Asset Protection 102: Document Examples

The Asset Protection 102: Document Examples class will be posted here once we’ve recorded it. It is scheduled to be taught in October, 2017.

See the Nomad Class Schedule for more information on upcoming classes in the meantime.

Warning! Logging and tracking tasks is for Premium Nomads only.

Click on the icon next to the task to see details about the task.

More info about this task...
If you're going to have the Contract to Buy and Sell Real Estate (or any other paperwork you might sign) reviewed by an Attorney before you sign it, you may want to determine who that attorney will be.

This attorney will also probably prepare or review your Lease.

Ask your Real Estate Broker for a recommendation.

Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

Asset ProtectionDream TeamDream Team - Post-ClosingDream Team - Pre-ClosingLeasePaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

More info about this task...
Determine the entity that you'll use for Partnership. Often this will be an LLC, but meet with your Entity Attorney to discuss what might be best for your unique situation.

Mark this task complete when done.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Read through your LLC Operating Agreement.

Highlight sections you have questions about. Write down any questions you have.

Mark this task complete once you've read your Operating Agreement and marked up any sections you have questions on. You will be meeting with your Entity Attorney to get your questions answered in another task.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Once you've read through your Operating Agreement and highlighted sections you have questions about, bring your questions to a meeting with your Entity Attorney.

Mark this task complete once you understand and feel comfortable with your Operating Agreement.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Search for available names for your LLC on the Secretary of State website.

Mark done when you've found a name that you can use for your LLC that is not already being used.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Once you've looked up names on the Secretary of State website, decide what name you'll use for your LLC.

Mark this task complete once you've decided.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Important note: your Entity Attorney may do this on your behalf if you've hired them to create your entity.

Otherwise, register LLC with the Secretary of State by completing Articles of Organization. Save a copy of your Articles of Organization to your Partnership folder in Dropbox.

Mark this task complete once you've filed Articles of Organization.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
For most Nomads you will not be buying in an entity. However, if you're buying as a partnership or in some cases if you're buying a non-owner-occupant rental property you may want to consider buying in an entity like an LLC. Buying properties in an entity complicates financing the property.

If you're buying in an entity, determine which Attorney that specializes in setting up entities you will use to setup your entity.

Ask your Real Estate Broker for a recommendation.

Mark this task as completed when you've determined who you'll use to set up your entity or if you're not buying in an entity for this purchase.

Asset ProtectionDream TeamDream Team - Post-ClosingDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 3Week 55

More info about this task...
Open bank account for Partnership.

You will likely need the Operating Agreement and/or meeting minutes to document your authorization to do so.

Mark this task complete when done.

ASAPAsset ProtectionPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 3

More info about this task...
Watch the recording of the live presentation of "Asset Protection 101: Overview for Nomads" available on:

https://learntoberich.com/asset-protection-101/

Mark this task as complete once you've watched it.

Asset ProtectionClassesUltimate Nomad ChecklistWeek 22

More info about this task...
Watch the recording of the live presentation of "Asset Protection 102: Document Examples" available on:

https://learntoberich.com/asset-protection-102/

Mark this task as complete once you've watched it.

Asset ProtectionClassesPaperworkUltimate Nomad ChecklistWeek 23

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

IMPORTANT: You are not logged in.

New? Create a FREE account

Asset Protection 101: Overview for Nomads

The Asset Protection 101: Overview for Nomads class will be posted here once it is taught and recorded. It is scheduled to be taught in October, 2017.

See the Nomad Class Schedule for more information on upcoming classes in the meantime.

More info about this task...
If you're going to have the Contract to Buy and Sell Real Estate (or any other paperwork you might sign) reviewed by an Attorney before you sign it, you may want to determine who that attorney will be.

This attorney will also probably prepare or review your Lease.

Ask your Real Estate Broker for a recommendation.

Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

Asset ProtectionDream TeamDream Team - Post-ClosingDream Team - Pre-ClosingLeasePaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

More info about this task...
Determine the entity that you'll use for Partnership. Often this will be an LLC, but meet with your Entity Attorney to discuss what might be best for your unique situation.

Mark this task complete when done.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Read through your LLC Operating Agreement.

Highlight sections you have questions about. Write down any questions you have.

