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This is the final episode where we discuss leases and addendums, part 3 of a 3-part series. If you have not yet listened to episodes 32 or 33, go give those a listen before you dive into this episode where we are talking all about the addendums that can accompany the base lease used for your rental properties.
We started this series with the base lease (ours is 21 pages), where we discussed each section, paragraph by paragraph, that should be included in every landlord’s lease, and we explained why.
The first two episodes covered the main components of the lease that MUST be in every lease and items that are more to cover yourself with regards to your criteria or conditions and standards you set for your rental properties. Things like prohibitions, repairs to the property, and appliances.
This episode we go over many of the addendums that are commonly used in both single-family homes and multifamily rentals. From landscaping to storage and garages, as well as mold, lead, and asbestos notifications. Plus, many more!
We are sharing personal stories to help our listeners understand their importance, as not every area pertains to all rental properties.
We do not expect DIY landlords to write their own leases! You can purchase REALLY GOOD leases online at EZ Landlord Forms. Check out the link and discount code in our links below!
Already have a lease? If you feel anything you learn in these 3 episodes pertains to your rental property, take your lease to your legal team and have them add it in. We hope you enjoy this lease and addendum breakdown!
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.
✔️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!
Check out EZ Landlord Forms today!
👉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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This week we are in part 2 of a 3-part series on leases and addendums and pick up where we left off in episode 32. If you have not yet listened to that one, give it a listen before you dive into this episode.
We are doing a mini masterclass on leases and addendums for rental property owners, and these are episodes you will NOT want to miss!
Starting with the base lease (ours is 21 pages), we discuss each section that should be included in every landlord’s lease, and we explain why.
Where last weeks episode covered the main components of the lease that MUST be in every lease, this week we are discussing items that are more to cover yourself with regards to your criteria or conditions and standards you set for your rental properties. Things like prohibitions, repairs to the property, and appliances.
Even if you use a preformed lease or one from your property manager, you need to know THIS ONE PART of your rental property business. What’s in your lease contract is what covers you and your assets.
We are sharing stories and examples of certain sections to help our listeners understand their importance, as not every area pertains to all rental properties.
By going over our very comprehensive lease, section by section, paragraph by paragraph and discussing each and every clause and why it is important, you’ll soon be mastering leases and addendums too.
We do not expect DIY landlords to write their own leases! You can purchase REALLY GOOD leases online at EZ Landlord Forms. Check out the link and discount code in our links below!
Already have a lease? If you feel anything you learn in these 3 episodes pertains to your rental property, take your lease to your legal team and have them add it in.
LINKS
👉 Bed bugs:
EPA website with many resources on bedbugs: https://www.epa.gov/bedbugs
Great resource on all things bedbugs: https://www.pestworld.org/all-things-bed-bugs/
Video/Free Course on bedbugs: https://stopbedbugs.org/
👉 Mold: California booklet required to be given to all tenants with lease
👉 Listen to our podcast, Episode 11: Inheriting Tenants with Your New Rental Property? Here’s What You Need to Know.
This episode discusses before, during, and after how to deal with tenants when there is a sale of the investment property they reside in.
✔️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!
Check out EZ Landlord Forms today!
👉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.
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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Whoa, is this a doozy of an episode! Or should I say our next 3 episodes!
We are doing a mini masterclass on leases and addendums for rental property owners, and this is an episode you will NOT want to miss!
Even if you use a preformed lease or one from your property manager, you need know THIS ONE PART of your rental property business. What’s in your lease contract is what covers you and your asset.
Starting with the base lease (ours is 21 pages), we discuss each section that should be included in every landlord’s lease, and we explain why.
We are sharing stories and examples of certain sections to help our listeners understand their importance, as not every area pertains to all rental properties.
By going over our very comprehensive lease, section by section, paragraph by paragraph and discussing each and every clause and why it is important, you’ll soon be mastering leases and addendums too.
We do not expect DIY landlords to write their own leases! You can purchase REALLY GOOD leases online at EZ Landlord Forms. Check out the link and discount code in our links below!
Already have a lease? If you feel anything you learn in our next 3 episodes pertains to your rental property, take your lease to your legal team and have them add it in.
LINKS
✔️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!
Check out EZ Landlord Forms today!
👉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
👉 KwikSet Easy Re-Key Set Landlords! YOU MUST change the locks/rekey at every unit turnover. You have no idea whom your previous tenant gave a key to, and it is your responsibility (when it comes to access) to keep the new tenant safe from intruders.
Locksmiths can charge well over $50 to do this task!
If you have Kwikset Smartkey locks, you can purchase these replacement keys and rekey the unit yourself in a matter of minutes for $6.
👉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.
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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You might think this episode about Halloween tips for landlords does not pertain to you but take a minute to hear us out.
Halloween is a very festive time of year and is LOVED by people of all age groups, not just families with small children. I mean, there’s a reason Disney starts their Halloween festivities the day after Labor Day and continues it through October 31st!
