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The process of vetting a prospective tenant is likely one of the most important tasks a landlord has. But learning the art of analyzing credit reports is a huge component of that process.
Think about it. The person you place to live in your unit needs to have personal and financial characteristics that meet your rental criteria.
For us that means they need to have two positive referrals from previous landlords, a credit score of 725 or above, and net income that is at least 2.5 times the rental amount. But that’s just our qualifiers.
Because income is such an important part of the investigation process for this prospective tenant, we spend a lot of time looking at their credit report.
Sure, it’s likely that if they have our required score they will qualify, but we look deeper into the report to look at debt and if after paying that debt, will they have enough money to still pay rent to us?
In this episode we discuss what we look for when analyzing credit reports. We explain how and why it’s a whole lot more than that one little FICO score.
LINKS
👉 Rent Reporters: According to TransUnion, 70% of tenants are more likely to pay rent on time if their payments are being reported to the credit bureaus.
👉 TenantAlert: They provide the ONLY instant tenant screening service with LeaseGuarantee. The credit screening company with options AND guarantees.
👉 Tenant Alert PDF: Description of all services.
👉 TurboTenant: Is a great option for landlords. Perfect for those with just a few doors or for those who may be new to using rental property software.
For the most part, TurboTenant’s software is free to use so they are perfect for landlords on a tight budget.
👉 FTC Tips for Landlords: Using Consumer Reports, What Landlords Need to Know.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
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Retirement is a subject that used to be synonymous with Medicare, but those days are long gone. As we are close to retirement (in age and financial position), we thought you would like to know the things we considered and implemented to help you when crafting your rental property retirement plan.
Now, we hear of people retiring in their early 50’s, 40’s, and even some are really tightening their financial belt and retiring in their 30’s. Where this takes focus and dedication, there is something we can all learn from the methodology these early retirees use.
In this episode, we are discussing:
- The concept of FIRE (Financial Independence, Retire Early) and the variety of ways to achieve it.
- Things to consider before retiring.
- Budgeting for your retirement.
- How much rental property income is needed to retire.
- What to invest in if you haven’t bought a property yet.
We do our best to roll through all this information concisely but check out the links below for additional resources to help when crafting your rental property retirement plan.
LINKS:
👉 Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence.
👉 Podcast Episode 45: Basic Tax Strategies
👉 Podcast Episode 46: Advanced Tax Strategies
👉 Microsoft Excel: Microsoft for Small Business ($6/mo)
👉 YNAB(You Need A Budget): Simplify spending and saving, once and for all. Organize your finances (and your life!) with a free trial of YNAB.
👉 Retire Early with Real Estate by Chad Carson
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
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Where it is not every rental property investors dream to quit their traditional 9-5 job and work at self-managing their units, it is a consideration for many landlords we know.
Some desire FIRE (Financial Independence from Real Estate) where they don’t have many management tasks to take on, some are willing to swap their full-time gig for working to manage their rentals instead.
The desire is freedom. Freedom from reporting to someone else, somewhere else, for a defined time of at least 40 hours during the week.
Freedom to get up in the morning and go to the gym, travel, spend more time with family, and the freedom to develop, scale, and grow their real estate investments so that they and their family can enjoy a comfortable life financially.
But how easy is this to obtain? What are the things that need to be considered before making a life changing move like this?
This is what we are discussing this week so tune on in if you think this is a subject you want to learn more about.
LINKS
👉 Episode 45: Basic Tax Strategies for Rental Property Owners
👉 Episode 46: Advanced Tax Strategies for Rental Property Owners
👉 QuickBooks Accounting Software. 30% OFF your first 6 months.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
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Last week we went over all the basic tax deductions that rental property owners can take. And believe me, many of you are missing out on some expense deductions that have REALLY GOOD advantages.
