Landlording.TV

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)

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Converting Warehouse Space into Apartments: Part 2 – Landlording TV – #36

Today Justin Palma adds the drains to the second section of the warehouse to get ready to pour concrete!
Actual costs so far: $319.89

How to replace a Furnace Control Board – Landlording TV – #35

Furnace Repair seems to be the most feared of all typical Landlord repairs, but in this episode we show you there isn’t anything to be afraid of as we replace a fried Furnace Control Board. In the episode we replace a Courier’s, but it’s pretty standard across other brands for Hot Air Furnaces. Being able to diagnose and replace the board yourself will EASILY save you $500 – $1,000 by doing it yourself in 10-15 minutes!

Converting Warehouse Space into Apartments: Part 1 – Landlording TV – #34

FINALLY after 2 and a half years, we are ready to start construction on the bottom portion of the Creamery building. 1,344 sq ft of nothingness is being converted into 2 apartments: a one bedroom and a 2 bedroom, as well as a Coin Operated Laundry area! The question is, can we do all this construction in a 12 month ROI budget?

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!

The Ultimate Landlord Lock: Kwikset Key Control Deadbolt w/ SmartKey – Landlording TV – #30

After installing the new deadbolts by Kwikset, it’s hard to imagine going back to the “old days” of replacing the entire deadbolt to rekey locks. Once installed, rekeying takes literally 3 (THREE!) seconds (watch to see what I mean)! Not only is replacing deadbolts a thing of the past, Kwikset also added a second cylinder for a master key. One key for your entire property! Finally!

Landlord Lessons:

• As apartments become vacant and you need to rekey them, install the Kwikset Key Control Deadbolt.
• Never have the awful realization you forgot “that” unit’s key for showings or repairs!
• Create “temporary keys” for units to give to Repair/Maintenance Men. Simply rekey when the job is done!
• It’s official, finally! You are wasting time and money by replacing deadbolts with other “one use” deadbolts.

For more information, check out Kwikset Key Control’s website.

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!