These people love to decorate their homes, mostly the front yard. When those homes are rental properties, do they still have the right to decorate? Of course, but sometimes with limits.
What are the risks associated with Halloween? Lots! Think about the décor, parties, trick or treaters, and even the pets who live in your rentals.
In this episode we are talking all about Halloween festivity risks and covering what items landlords should be communicating with tenants. Plus, we include tips on what they can do to limit these risks as rental property owners.
LINKS
👉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
👉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.
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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So, this might surprise you, but cash reserves are not a one size fits all concept. There are a lot of factors that contribute to how much you should set aside, like where you are in your real estate investment journey.
Of course, there is the subject of mindset to consider as well so we go over that along with different methods to determine how much cash to reserve.
This episode gives rental property owners a blueprint on the methodology behind determining how much cash reserves is enough.
We take a deep dive into what cash reserves are, do you need them, and if you do, how to determine how much will make you feel comfortable should you get into an unfortunate situation and need to draw on them.
LINKS
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On 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.
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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Part 2 on Rental Property Insurance!
Last episode, we went over the nuts and bolts of residential rental property insurance. We talked all about house hackers, single family home rentals, all the way up to multi-family units and what kind of coverage was important to each circumstance.
Part 2 is where we bring in the professional and interview our broker and insurance agent, Ryan Bravo.
Ryan and his brother Michael have been in insurance since the early 2000’s and took over their father’s booming insurance brokerage when he passed suddenly. These two are killing it in the insurance industry.
They’ve won countless awards and are among the top 150 Farmers Insurance agencies in the country. Kevin and I are so lucky to have these guys on our team, for home and for business!
Here’s what we discussed with Ryan:
▪️ The current state of the insurance industry and why many agencies are pulling out of states with a high risk of natural disasters.
▪️ The basics of a rental property policy and what it covers and does NOT. Plus, what are some riders or endorsements rental property owners should consider adding to their policies.
▪️ Umbrella polices, who should have one? Also, are they needed with the protection of an LLC?
▪️ He gave advice to a listener who submitted a question what to do after losing his insurance after filing a large claim.
▪️ Lastly, he gave five questions rental property owners should be asking new insurance agents when interviewing them. This is common if you purchase your rentals out of state…
There was A LOT of useful information from the perspective of an insurance agent in this episode.
Give it a listen and if you love it, will you please do us a favor and leave a kind review on your favorite podcast platform? This will really help our little podcast grow and reach other DIY landlords.
How to get in touch with Ryan Bravo:
Email: Ryan@TheBravoAgency.com
Webpage: https://BravoInsuranceAgency.com
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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Wow, is this not one of the most frustrating things to happen as a landlord?
You get a good tenant placed or signed on for a lease renewal, giving you the feeling of security and ability to relax a bit. But noooooo, the tenant contacts you to say that they need to end their lease, either for professional or personal reasons.
You know it’s not easy for your tenant to give you bad news and know that, depending on the circumstance, you should be compassionate or show support for this change they are experiencing.
We are here to guide you on the legal reasons why a tenant is allowed to terminate their lease, how to handle non-legal reasons, and even what to do if you, as the landlord, needs to end a tenant’s lease early.
Lots of juicy advice in this episode! So, tune in and if you love it, would you do us a favor and leave a kind comment? We are really trying to reach all those DIY landlords and all these podcast platforms really like it when listeners share their experience! I know we tend to check out reviews to help us decide if something is a good fit for us, help us do this for other podcast listeners.
LINKS
National Domestic Violence Hotline
A website that informs you about what abuse is, how to get help, plan for safety, and is loaded with resources for those who need help.
15% OFF any Fair Housing Institute course! Use code: YLR2023
TurboTenant Landlord Software
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.
With a very minimal monthly fee, landlords can upgrade to have such items as all landlord forms, leases, and addendums included as well as accelerated marketing, rent deposits, and customer service assistance on TurboTenant.
At EZLandlordForms, the goal is to make it EZ for anyone to be a great Landlord, get the most out of their investment, and get the most out of their experience as a Landlord. Whether you’re a large Landlord with 200 units or a mom-and-pop Landlord with 2 units, they’ve got the tools to make your life EZier.
Because their team is made up of real estate investors and Landlords, we know that a Landlord’s work isn’t over once you sign a Lease Agreement. That’s why we have over 400 property management forms covering every phase of the Landlord lifecycle, including over 200 Free Landlord Forms.
Make your life as a Landlord EZier today by Creating a Free Account to access our free tools or becoming a Pro Member to access our state-specific Lease Agreements and our entire library of Property Management forms for Landlords.
Cost for pro membership is $12 per month or $75 for the annual account. They now offer a lifetime pro membership for $399! That’s a killer deal!
With a rating of 4.8 from over 5,000 reviews, EZLandlord Forms is the perfect source for landlords!
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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This is a very important episode! It is packed with a lot of technical information so when you listen, try to be in a space where you can focus on what we are saying. We cover EVERYTHING we know about creating and operating an LLC.