This week we are digging a little deeper and discussing more advanced tax strategies that take a little time to consider and put in place. Like the tax benefits of holding your rentals in a legal entity, creative ways to use funds you already have to buy rental properties tax free or tax deferred, the ins and outs of cost segregation, and how if you can qualify as a real estate professional, you should!
If you know us, we are not just tossing out info to say you should, we are telling you why they are important to your growth as a real estate investor and how to implement these tax advantages to scale your portfolio of rental properties.
LINKS
👉 QuickBooks Accounting Software. 30% OFF your first 6 months.
👉 NOLO: Do it yourself legal guide to create your LLC
👉 Advanced Tax Strategies For Real Estate Book, by Amanda Han and Matthew MacFarland.
👉 Episode 16: Is Holding Your Rental in An LLC Right For You?
👉 Episode 12: Our Experience With A 1031 Exchange, Would We Do It Again?
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
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If you’re like most real estate investors, tax season likely produces sweaty palms, an intimidating “to do” list, and an overwhelming sense of dread.
It doesn’t have to be this way. This is why we are discussing basic tax strategies early in the year so you can make the adjustments needed and do a little upfront work to self-educate on the “best practices” for tax strategy for rental property owners (which is why you’re here).
We are discussing valuable tax strategies you can implement now to minimize your 2024 tax bill—and maximize your annual revenue, making tax season actually enjoyable. After all, who doesn’t like found money?
From common everyday expenses to travel, home office, vehicles, and depreciation, we are going over all you need to know to maximize your deductions and have unexpected funds to use towards your next rental property.
LINKS
👉 QuickBooks Accounting Software. 30% OFF your first 6 months.
👉 Advanced Tax Strategies For Real Estate Book, by Amanda Han and Matthew MacFarland.
👉 12 Month Expanding File Folder (Accordion File)
👉 BiggerPockets: Real Estate Investor Community Forum
✔️State Specific Leases
✔️ 400 Forms to make your landlord-tenant relationship top notch!
✔️ 200 FREE forms for those not ready to purchase.
✔️ 4.8 Rating with over 5000 Reviews!
✔️ Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership.
✔️ YOU CAN BUY LIFETIME FORMS for $399!
USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE ANNUAL or LIFETIME FORMS!
👉 IRS: Tips on Rental Real Estate Income, Deductions, and Recordkeeping
👉 IRS: Travel, Gifts, and Car Expenses (Pub 463)
👉 IRS: Residential Rental Property (Pub 527)
👉 CA Earthquake Brace and Bolt Program
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
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First, we would love to thank all of you who submitted questions via email. We received many and selected the ones we knew we could answer in about 5 minutes or so. Please feel free to send us a question to be asked in a future episode! Our emails are in the “LINKS” section below.
This episode includes questions from 5 listeners. One is a two-part question, so we actually are answering 6 questions in total that cover the subjects of:
- Rent discounts for seniors and single moms, are they protected from Fair Housing or can another tenant claim agism/unfair treatment when not receiving a discount too?
- How to properly save cash reserves if you are discounting rents for individuals?
- Operating manuals and criteria, how to handle if there are multiple properties involved?
- Old school landlords who take checks vs ones who use landlord software, is it too late?
- What is the most important thing to focus on in the business as a landlord?
- Tips on working with rental properties together with your spouse? Apparently, we make it look easy! 😅
This was a fun episode with several subject matters to cover!
LINKS
👉 TOGGLE Insurance
Your Landlord Resource has teamed up with Toggle, a division of Farmers Insurance that offers competitive pricing of renters insurance for tenants.
Policies can start as low as $5 a month!
Copy and share our link with your tenants to get them started: http://go.gettoggle.com/SH1E
Download this PDF to present to your tenants with your renters insurance request! Toggle Renters Insurance Flier.pdf
👉 Episode 36: ESA Insights and Pet Rules, an Interview with Logan Miller of Our Pet Policy
👉 Episode 28: The Cash Reserves Blueprint: Protecting & Expanding Your Portfolio
👉 Episode 6: Creating Standard Operating Procedures For Your Business
👉 Episode 4: The Importance of Rental Property Inspections
👉 Hemlane is a software that is built to grow with your needs as a landlord.
