more organizational items to keep things in order:

  • A good accounting system. This is easy to set up, just a simple ledger to monitor what is going in and out of the bank account every month and a place to write in all of your rental related expenses. Don’t forget to keep track of all those receipts.
  • A list of reputable people or companies that can fix things. This list takes time to develop as you encounter certain problems that go beyond your own abilities. It’s a great list to have though and will become more valuable as you acquire more and more properties.

If you are just considering buying a rental property, I hope this list will help build your confidence to move forward. They’re fairly small steps to take, they’re easy to do and they set the stage for your future rental property empire.

Essential Rental Property Forms

In this day and age, there is a form to cover every possibility in the rental property Forms2business. From pet leases to utility sharing agreements, everyone will agree “it’s best to always get it in writing”. Making sure that all of the rules are clear before a tenant moves in leads to fewer disagreements and a cooperative landlord/tenant relationship. These signed documents can also protect the landlord if a substandard tenant should slip under their radar and take up residence.

If you are just starting out with one rental property, there are 5 essential rental property forms that you should have on hand before you start to look for a tenant.

RENTAL APPLICATION This is the first form that a prospective tenant will fill out for you during the first meeting if they are interested in renting from you. It covers the personal information of all the people that will be living there including their employment history, credit information and rental history. The best part of the application form is that it allows you to do a credit and criminal background check of a prospective tenant.

INSPECTION REPORT This is filled out before the tenant moves anything into your dwelling and again when they are ready to move out before you return their security deposit. There is a checklist for each room and describes the condition of each item on the list. I always back this form up with dated photos of the property and have the tenant sign both.

LEASE AGREEMENT This is the meat and potatoes of all rental property forms. It outlines the rent, security deposit, length of stay and also lays out all the rules and regulations of living in your property. You can start out with a generic form which can be changed and revised to suit your specific needs or you can use one from an experienced landlord. I like this option because it will already be much more specific based on the landlord’s previous experiences and you can still modify it as required.

DEPOSIT AGAINST RENT Once you have done all of your investigating and decided on a great tenant, it’s time to get a deposit to hold the place until move in day. This form is simply a receipt for that amount and also sets out what is still required as far as security deposit and rent before they take possession.

LANDLORD CHECKLIST Owning rental properties is a business and in order to run a successful business, you need to keep yourself organized. I created a landlord checklist that I use for each new tenant moving in to my properties. It reminds me of all the things I need to do including property fix ups, tenant checks and everything from moving in to moving out. I find this tool invaluable as I never miss a thing and it starts my relationship with my tenant out on the right foot.

These forms will get you started in your rental property business and should be considered your “core package” that you use for everyone. Depending on your needs or as your business continues to grow, you can introduce more forms to your repertoire. These might include utility agreements, garage leases, notices to enter the premises or eviction notices.