In this special 1 hour and 58 minute class recording James (with a little help from Brian) teaches you how to convert an owner-occupant property to a rental.
This is the first time we’ve taught this particular class. It was taught on March 4, 2020 via webinar.
Download Checklist
As part of preparing for this class, I created a two page PDF checklist summarizing what was taught in the presentation.
If you have suggestions for improving the checklist (things we missed, better order or formatting, etc), please do let me know via email or via comment below.
90 Days Prior
- Professional photos
- Professional floorplan
- Add to Property Files (see Bookkeeping and Accounting Class)
- Add to bookkeeping/accounting software
60 Days Prior
- Switch to electronic statements/bills
- Get PO Box or private mailbox
< 30 Days
Update addresses with:
- Utilities (and switch each to “landlord policy”)
- Gas
- Water (including any water associations)
- Trash
- Electric
- Garbage
- Cable television
- Internet service provider
- Debit and credit cards
- Mortgages
- HOA
- Insurance companies/policies
- Health/dental insurance provider
- Home
- Auto
- Umbrella
- Banks and credit unions
- Employer
- Human Resources
- Retirement accounts
- Health care accounts
- Payroll
- County/tax assessor
- IRA/401K/Investment/Retirement Account companies
- Subscriptions (cable, ISP, magazines, newsletters, Netflix, software)
- Friends and family
- Tenants and Tenant-Buyers on other properties
- Property management companies
New Construction
- Hire home inspector (10-11 months after purchase)
- Submit warranty claims
- Verify warranty work completed
Fire Prevention
- Replace fire extinguishers in kitchen
- Replace batteries in smoke alarms and CO detectors
- Test smoke and CO alarms
- Repair holes in garage drywall
- Verify spring on garage fire door
Repairs and Maintenance
- Complete repairs from previous inspections
- Service AC and furnace
- Change furnace air filters
- Adjust water heater to normal setting
- Change humidifier filter
- Change refrigerator water filter
- Check for and fix leaks under all sinks
- Check for and fix leaks around each toilet
- Repair/replace caulk in bathrooms and kitchen
- Seal all concrete cracks
- Replace all burnt out lightbulbs
- Paint touch up
Clean Property
- Kitchen including behind and underneath appliances
- Inside refrigerator, oven and microwave
- Bathrooms
- Vacuum carpet (professionally cleaned)
- Sweep and pressure wash garage and driveway
- Clean windows inside and outside (and screens)
- Mow lawn, trim shrubs
- Clean out gutters
- Clean ceiling fans
Asset Protection
IMPORTANT: Consult with attorney about your specific situation before doing any of the following asset protection strategies.
- Move property into trust/LLC
- Change insurance to trust/LLC
- Convert to landlord/fire policy
- Review policy coverage and limits
- Add umbrella policy
- Sign property management agreement with proper entity name
Insurance
- Change to landlord/fire policies
- Review policy coverage and limits
- HOA: consider adding special assessment rider
Locks
- Change locks
- Securely store backup key
- Security bar on sliding glass doors
- Change garage door opener code
Miscellaneous
- Notify neighbors and provide contact info
- Availability clause in lease
- Create maintenance reminders list
- Pack your stuff