For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on.
It gets better! If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.
👉 TurboTenant is a great option for landlords with just a few doors or for those who may be new to using rental property software.
For the most part, TurboTenant’s software is free to use so they are perfect for those on a tight budget.
👉 Fair Housing Institute: Courses to certify you or employees in all Fair Housing laws.
Get 15% OFF all courses! Use code: YLR2023
👉 Purchase our 6-Page Inspection Checklist ($5.00). For properties up to 4 bedroom/4 bath and includes all pertinent areas to be inspected, including the exterior.
To date, this product is the only item we charge for. Help support our site while getting a valuable tool you can use over as many times as you’d like.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
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This week on the podcast we are taking a step back from the educational focus of the Your Landlord Resource podcast and getting a little bit personal.
We have A LOT going on right now, personally, and professionally, so we thought maybe we would share what’s going on!
We are in the process of selling our last single family home rental which will grant us capital to buy the next multifamily. So, we will talk all about that process and the alternatives we have to make a decision on.
In our Sacramento complex, we are pivoting and converting one of our studio apartments from a long-term rental into a mid-term rental. So, we will discuss how that process is going. We will also talk about a potential remodel to a unit that is much needed as well as some other upgrades we are doing to enhance our tenant’s experience.
Your Landlord Resource has been our main focus for the last year so we will tell you about our plans coming up with that little side hustle we got going.
And don’t fret, we have some personal projects coming up that we will bring you in on as well!
Our lives are CRAZY busy with a lot of comings and goings so grab a seat and come hang with us while we fill you in on what makes up our lives!
LINKS
👉 Kwikset Halo Smart Lock: Wi-Fi enabled (no hub required), you can use the Kwikset app to remotely lock and unlock, share guest access, view activity history, and create up to 250 codes. We purchased it with the Halifax Interior/Exterior Passage Doorknob.
👉 Kwikset Re-key Set: This SmartKey system has been a lifesaver at unit turnovers and will continue to be so, even with the Kwikset Keyless entry systems!
👉 Email us your thoughts! Should we create a course about:
➡️ How to place your ideal tenant
➡️ Creating your operations manuals
➡️ Take marketing photos of your unit like a professional
👉 Stacie@yourlandlordresource.com
👉 Kevin@yourlandlordresource.com
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
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Who is better to give you questions to ask a property manager than a professional property manager!
This is part 2 of last week’s episode we discuss over 50 questions to ask when you are interviewing a new property manager to take over your rental properties. If you have not had a chance to listen to part one, STOP. Go back and listen to Episode 39 before continuing to this one.
In this episode we go over questions that pertain to:
- Leases
- Tenant screening
- Maintenance and inspections
- Move-in/move-out procedures, including marketing and renewals!
- Evictions
- Tenant communication
We not only give you the questions to ask, but we also discuss WHY they are important to you as a rental property owner. This is key because each of you has different aspects of property management that are important to you. So now you can decide how much weight to give the question based on its significance to your success.
I don’t know about you, but one way I learn best is hearing stories of what others did right or wrong to help me understand its importance. So, we make sure to share personal stories of not only how we manage our own properties, but how we manage properties for others and several issues we have found while using a property manager for our out of state property.
A LOT of good stuff in the episode! Part 2 will drop in a few days just so you don’t have to wait a whole week and lose your momentum on the questions.
BONUS! We created a Property Manager Questionnaire of all the questions we suggest you ask so you can just blast it out in an email or use it as a reference if interviewing a property manager in person! Download it FREE until December 31st, 2023, before we begin charging a nominal fee!
LINKS
👉 Property Management Questionnaire: FREE for a limited time! A PDF with over 60 must ask questions all set up in with boxes for the PM to answer in or for you to use for notes if interviewing them in person.