Mark this task complete once you've read your Operating Agreement and marked up any sections you have questions on. You will be meeting with your Entity Attorney to get your questions answered in another task.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Once you've read through your Operating Agreement and highlighted sections you have questions about, bring your questions to a meeting with your Entity Attorney.

Mark this task complete once you understand and feel comfortable with your Operating Agreement.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Search for available names for your LLC on the Secretary of State website.

Mark done when you've found a name that you can use for your LLC that is not already being used.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Once you've looked up names on the Secretary of State website, decide what name you'll use for your LLC.

Mark this task complete once you've decided.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
Important note: your Entity Attorney may do this on your behalf if you've hired them to create your entity.

Otherwise, register LLC with the Secretary of State by completing Articles of Organization. Save a copy of your Articles of Organization to your Partnership folder in Dropbox.

Mark this task complete once you've filed Articles of Organization.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
For most Nomads you will not be buying in an entity. However, if you're buying as a partnership or in some cases if you're buying a non-owner-occupant rental property you may want to consider buying in an entity like an LLC. Buying properties in an entity complicates financing the property.

If you're buying in an entity, determine which Attorney that specializes in setting up entities you will use to setup your entity.

Ask your Real Estate Broker for a recommendation.

Mark this task as completed when you've determined who you'll use to set up your entity or if you're not buying in an entity for this purchase.

Asset ProtectionDream TeamDream Team - Post-ClosingDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 3Week 55

More info about this task...
Open bank account for Partnership.

You will likely need the Operating Agreement and/or meeting minutes to document your authorization to do so.

Mark this task complete when done.

ASAPAsset ProtectionPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 3

More info about this task...
Watch the recording of the live presentation of "Asset Protection 101: Overview for Nomads" available on:

https://learntoberich.com/asset-protection-101/

Mark this task as complete once you've watched it.

Asset ProtectionClassesUltimate Nomad ChecklistWeek 22

More info about this task...
Watch the recording of the live presentation of "Asset Protection 102: Document Examples" available on:

https://learntoberich.com/asset-protection-102/

Mark this task as complete once you've watched it.

Asset ProtectionClassesPaperworkUltimate Nomad ChecklistWeek 23

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

IMPORTANT: You are not logged in.

New? Create a FREE account

Analyzing Deals 301: Multi-Family for Nomads

The Analyzing Deals 301: Multi-Family for Nomads class will be posted here once we’ve recorded it. It is scheduled to be taught in September, 2017.

See the Nomad Class Schedule for more information on upcoming classes in the meantime.

More info about this task...
Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

Mark this task complete once you've analyzed deals for the day.

Analyzing DealsCash FlowNet Operating IncomeUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

More info about this task...
More info about this task...
Watch the recording of the live presentation of "Analyzing Deals 101: an Intro to Cash on Cash Return on Investment" available on:

https://learntoberich.com/cash-on-cash/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 3

More info about this task...
Watch the recording of the live presentation of "Analyzing a Deal with Brian's Spreadsheet" available on:

https://learntoberich.com/how-to-analyze-a-deal-with-brians-spreadsheet/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 4Week 56

More info about this task...
Download a copy of Brian William's Deal Analysis Spreadsheet and save it to the Dropbox folder for this deal/purchase.

https://LearnToBeRich.com/spreadsheet/

Mark this task complete when done.

Analyzing DealsComputer SetupFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2

More info about this task...
More info about this task...
Watch the recording of the live presentation of "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" available on:

https://learntoberich.com/lowest-monthly-payment/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsMaking OffersUltimate Nomad ChecklistWeek 58Week 6

More info about this task...
Define what your investment property criteria is so we can setup a property search in the MLS.

Discuss with your Real Estate Broker if you have questions.

Mark this task complete once you know your investment criteria.

Analyzing DealsASAPFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2

More info about this task...
Send the investment criteria you determined in a previous task to your Real Estate Broker so they can set up a search in the MLS to send you properties.

Mark this task complete once you have sent your criteria to your Real Estate Broker.

Analyzing DealsASAPFirst Meeting: Analyze DealFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

More info about this task...
Decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on an Insurance Agent to use.

Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2Week 61Week 9

More info about this task...
Call your Insurance Agent and get an Insurance Quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

You'll modify this slightly based on the price of the property you're analyzing.

Mark this task complete when you have an insurance estimate to use when analyzing deals using Brian's Spreadsheet.

