New Year Checklist

If you’re like me, January may find you gathering things to prepare for the dreaded tax time. A few years back and since I was working with my rentals anyway, I added an annual year-end investment property check-up. I thought I’d share my checklist with you.

Review leases to plan for renewals & changes

• Address any new laws

• Note the best practices I’ve learned about during the year

• Copy of tenant’s insurance in my file

• Lead-based paint forms signed (if appropriate)

• Review insurance coverage & premiums

• Review expenses for cost savings

• Review rental rate comps (More on this)

• Review returns & net cash flow

• Safety check – smoke alarms working and less than 10 years old, Co2 detectors working, motion sensor lights

• Be sure I’ve built late fees into the monthly rent (charge $25-$50 higher rent but give an equal discount if the rent is in my hands on or before the due date)

Lastly, I like to schedule a walk of the properties to check for any deferred maintenance such as; water leaks, dripping faucets, and running toilets, and do a safety check – smoke alarms working and less than 10 years old, Co2 detectors working, motion sensor lights, other unsafe conditions. Check furnace filters and a furnace for proper operation, hot water heater too. I’m happy to share the forms and internet resources I use for such things as well as rental comps & best landlord practices, lead-based paint forms, cash flow & return analysis – just get in touch! Also, note that median rents climbed nearly 18% in through 2021 (an almost $300/month jump) so if you haven’t done so already the time is now to raise those rents!! Don’t do yourself and your investment the disservice of falling behind market rents. I’ve provided a QR code below where you can access a digital version of this newsletter and download the latest Market Trends Report and Market Statistics for your City/County If you own too much real estate, or not enough, call me for free sound advice and direction. There’s never any cost or obligation until you’ve made the decision to hire me to help you sell or buy AND I get the job done for you!