Brainstorm: A list of systems for Buy & Hold rental

[Darren Horrocks]

I am pretty new to REI and I am closing on my first properties within a month! I would like to be as prepared as possible for that time, so things go super smooth.

I constantly hear ppl saying to breakdown everything into systems, and create a 'one pager' for them. This is what I would like to do! Can you help me flesh out this list?

• Move-In & Move-Out checklist
• Tenant maintenance request/complaint
• Collecting rent/Deposit
• Bookkeeping income/expenses
• Tenant Screening
• Unit Cleaning
• Unit Advertising
• Tenant Application Process
• Routine Maitenance dates and contractors
• Potential Property Walkthrough/Inspection Checklist
• List of common replaced materials (location/cost/sku)
• List of updated Refi documents

What else can you think of!?! 

[Mitch Messer]

Hi @Darren Horrocks. This is a good start, but don't forget:

• Tenant Signing Ceremony Process - What docs get signed to initiate the lease? What's the order in which they'll be presented at the lease signing? Who will sit down with the tenant and get all docs signed correctly?
• Tenant Management - Beyond just collecting rent, what's the process when a tenant is late? How soon will you file a Notice to Pay or Quit? When is the eviction to be filed? Does your lease support your policies and your process?
• Lease Renewal Process and Policies - What are the conditions under which you'll renew a lease? How much will you raise rent? How soon before the lease ends will you renew?

Don't be discouraged: For what it's worth, nobody thinks of everything the first time around. The key is to build the best first-pass list you can, and then dive deep into each process in as much detail as you can stand. Add new list items as necessary. But thinking through a few items deeply is generally better than compiling a long, scary list.

Good luck!