👉 YLR Episode 7: A Guide to Move Out Procedures and Security Deposits
👉 YLR Episode 20: The Nuts and Bolts of Residential Rental Property Insurance
👉 YouTube Video: Troubleshooting a garbage disposal. We include this link this in our tenant binder and send it to them when they text for help.
👉 Hemlane: A great alternative to using a property manager when you want some involvement in the management process. Each plan was configured to grow with you so you can eventually hand all management off to a professional PM within their system. They have a FREE 14-day trial (no credit card) if you’d like to sign up and try them out.
👉 Read our blog: Tips on Taking Professional Looking Rental Property Photos
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
FOR TRANSCRIPT OF THE EPISODE, CLICK HERE
Listen On:
Who is better to give you questions to ask a property manager than a professional property manager!
We are discussing over 50 questions (more like 65) to ask when you are interviewing a new property manager to take over your rental properties.
In this episode we go over questions to give you better insight into their personal and business background as a property manager as well as contracts and fee structures. We also give you questions to learn more about their legal history and the different forms of communication they use.
We not only give you the questions to ask, but we also discuss WHY they are important to you as a rental property owner. This is key because each of you has different aspects of property management that are important to you. So now you can decide how much weight to give the question based on its significance to your success.
Not only do we share personal stories of how we manage our own properties, but how we manage properties for others and several issues we have found while using a property manager for our out of state property.
A LOT of good stuff in the episode! Part 2 will drop in a few days just so you don’t have to wait a whole week and lose your momentum on the questions.
And don’t you worry! We have created a questionnaire of all the questions we suggest you ask so you can just blast it out in an email or use it as a reference if interviewing a property manager in person! We will drop that with the next episode so keep an eye out for it!
LINKS
👉 PACER (Public Access to Court Electronic Records) to look up if a property management company has been sued or not.
👉 BiggerPockets: FREE accounts have access to unlimited forum posts, free network of investor friendly agents and lenders, and a newsletter.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
FOR TRANSCRIPT OF THE EPISODE, CLICK HERE
Listen On:
In this episode of Your Landlord Resource Podcast, we discuss the importance of showing kindness to tenants, especially during the holiday season.
We explore the reasons behind giving gifts to tenants, address common concerns and misconceptions, and offer practical tips for thoughtful gift-giving. We are talking easy peasy, can cost less than $10 (and in some cases $5), gifts that let them know you are thinking of them during the holidays.
Of course, you know we have to include some good tips on important items to communicate with your tenants. Not saying you will be their hero, but a simple reminder email of certain issues they may experience over the next couple of months will be appreciated.
Give this episode a listen. Whether you are a gift giver or not, we think you will enjoy what we have to say.
LINKS
👉 Email your questions for our Q&A Episode!
Stacie@YourLandlordResource.com
Kevin@YourLandlordResource.com
We recommend these to all our tenants and have started to include them with our welcome basket. The tiny holes are much easier to repair on our textured walls, making the vacancy turnover much more tolerable.
👉 Gift Guide
Notecards: Both are available in bulk. Which means you can buy one and separate them into equal groups of 4, 6, or 8 sets of cards and secure them with ribbon or twine to make a very simple, inexpensive, yet thoughtful gift.
Nature Prints, Unisex. Sold in pack of 48 for $8.99
Floral Artwork, Feminine. Sold in pack of 20 for $8.99
Water Bottle: 20oz insulated water bottle in a variety of colors. $12.99
Contigo Insulated Coffee Mug with Handle: $11.19
Insulated Hot or Cold Bottle: Available in a variety of colors, 2 Pack $9.99
32 oz. Wide Mouth Mason Jars $12.99 (4 Pack) to fill with a treat like candy (Hershey Kisses) or granola (we buy the Kirkland brand at Costco for around $8 and it fills 3 of these jars).
👉 Pet Friendly De-Icing Solution, Calcium Chloride and Salt Free, Pet Safe Ice Melter.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links