Analyzing DealsASAPFirst Meeting: Analyze DealsNet Operating IncomeUltimate Nomad ChecklistWeek 2

More info about this task...
If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then setup your search page on JamesOrr.com.

Talk to James to have him show you this and get it set up for you.

Mark this task complete when it is setup or if you decide you're not doing this.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2

More info about this task...
Decide which Lender you will use to finance your purchase.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on a Lender to use.

Analyzing DealsASAPContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

More info about this task...
In all but a small number of cases, we recommend fixed-rate 30 year mortgages for Nomads.

However, there are two situations we'd consider ARMs.

First, if you're buying the property and are 100% positive you're going to be putting a Tenant-Buyer in the property and you will be out of the property before the mortgage will adjust, then you can consider using an ARM.

Second, if you're buying the property with partners and the only loan you can get with the partnership is an ARM then you can also consider an ARM. However, in this case you probably should be putting a Tenant-Buyer in the property so it probably still falls under the first reason above.

Interest rates for ARMs (Adjustable Rate Mortgages) tend to be a little lower than the interest rates on fixed-rate 30 year mortgages. But the ARM interest rates can adjust over time causing much higher monthly payments and significant negative cash flow after the interest rate adjusts. This adds additional risk that you could have opted not to take on.

Mark this task as complete if you have decided to get fixed-rate mortgage or an ARM.

Analyzing DealsCash FlowContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineContract To Close: Loan and CreditFinancingNet Operating IncomeOptionalTenant BuyersUltimate Nomad ChecklistWeek 10

More info about this task...
Often for Nomads it is better to pay a one-time up front PMI (Private Mortgage Insurance) payment instead of monthly PMI on their loans.

This may mean coming to Closing with a little more cash.

Sometimes it means voluntarily raising your interest rate with your Lender to get a credit to pay for some or all of the up-front PMI.

Discuss these two scenarios with your Lender to see which one makes more sense to you.

Mark this task complete once you've discussed this with your Lender and decided which you'll pick.

Analyzing DealsCash FlowContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineContract To Close: Loan and CreditFinancingInterest RateNet Operating IncomeOptionalPrivate Mortgage InsuranceUltimate Nomad ChecklistWeek 10

More info about this task...
Talk to your Lender to see if buying down your interest rate makes sense in your specific situation.

Sometimes, especially if you have extra cash and you plan to hold the property for a long time, it makes sense to pay additional points to get a lower interest rate.

Mark this task complete once you've talked to your Lender about these options, analyzed them yourself and decided to buy down your interest rate or not.

Analyzing DealsCash FlowContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineContract To Close: Loan and CreditFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

More info about this task...
Sometimes if you have extra cash for down payment it might make sense to increase down payment.

We often consider this as an alternative to to paying up-front PMI or buying down the interest rate. If we're putting less than 20% down, one way to lower our monthly payment is to put more down to get rid of PMI instead of paying the PMI up-front.

Mark this task as complete when you've talked to your Lender about using a larger down payment and decided whether you will or not.

Analyzing DealsCash FlowContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineContract To Close: Loan and CreditDown PaymentFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

More info about this task...
Call your Lender and get an Interest Rate quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

You'll modify this as interest rates change or as your loan program changes for the property you're analyzing.

Mark this task complete when you have an interest rate estimate to use when analyzing deals using Brian's Spreadsheet.

Analyzing DealsASAPCash FlowFinancingNet Operating IncomeUltimate Nomad ChecklistWeek 2

More info about this task...
Watch the recording of the live presentation of "Capital Expenses: The Silent Killer" available on:

https://learntoberich.com/cap-ex/

Mark this task as complete once you've watched it.

Analyzing DealsCapital ExpensesClassesUltimate Nomad ChecklistWeek 16

More info about this task...
Watch the recording of the live presentation of "Analyzing Deals 201: Selling with Lease Option" available on:

https://learntoberich.com/how-to-analyze-a-lease-option-deal-with-brians-spreadsheet/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesLease OptionNet Operating IncomeReturn On InvestmentTenant BuyersUltimate Nomad ChecklistWeek 19

More info about this task...
Watch the recording of the live presentation of "Analyzing Deals 301: Multi-Family for Nomads" available on:

https://learntoberich.com/analyzing-deals-301-multi-family-for-nomads/

Mark this task as complete once you've watched it.

