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Dummy Prezi

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on 12 September 2016

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Transcript of Dummy Prezi

Make your unit look clean and professional
Run a background and credit check on everyone! Save yourself from a problem tenant, charge $50 per applicant on the lease.

Set the rules in your lease and then enforce them. Have late fees and service charges. Be very specific about what you expect the tenant to be responsible for. Make sure you collect your late fees and service charges.

Additionally, collect your security deposit and first month's rent in cash or certified funds!
Churn kills your profit. (Make it affordable and be responsive)

Incrementally increase rental rates but be careful not to drive away tenants. Review market comps to make educated decisions.

Have a great handyman. Relationships matter. What your handyman charges will directly impact your bottom line.
Make sure you are depreciating your rental properly and deducting what is allowable within the rules.

Are your property taxes reflective of the true value? Analyze these and if they are wrong on the upside fight them.
If you have a management company - negotiate their fee and make sure you set the standards you expect from the management company. Review your statements - people make mistakes.

Incrementally increase rental rates but be careful not to drive away tenants. Review market comps to make educated decisions.
And update your accounting on your properties monthly.  Each rental property is like it's own little business.  Think creatively about how to maximize each property just like you would a business.
Protect Yourself
Reduce Tenant Turnover
Consider refinancing your property. Having the right financing in place makes all the difference.
Know the steps for eviction in advance.  The time to learn this is not baptism by fire!
First Impressions Matter
If you are considering pets - have a pet deposit and a monthly charge for the pet(s)
in your property. Laundry facility, lawn service, energy plan, leasing of items, use of a storage space, etc.
Full transcript