Rental Property Management for first time Landlording Success in 2021

############################# Video Source: www.youtube.com/watch?v=Ipa9zrTCzaE

I’ve created a passive income stream of $67k per month in rental income, and my properties are currently worth $9.6M. I did this while working a full-time job, and I’m going to show you how you can do it too. • Identity Guard-Save 33% or more: • https://identityguard.y8uw.net/c/2731... • Amazon Store: Check out my favorite books, smart home products, office gear and rental property materials: https://www.amazon.com/shop/stolenyorkie • Tesla Referral Code to get 1,000 miles of free Supercharging or cash: https://ts.la/cheryl22851 • ----------------------------------------------------------------------------------------------------------------------- • In this video I'm going to cover the basic Landloring items for new landlords such as how to find good tenants, credit and background checks, leases, how much to charge, preparing your rental, and how to collect rent, and how to do so efficiently while you work a full-time job. • Keep things simple, do make everything scalable and try to automate everything • Property improvements and maintenance: DYI and supplement with a Handyman from FB marketplace. You can learn and save money and work on moving to hiring it all out as soon as you can afford to. • Clean sales. Fresh paint. Clean inside and curb appeal. Gross and nasty. • Zillow- One stop shopping for newbies. • -Rent • Rental estimate. My portfolio averages 0.85% or 0.0085 x FMV • $100k house gets about $1k rent - 1% • $200k house gets about $1700 rent - 0.85% • Question from subscriber Tom O. In Oklahoma • An applicant offered to pay a year at a discount. • Money is cheap. The benefit is that you don't have to worry about collecting rent. • Sometimes people with problems offer this and target rentals owned by individuals. • Be sure to check out the credit history, background search, and call their landlord. • In today's hot market, I don't think you need to accept less for prepaid rent, but you may be able to let them know that it increases their financial strength and help them as you consider all of the applicants. • -Advertising • Zillow rental manager and hand written signs with arrows. $9.95 a week. • -Communication: Zillow filters the calls and emails through its portal so that the public does not get your number. They also have an inbox to keep track of the prospects, make notes, etc. along with a cellphone app. • No need to get a separate phone number in the beginning. When you are ready for that I recommend Line2 for $9.99/ month online number where I direct them to my website. I use this number on signs and on my website. Voicemails are forwarded to my email. • All of my tenants have my cell phone number, but I don't recall getting calls in the middle of the night. I do use night mode on my cell phone to silence everything. • Zillow's Credit and background. I'm not looking for a great credit. Those people are called homeowners. I'm looking for evictions, repossessions and s. crimes. I don't mind bankruptcies. • The higher the credit score, the higher they rank in my list of applicants. • Zillow's new Rent collection service - free • I have them deposit into my renal checking, etc. • Zelle, paypal, Venmo • -Lease agreements - Zillow - state specific • Review key sections with tenants at signing. • Do charge Late fees. I charge 10% on the sixth after a five day grace period. I tell them to let me know is there going to be late and to pay as much as possible and in practice I will I may do them a favor and only charge in 10% on the unpaid amount. • -Tenants • Don't discriminate and review your state's landlord tenant laws • Income to Rent (ratio) = 3x rent • The higher , the higher they rank in my list of applicants. • Employment history/ years at current job • I'm looking for: people who will pay on time, take great of the property and stay as long as possible. • (Turn over and I can see is very expensive) • Fewer people are usually less wear and tear on your property. Trust your gut. No drivers license/ ID only, local county website for court cases • Don't rent to friends, family or anyone you know. Don't hire someone you can't fire. Separate your charity from your business, or your business will be a charity. • Open a separate checking and savings account immediately. Use your bank's bill pay • QuickBooks within the first year. Mini online course. Tenant accounts, email or us mail statements. Automatically charges your account rent every month. Easy to assess late payments and receive payments. Also could keep track of all your expenses and for your taxes and by property. • Website • Start with Zillow. If you need a homepage, instead of creating a website, you can start with a Facebook page instead or a google doc that you can text and email a link to prospects.

#############################

New on site