Do you plan on getting into rental property market? Make your easy by using our comprehensive checklist.
Getting Started
- Time: To learn the market
- Money: What you intend to spend
- Organization: Scout for homeowners associations
- The will to succeed: have the determination.
- Create a Plan: Fill out an action plan chart
- Legal help: Choose the best real estate lawyers
- Hire Professionals: Get home inspectors
- Insurance: Get a reputable insurance broker or agent
- Finance manager: Get reputable accountant or bookkeeper
Build Your Network By Meeting
- Scout for realtors and see what they have
- See the terms of mortgage brokers
- Boost your credit score with the help of credit repair specialists
Find The Tenant
- Advertise For New Tenants
- Receive Completed Applications
- Narrow Down On Applicants
- Qualify The Best Applicants
- Run The Numbers (Use Financial Analysis Spreadsheet)
- Approve The Tenant
- Advise Tenant of lease Rate
- Collect Intent To Occupy
- Get Initial Deposit
Find The Property
- Set Up The Tenant With a Realtor
- Arrange for Home Inspection
- Submit The Offer To Purchase
- Obtain the Financing
- Draft a Lease Agreement
- Draft an Occupancy Agreement
- Draft the Utilities Agreement
- Draft any Options To Purchase
- Draft The Main Home Repair Contract
The Rental Term
- Follow Up With Tenants (every three months)
- Make your presence known
- Ensure Tenants perform necessary Repairs
The Deal Closes
- Contact Tenants few months before your rental term ends
- Have tenant set exercise of option fee in Trust with lawyer
- Draw up offer to purchase
These terms will make you work in the property market really easy. It will give you a fast speed too from all angles.