All Forum Posts by: Tom Harkins

@Chris Buhler Thanks for sharing, I appreciate the level of detail! I like the idea of index cards as a tangible progress tracker. Many people (myself included) use a calendar app similarly, though probably not as effective as a physical reminder. You’ve set a high bar. 

@Jill Iwanski Checklists are a smart way to go. The Checklist Manifesto convinced me how powerful it is to simplify complex tasks into simple, repeatable steps

Nice @John T. I bet that system for tenant prepayments will apply in other bookkeeping situations as well 

That makes sense @Peter M. I also have a few tweaks noted for my next lease. In my experience, once momentum is built it can be difficult to pause and go back and document the way things "should" be done, and why. I am far from that point with real estate though. Good note about permutations and added complexity. Usually one's larger strategy/goals help inform how to proceed in those types of situations. Leaning on the BP community is obviously a huge resource too. I like to think that reading other folks' horror stories helps mitigate the "failure of imagination" risk.

@April Adams

@Chris Buhler’s got it - a set of step by step instructions on how you accomplish each aspect of your business. So that eventually some or all of it could be outsourced. Another benefit is to take the mental legwork out of repetitive tasks. Some investors use email templates similarly. Being new, I feel like I am updating mine pretty regularly. The power of good SOPs comes from getting bit (or learning from those who have) and incorporating lessons learned.

My day job involves launching and operating satellites, so SOPs are near and dear to my heart. We basically don’t go to the bathroom without a procedure.

I am still new to real estate investing as a landlord, currently self-managing 1 single-family rental. I have written 4 SOPs (making offers, listings & showings, tenant screening, and turnover). Most of their content comes from experienced investors' lessons learned shared here in the forums, and Brandon's book on managing rental properties. I've definitely pulled off the road during a podcast to jot down notes too.

So, how many SOPs do you use in your business? How often do you review and update them? What is an example of an event that caused you to?

@Jason Barber Homesnap is my current favorite, very user friendly 

@Nate Desmond I re-read your post, treatment holes around the home is a good sign. It means a previous owner took action. One of my houses has treatment holes as well. A termite inspector said to look for swarming behavior in the summer- if they are active you’d be able to tell then. In my case they weren’t and the damage was confined to a small area, so it wasn’t a deal breaker. 

@Nate Desmond Unfortunately termites are usually a question mark- it could be nothing or it could affect the whole house. Get an inspection by a professional WDI company who can also recommend a treatment plan if needed. You should then have a better idea of the extent of the damage/repairs. 

@Aaron Duplex I've been a landlord less than a year now- with solid tenants (so far) I have no complaints. Looking back, pushing myself out of my comfort zone to convert my first SFH into a rental was well worth the effort.