There are a lot of pros and cons included in this episode and we give you a list of points to consider when thinking about whether an LLC is a good idea for you to hold your rental property investments in.
From what goes into the creation and maintenance of an LLC to the location of your LLC should be when you own out of state property, as well as how an LLC can even benefit your heirs, we really did try to discuss all the points that one would need to know before making the decision.
We hope this, as with all our episodes, gives you something to think about when creating a professional and streamlined rental property business.
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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Welcome to the second part of our two-part series all about creating your rental property team. If you missed last week where we chat about our maintenance contacts and who we depend on in our field operations, please give episode 14 a listen!
This episode discusses our business contacts who we depend on in our office operations.
Both Kevin and I have business degrees, but they don’t mean anything if we try to DIY it all and don’t realize when its best to hand business operations off to the professionals.
We rely on a few professionals that have walked us through THE MOST IMPORTANT aspects of our business.
We are sure you can guess our CPA and our attorney but give it a listen to find out who else is essential to our team and building our success as rental property owners!
Lastly, we briefly discuss the software we rely on and a few we are looking into to continue to streamline our business practices.
LINKS:
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.
With a very minimal monthly fee, landlords can upgrade to have such items as all landlord forms, leases, and addendums included as well as accelerated marketing, rent deposits, and customer service assistance on TurboTenant.
Hemlane is a software that is built to grow with your needs as a landlord.
For a minimal amount, you get a really good basic package but what we love is that you can upgrade to add 24/7 maintenance management on to your package. Your tenants then have a contact number to reach out to and Hemlane will then contact YOUR maintenance people specified and get the job done.
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.
Doorloop is relatively new to the landlord software space but they are global and can handle any property in any country and with any currency.
Where their features are similar to the others, from a tech standpoint, Doorloop is top notch.
It’s extremely modern and intuitive.
There are help pop-ups all through the dashboard if needed, it’s fully customizable, there are reporting templates, and they are optimized for mobile devices and tablets.
Doorloop has thousands of apps which can be integrated with their software like google docs, accounting software, etc. so that you don’t have to perform double entries. One of them being Quickbooks which was a huge plus for us!
Quickbooks is our go to software for accounting and bookkeeping. Using QuickBooks allows us to do a deeper dive into analysis and evaluate income and expenses.
We can segment these income and expenses by property and even down to the unit which is really nice OR we can see an overall picture of how we are doing with all properties combined.
We especially like that Quickbooks has a mobile app for us to accept payments on the go. This makes taking in person application fees and security deposits VERY convenient.
Bigger Pockets is a great free resource for real estate investors. They have created a huge community and their site is filled with educational forums, blogs, and podcasts all about the investing side of rental property investments. Click HERE to learn more.
AAOA: Every rental property owner needs a landlord association. At American Apartment Owners Association (AAOA), their mission is to serve the interests of landlords, real estate brokers, property managers, real estate owners and apartment building owners nationally for FREE.
Rental property management can be very demanding. Their job is to make this day-to-day property management process smoother. We take pride in offering comprehensive landlord help so you can attain your goals.
For a fee, the American Apartment Owners Association provides a range of features from tenant screening services and tenant background checks to landlord rental application forms and apartment financing.
They also provide full access to over 120,000 local contractors nationwide. These resources and more, including tenant background check, tenant eviction reports, and debt collection services, are provided to landlords, property managers, and investors.
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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Welcome to part one of a two-part series all about creating your rental property team. This episode discusses our maintenance contacts that we lean on in our field operations and the importance of a rental property maintenance team.
We are pretty handy when it comes to maintenance, but at some point, we had to learn how to hand projects off to those who can do it most efficiently. There does come a time where, even as a DIY landlord, you have to set aside your pride and desires to “do it all” and let the professionals handle things. Remembering that time is money but letting others shine is important too.
Because we have a multitude of people we work with in our business, we did focus only on the primary points of contact we make. So, we talk a bit about each and every team member we use on a regular basis and then some we don’t use as often, but still play a crucial role in our rental property maintence team and business as a whole.
Next week we will release part two, Developing Your Office Operations and Business Team which explores all those, including software, that contribute to our efficiency on the business side of managing our rental properties.
LINKS:
How To Place Your Ideal Tenant Guide
Our FREE 10-Page comprehensive landlord guide on setting property policies, marketing your unit, how to vet a tenant, pointers on how to set up your lease, and processing the move in walkthrough.
From Marketing Your Unit to Vetting the (Prospective) Tenant, this wide ranging guide is an important reference to have in your landlording arsenal! Includes lease tips plus advice on the tenant move-in procedure.
Use a property manager? These tips and guidance are ones you should be making sure your PM is executing on for you.
You should have basic knowledge on how to market your rental property and place the best tenant in it! You own the property, so you are ultimately responsible for all actions performed on your behalf.
Knowing these fundamentals can help you confirm you’ve got the best PM running your properties OR help you realize it’s time to look for someone new.
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
