Choosing the right paint color and type. How much cleaning should you do?
This is like having a hamburger stand and you only have one hamburger to sell for the whole year. It is really important to get the right price. Charge too much and you waste time which costs you money. Priced too low, you lose money every month.
We teach you how to build a database before you offer your property for rent. You should do it again nine months after you sign the lease so you are prepared to negotiate with the tenant for rent increases.
Sure, the internet is a great way to do that but what about other methods? A very important factor that many landlords neglect to understand is fair housing rules. My favorite illustration in class is who sues you if you advertise: three bedroom home in Aurora, will not rent to smoking attorneys? Come to the class and find out!
It is important to understand how to protect yourself when you are showing a unit. Unfortunately you don’t get to meet the people beforehand, so the first time you meet them may be inside the house. We offer you some safety tips? How should you try to screen them before you show them the unit.
You will learn what information is needed and how to do background checks. We will also give you references for companies that will do a background check and not violate fair housing rules.
How much should you charge? Why they are not called damage deposits? Do you understand all of these ideas? What is considered normal wear and tear? How much should you refund? Are nail holes normal wear and tear? How big of a nail hole? We offer a professional lease that has been done by an attorney as a benefit of coming to the class. You can use the same form yourself. Don’t forget your lead based paint disclosures if that applies to older homes.
Bill Cooper, the owner of Metro Denver Management, allows us to use his lease for the class. You will receive a copy. Bill manages 850 houses in the Denver area, and has for over 25 years. We spend about 45 minutes reviewing all aspects of the lease. If a tenant moves out, what do you do? When can you legally take possession of the home? Many fair housing and tenant laws are discussed.
How does an eviction actually work and what are the steps needed to take? Is this something you should do on your own or with the help of an attorney? We have references of attorneys who do many evictions every month.
What do they do and what don’t do? You are still the owner of the property, so don’t get too passive about this if you hire a management company.
These are a few of the topics covered to prepare you to succeed once you purchase a property. Most landlords complain about management duties and it all starts with the selection process. If you don’t have a good selection process and a well prepared, attractive home, you won’t be able to get a good tenant and the problems will start the day they move in.
Make it easy and profitable for yourself.