Rental Agreements and Invoicing in 2 minutes flat! – Landlording TV – #37

The official sneak peak of Pro accounts in RentCheck Landlord Software. The PRO and MOGUL accounts will be open for signup starting May 28, 2010. For one week only they will be HEAVILY discounted for the entire time you have your account open! Quickly make State-Specific Rental Agreements and Monthly Invoices, as well as instant access to Printable Forms you use constantly such as Lead Based Paint Information Packets and Rental Applications!

PRO Account: Manage up to 20 Units, ONE WEEK ONLY $14.95 per month! (Then goes to $19.95 p/ month)
MOGUL Account: Manage up to 99 Units, ONE WEEK ONLY $39.95 p/ month! (Then goes to $49.95 p/ month)

Subscribe to our Newsletter for more information!

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Pet Security Deposits – Landlording TV – #33

A great question was asked on the blog about accepting Pets, what to charge for Pet Security Deposits and whether or not to charge extra rent.

Landlord Organization 101 – Tenant Folders – Landlording TV – #32

Tenant Folders are a necessary part of staying organized and making landlording as painless as possible! Tenant folders are the “home” for every single piece of paper sent and received between you and each tenant. Items to put into each Tenant Folder include:

• Rental Application
• All Rental Agreements
• All Signed and Dated Service Requests
• Photocopy of all Checks received (make sure your folder storage is secure for storing private information such as bank info)
• Photocopy of all envelopes received for proof of postmark date

All items in one folder above will make eviction day a breeze (or at the very least a paper trail for having accurate figures for the tenant’s balance).

Landlord Lessons:

• Having all papers in one place for each tenant GREATLY reduces “mental clutter” and you will feel much more confident knowing you have everything documented.
• Keep your folders up to date. Move your previous tenants to a cardboard storage box to keep updating tenant folders quick clean and easy!
• Use a label maker for labeling folders – clean well documented folders makes the act of storing documents less “work” mentally

Capitalization Rate: Not just for buying properties! – Landlording TV – #31

When buying rental properties, the single most common formula used is the Capitalization Rate Formula. But when selling a rental property, don’t forget to run this formula on your numbers! Compare your property with others listed in your area with the Cap rate, and price your property aggressively do get the highest Cap Rate in your area!

Landlord Lessons:

• Use the Capitalization Rate Formula when buying AND selling rental properties!
• The Cap Rate formula is not the end all be all, use it to narrow down your search when buying rental properties, but switch to more complex formulas for further analysis – more on this to come!

Tenants’ Security Deposits: The Law and Accounting – Landlording TV – #29

Security Deposits can actually get very technical! Depending on your state, you might be required to:

• You may have to pay interest on each Security Deposit depending on the number of units in each of your properties.
• The interest rate is determined by your State
• You must offer several different options to pay your tenant their Security Deposits’ interest
• You are entitled to Administrative fees on the interest (watch to see what I mean)

Landlord Lessons:

• Use RentCheck, our Free Online Landlord Software, to help record your Security Deposits.
• Learn your State’s Laws regarding Security Deposits. They can get very technical!

Go to http://www.GetRentCheck.com to sign up for your free account, now!

Sneak Peak – RentCommand will soon be: RentCheck! – Landlording TV – #28

We’ve been working VERY hard on our Free Landlord Software, with a major update about to rollout very soon. The name will change to RentCheck and it will have all the same features as RentCommand, only MUCH simpler and MUCH faster! If you already have an account your information will automatically be moved over.

If you don’t sign up for our newsletter at www.landlording.tv to find out when it goes live! It is completely free and no credit card required!

UPDATE: RentCheck is now live! Go to http://www.GetRentCheck.com to sign up for your free account, now!

Setting Rental Rates: Step 3. How to gauge the Rental Market – Landlording TV – #20

The third step to setting Rental Rates is gauging your current rental market. Step 1 and 2 help you define the “goal” rent amount, but it’s only in our research that we see the realistic rent amount you’ll be able to get for your rental unit.

Landlord Lessons:

• How not knowing the current rental market can cost you HUNDREDs of dollars
• How to very quickly find your realistic rental amount
• How to set your pricing aggressively for the fastest way to fill your vacant unit.
• Why every second your unit is vacant you are SPENDING money

The “Setting Rental Rates” Series on Landlording TV:

Setting Rental Rates: Step 1 – #3
Setting Rental Rates: Step 2. Security Deposits – #6
Setting Rental Rates: Step 3. How to gauge the Rental Market – #20

Justin introduces the new free (No gimmicks, no credit card required) online landlord software to help with all aspects of “In the Office” work; RentCommand.com!

Explore how to setup your account for free, and how easy it is to setup your Properties and Tenants.

Sign Up for RentCommand. It’s free and takes 10 seconds.

Watch Justin Palma explain the second of the three steps to properly setup an Apartment for financial success.  In this episode, learn the proper way to protect yourself – with Security Deposits:

• Protect yourself with Security Deposits
• Plan for the Worst
• Vandalism Insurance
• Typical Eviction Costs to make sure you are covered!

Having a plan for income and protection are the first two steps, but whether or not you are able to reach your goals given the current Market Conditions is another question and the final step.


The “Setting Rental Rates” Series on Landlording TV:

Setting Rental Rates: Step 1 – #3
Setting Rental Rates: Step 2. Security Deposits – #6
Setting Rental Rates: Step 3. How to gauge the Rental Market – #20

Join Justin Palma in the office as he goes over the first of three steps to properly set an Apartment’s Rent amount.  In this episode, learn how to quickly formulate the amount of rental income necessary for success.

• Quickly calculate your Gross Expenses
• Include a budget for Return on Investment
• Include a budget for Rental Repairs

From this information, calculating what you need to get for the unit’s rent is easy! Learn whether or not the market will allow for this rental rate in the next episodes.


The “Setting Rental Rates” Series on Landlording TV:

Setting Rental Rates: Step 1 – #3
Setting Rental Rates: Step 2. Security Deposits – #6
Setting Rental Rates: Step 3. How to gauge the Rental Market – #20