Your Financial Pharmacist: YFP Real Estate Investing 39: Managing Tenant Turnover

YFP Real Estate Investing 39: Managing Tenant Turnover

Jan 8, 2022

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