Analyzing DealsClassesMulti-FamilyNet Operating IncomeUltimate Nomad ChecklistWeek 20

More info about this task...
If you're offering the Tenant-Buyer a Lease Option, determine what price the Tenant-Buyer can purchase the property from you in year 1 and year 2.

Mark this task complete when you have prices for year 1 and year 2 for your Lease Option or if you're not doing a Lease Option at all.

Analyzing DealsASAPLease OptionUltimate Nomad ChecklistWeek 55

More info about this task...
If you're offering the Tenant-Buyer a Lease Option, determine what is your minimum acceptable Option Fee.

Mark this task complete when you have your minimum Option Fee for your Lease Option or if you're not doing a Lease Option at all.

Analyzing DealsASAPLease OptionUltimate Nomad ChecklistWeek 55

More info about this task...
Determine what Rent you'll charge for the property or, if you're offering a Lease Option, what Lease Option Rent you'll charge for the property.

This is often done by researching what Fair Market Rent is.

Mark this task complete when you have determined your Rent.

Analyzing DealsASAPLeaseLease OptionNet Operating IncomeRentUltimate Nomad ChecklistWeek 55

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

IMPORTANT: You are not logged in.

New? Create a FREE account

Emergency Plan Workshop

The following is the outline and additional resources of the class on Emergency Plan Workshop.

This class discusses what you should be doing now so that should something unexpected happen to you (accident or death), you have an emergency plan in place for a smooth, easy transition for those you love.

Here's the video recording of the class followed by some related checklist tasks related to implementing an Emergency Plan of your own:

Read More

Bookkeeping and Accounting for Nomads

The Bookkeeping and Accounting for Nomads class will be posted here once we've recorded it. It is scheduled to be taught in August, 2017 and will be largely based on the presentation that Brain gave November, 2016.

See the Nomad Class Schedule for more information on upcoming classes in the meantime.

More info about this task...
Sign up for Dropbox with "Extended Version History" feature at:

http://Dropbox.com

"Extended Version History" keeps copies of old versions of your files longer than just 30 days in case you accidentally delete something and don't realize it right away.

Mark this task complete when done.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

More info about this task...
Once you've signed up for Dropbox make sure it is installed and working on your computer for saving all your real estate related files.

Here is the recommend folder structure for Nomads to be setup inside Dropbox:

  • "REI Folders"
    • Folder for each property and LLC/major entity
    • Example: "Main St LLC" (one folder for each LLC/major entity)
    • Example: "1234 Main Street" (one folder for each property)
      • "1. Purchase Docs"
        • "YYYY-MM-DD - PROPERTY STREET ADDRESS - FILE DESCRIPTION.pdf"
        • Example: "2018-04-21 - 1234 Main St - Buyer Settlement Statement.pdf"
      • "1.1 Refinance" (if applicable, but make it now)
      • "2. Trust Docs"
      • "3. Property Info"
      • "4. Mortgage"
      • "5. Taxes"
      • "6. Insurance"
      • "7. HOA"
      • "8. Expenses"
      • "9. Tenant and Property Mgmt Info"
        • Example: "Smith, John and Suzy" (one for each tenant group)

Mark this task complete once you've setup Dropbox and your folder system within Dropbox on your computer.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

More info about this task...
Determine who you will as your accountant to help you with financial planning and completing your taxes.

Ask your Real Estate Broker for a recommendation.

Mark this task complete once you've determined who you'll use as your Accountant.

AccountingBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

More info about this task...
Create list of questions about partnerships for Accountant.

Mark complete once you've got your list of questions.

AccountingPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
If you've created a new entity for your parntership, request an EIN for filing taxes.

Mark complete when done.

AccountingBookkeepingBookkeeping and Accounting for NomadsPartnershipsUltimate Nomad ChecklistWeek 3

More info about this task...
Meet with your Accountant to ask questions about partnerships.

Mark this task as complete once you've met with your Accountant and you have all your questions answered about partnerships.

AccountingBookkeepingLLCPartnershipsUltimate Nomad ChecklistWeek 3

More info about this task...
Watch the recording of the live presentation of "Bookkeeping and Accounting for Nomads" available on:

https://learntoberich.com/bookkeeping-and-accounting-for-nomads/

Mark this task as complete once you've watched it.

