- by Jeff Takle on January 1, 2009
This due diligence checklist will help prevent post-purchase surprises. In the hustle of putting the deal together, details such as these can be overlooked; if so, they have the potential to have a dramatic effect on the profitability of the investment. Start this process even before you make the offer; some information is available through open source and some of it will be known by the listing agent. Make sure that your Offer to Purchase includes provisions allowing you to review (and approve) certain documents and have certain inspections done prior to closing on the property.
Here’s a link and I’ve pasted the document on the next page as well:
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- by Jeff Takle on December 23, 2008
Every time a rental turns over, landlords spend an incredible amount of time, money and effort to advertise, show the property, and screen tenants. A very common mistake made by new landlords is to confuse quantity with success, i.e. they feel good because 20 people have come to view the rental.
Hey, we’re not running an episode of “MTV Cribs”; we’re showing the property to people that we want to rent to – this is a partnership between landlords with good properties and tenants with good credentials, not a charitable open door. Seasoned landlords know that pre-screening tenants saves an awful lot of your time and makes you feel a lot better about showings. One of the top ways to pre-screen tenants is to provide them with a written Tenant Screening Policy before letting them schedule a showing.
A Tenant Screening Policy lays out your expectations as a landlord and the rules you are going to apply when reviewing a rental application. It might state a minimum required credit score, tolerance for a criminal record, and income/debt ratios. Most dirtbags will read it and pre-screen themselves, thereby not wasting your time with a showing. I think this is one of the harder lessons for new landlords to learn because vacancies feel terrible and you want to fill them fast. Just remember: showing the property to dirtbags you won’t accept in the end doesn’t get it rented any faster – it just wastes more of your time.
Here is a sample Tenant Screening Policy you can use or tweak (also attached):
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- by Jeff Takle on December 8, 2008
This is the fourth blog I have been a part of, and by far the most successful. On Sunday, while watching all my favorite teams lose in the last 2 minutes — why, Green Bay, why??? — I put pen to paper about why most blogs lose it in the 4th quarter. Sure, they start out strong, full of enthusiasm and self-congratulation, but more often than not they’re gone within 6 months.
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- by Jeff Takle on November 25, 2008
Free Pet Addendum. I thought you might find it useful if we periodically posted up some of our most-download landlord forms.
All forms are available for your use, free from RentingYourHome, but to do so I need to make the disclaimer that if you download a form, you agree to hold RentingYourHome harmless for any damages and indemnify the company. We make no warranties or guarantees that every legal form works in every jurisdiction under every situation. So, when in doubt check with a local attorney, real estate agent, or fellow landlord.
That said, we aim to strike a balance between forms that are meaty enough to protect a landlord’s liability, but general enough to avoid violating any state laws. As always, we welcome feedback.
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Due Diligence Checklist. I thought you might find it useful if we periodically posted up some of our most-download landlord forms. Use this due diligence checklist to screen any new rental properties that you might want to buy. Having a good list helps prevent you from making stupid mistakes!