Jared Wonders returns to the show to share how he manages tenant turnover as a real estate investor and busy full-time pharmacist.
Key Points From This Episode
- Jared explains how a new multi-family property meant multiple new tenants and tackling the turnover all at once.
- Some details about these two types of properties, and communicating with the tenants.
- Doing an Estoppel Certificate, and knowing your market rents when inheriting tenants.
- What action steps Jared took when two of the three tenants gave their 30-day notices.
- Talking about turnover; septic, new windows, appliances, and supply chain issues.
- Jared chats about the repair standpoint specifically and having a flexible timetable.
- How previous experience will give you the confidence to tackle the next property.
- Some creative options to solve supply chain problems.
- What is LVP, how to get great pictures, and why he did only one property at a time.
- How and when Jared listed the properties for rent again.
- Hear about the time frame before the first showing and what factors affected this.
- Scheduling viewings outside professional hours, and why he likes individual showings.
- The importance of following the Fair Housing guidelines, and having clear criteria.
- Jared talks about his tenant application process and verifying their income.
- Taking care of deferred maintenance by dealing with it during tenant turnover.
- Jared's final words of advice on screening and how to treat the tenant like your client.
Links Mentioned in Today's Episode
