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Owning rental properties can be both a lucrative and rewarding experience but starting on the right foot and having the know-how to handle tenant relationships is key. It is imperative that you have the proper knowledge if you want to build a good foundation from the beginning and avoid significant problems down the road.

Becoming a landlord and managing tenant relationships can seem daunting--but it doesn't have to be! I want you to be privy to inside information so you can shorten your learning curve and create maximum cash flow from your rentals.

Here is a handy checklist of what every aspiring property owner should know or do before you get started, so you will be sure to set yourself up for a maximum cash flowing landlord journey.

Becoming a landlord and managing tenant relationships can seem daunting--but it doesn't have to be! I want you to be privy to inside information so you can shorten your learning curve and create maximum cash flow from your rentals.

Here is a handy checklist of what every aspiring property owner should know or do before you get started, so you will be sure to set yourself up for a maximum cash flowing landlord journey.

Landlord Checklist

  • Treat your rentals like a business, not a hobby.


  • Before you buy - determine that the property will have a positive monthly cash flow.


  • Know your market and study the areas so you will know the rent amounts. Price your rent accordingly.
     

  • Fix your property right and don’t cut corners. I always say,” you get the tenant that matches the property.”


  • Find a good insurance agent who can advise you on the right insurance coverage you will need.


  • Always require your tenants to carry renter’s insurance. Have them add you as additional interest, additional insured or loss payee.


  • Have a good CPA that understands real estate investors.  They will help keep your hard-earned money in your pocket and not Uncle Sam’s.


  • Know your state and local laws and keep your property in compliance at all times.


  • Understand landlord-tenant law and follow Fair Housing Laws at all times.  Treat every tenant with the same policies and procedures.


  • It is imperative that you have a comprehensive screening process.


  • Have a good rock-solid state specific rental agreement and follow the written policies and procedures.


  • Have written move-in and move-out procedures.


  • Don’t give keys to the tenants until they have paid security deposit, first months’ rent, given proof of renters insurance and you have verified that they changed the utilities into their name.


  • Always keep a set of keys for yourself.


  •  Spell out your expectations with the tenants. Consider scheduling a zoom call so you can record the conversation.


  • Set up automatic ACH payments with your bank for the mortgage payment.


  • Schedule regular inspections. At least one per year, or every 6 months.


  •  Make repairs in a timely manner. Be sure to give the tenants at least a 24-hour written notice.


  • Use an investor friendly management software to collect rent and keep tenant’s ledgers.


  • Collect late fees from the beginning. If you don’t, the tenant will expect this to be your normal practice.


  • Be prepared to file in rent court as soon as rent is late.


  • Nurture a good landlord-tenant relationship.  Be friendly, but not friends!  I call it “Friendly but Firm.”


  • Seek out a mentor or landlord coach who can help shorten the learning curve.

So, what’s the takeaway? Whether you are a new landlord or have been in the game for a while, it’s important to always be learning and growing. Becoming a successful landlord doesn’t happen overnight, but it is definitely doable with the right tools and attitude.

Keep your eyes open for new opportunities, stay organized and efficient in your work, and network with other landlords. The most prosperous landlords aren’t necessarily the ones who know everything – they are the ones who are constantly working to improve their skillset.

Have you started your landlord journey yet? If not, get started today – you won’t regret it!If you are already on your way, make sure that you continue to learn and grow.

Keep Moving Forward
I Believe In You!

“

"Always be learning, always be growing, and keep moving forward; remember to enjoy the journey."

Mary Jo Whelan
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Mary Jo Whelan is a leader in the field of residential property rentals. She owns and runs a property management and renovation company in Baltimore.

Mary Jo started with no money, college education, or job. From these humble beginnings, she has grown her company to manage over 100 rental properties and manage over 50 rental renovations ayear.

She co-facilities a monthly landlording strategy meeting for a local REI group and is the past president of NAPRM, National Association of Residential Property Managers.

Mary Jo is also the founder of Lucrative Landlording for Women, an exclusive community for success-driven women landlords. Lucrative Landlording provides an elite coaching program, masterclasses, and networking events designed to help women landlords maximize their cash flow and keep high-quality renters.

Mary Jo is passionate about helping women landlords succeed in the field of landlording, secure their financial future, and create generational wealth.

In her spare time, she enjoys practicing techniques for furniture painting, gardening, and traveling. And yes, just for fun, she actually jumped out of a perfectly good plane.

The content presented in this document is provided for entertainment and educational purposes only and does not constitute legal or other professional advice on any subject matter. Lucrative Landlording provides information it believes to be accurate, however, Lucrative Landlording makes no representations or warranties about the accuracy or completeness of the information contained on this blog.

Mary Jo Whelan is a leader in the field of residential property rentals. She owns and runs a property management and renovation company in Baltimore.

Mary Jo started with no money, college education, or job. From these humble beginnings, she has grown her company to manage over 100 rental properties and manage over 50 rental renovations ayear.

She co-facilities a monthly landlording strategy meeting for a local REI group and is the past president of NAPRM, National Association of Residential Property Managers.

Mary Jo is also the founder of Lucrative Landlording for Women, an exclusive community for success-driven women landlords. Lucrative Landlording provides an elite coaching program, masterclasses, and networking events designed to help women landlords maximize their cash flow and keep high-quality renters.

Mary Jo is passionate about helping women landlords succeed in the field of landlording, secure their financial future, and create generational wealth.

In her spare time, she enjoys practicing techniques for furniture painting, gardening, and traveling. And yes, just for fun, she actually jumped out of a perfectly good plane.

The content presented in this document is provided for entertainment and educational purposes only and does not constitute legal or other professional advice on any subject matter. Lucrative Landlording provides information it believes to be accurate, however, Lucrative Landlording makes no representations or warranties about the accuracy or completeness of the information contained on this blog.

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