Dwan discusses her practice of taking photos of her tenants in each room of the house at the beginning of their lease on this episode of The Most Dwanderful Real Estate Podcast Ever. By taking these photos, you are protecting yourself and holding your tenants accountable for any damage they create at the property while they are living there. This is the proof you need if they insist that hole in the wall was there when they moved in, much like car rental companies do an initial assessment of the state of the car with the client before and after they rent it.
While things like this seem to be intimidating for new landlords, these kinds of measures protect you and allow you to create the wealth you need in order to pay off your rental properties as soon as possible and become a successful retired landlord.
Time Stamped Show Notes
- 2:54 – If you don’t watch the podcast, you should go to Dwanderful.com to watch the video!
- 4:42 – Dwan shares this week’s crazy story about her other dog, Harmony, consuming almost an entire bottle of Magnesium supplements.
- 13:29 – Find joy in your frustration.
- 17:22 – The lesson for this week is to have your tenants write the date on a piece of paper and then stand with the paper in the corner of each room of the property while you take pictures of them. These pictures will be their accountability when it comes to any damage that is done while they are living there.
- 20:18 – Many landlords want to keep the whole deposit, but really you should return whatever is not needed for repairs.
- 20:57 – Dwan likes to keep originals of the lease agreement and these pictures in a manila folder and in a file folder on her computer for future reference.
- 21:46 – Many new landlords feel intimidated to ask tenants for things, but to be a successful retired landlord by paying off your properties as soon as possible, you have to draw the line in the sand.
- 24:21 – Some people do go bankrupt by trying to be real estate investors, but they are not doing it the right way.
- 26:28 – To learn everything you need to know about flipping properties, go to Dwanderful.com/flip and use the code FLIP to get a special deal on that program.
- 28:09 – Dwan is using this podcast as a platform to record all of her knowledge for you, her listeners.
- 30:11 – Don’t be afraid to do the unannounced visit, require a big deposit, and take pictures of your tenants in the house.
- 31:26 – Your assignment after this episode is to join the membership site at Dwanderful.com and print and study the lease in the document library. You should also listen back to the episodes in the rental season so far and make sure you have the lingo document from Dwanderful.com/lingo.