AccountingBookkeepingBookkeeping and Accounting for NomadsClassesUltimate Nomad ChecklistWeek 52

More info about this task...
You should setup your bookkeeping system for your rental property. There are several options to choose from including just hiring a bookkeeper/accountant to do it for you to using the tools we provide.

Of course, you could keep track of your income and expenses in software like QuickBooks and have your accountant prepare taxes at the end of the year. There are also property management software packages that allow you to do bookkeeping and accounting as well.

If you don't have a strong preference, we recommend you setup either Brian's bookkeeping and accounting spreadsheet or use web-based version on LearnToBeRich.com to start tracking income and expenses for property.

Mark complete once you've set up bookkeeping and accounting for this property.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost ClosingUltimate Nomad ChecklistWeek 18

More info about this task...
If you've decided to download and use Brian's Bookkeeping and Accounting Spreadsheet to keep track of your income and expenses on your rental and Nomad properties, you can download a copy of it here:

https://learntoberich.com/bookkeeping-spreadsheet/

If you're not going to use Brian's accounting spreadsheet, you can skip this step and mark it as complete.

Mark this task as complete when done.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-ClosingUltimate Nomad ChecklistWeek 18

More info about this task...
Send your Accountant your income and expenses for the year to prepare your tax returns.

Mark complete once you've sent your Accountant income and expenses from either Brian's Spreadsheet or the web-based version.

AccountingBookkeepingBookkeeping and Accounting for NomadsUltimate Nomad ChecklistWeek 53

More info about this task...
Review the tax return from your Accountant. Ask questions if you have them.

Once your tax return is approved, mark this task as complete.

AccountingBookkeepingBookkeeping and Accounting for NomadsUltimate Nomad ChecklistWeek 64

More info about this task...
If you have a Partnership, then once you have reviewed your tax return from your Accountant share it with your Partners.

Once you've shared it with your Partners, mark this task as complete.

AccountingBookkeepingBookkeeping and Accounting for NomadsPartnershipsUltimate Nomad ChecklistWeek 64

More info about this task...
File your tax returns for the year.

Mark this task as complete once you've filed for the year.

AccountingBookkeepingBookkeeping and Accounting for NomadsUltimate Nomad ChecklistWeek 65

Read More

Solving Tenant Challenges

The Solving Tenant Challenges class was taught on August 1, 2017 with James and Jassen. You can watch the video recording here:

Premium Nomad Content

There is additional content on this page that is shown to Premium Nomads only.

Click here for more information on how to upgrade to become a Premium Nomad.

IMPORTANT: You are not logged in.

New? Create a FREE account

More info about this task...
Watch the recording of the live presentation of "Marketing for Tenants" available on:

https://learntoberich.com/marketing-for-tenants/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 40Week 55

More info about this task...
Watch the recording of the live presentation of "Tenant Screening" available on:

https://learntoberich.com/tenant-screening/

Mark this task as complete once you've watched it.

ClassesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 41

More info about this task...
Watch the recording of the live presentation of "Mock Tenant Screening" available on:

https://learntoberich.com/mock-tenant-screening/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 42

More info about this task...
Watch the recording of the live presentation of "The $5,000 Lease Demystified" available on:

https://learntoberich.com/5k-lease-demystified/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 44

More info about this task...
Watch the recording of the live presentation of "Property Management Mastery" available on:

https://learntoberich.com/property-management-mastery/

Mark this task as complete once you've watched it.

ClassesProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 45

More info about this task...
Watch the recording of the live presentation of "The Lease Option – The Lease Part II" available on:

https://learntoberich.com/the-lease-option-the-lease-part-ii/

Mark this task as complete once you've watched it.

ClassesLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenantsUltimate Nomad ChecklistWeek 46

More info about this task...
Watch the recording of the live presentation of "Solving Tenant Challenges" available on:

https://learntoberich.com/solving-tenant-challenges/

Mark this task as complete once you've watched it.

ClassesProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 47

More info about this task...
Write out your own process for screening and approving tenants.

Mark this task complete when you have your process written out.

Tenant ScreeningTenantsUltimate Nomad ChecklistWeek 43

More info about this task...
Write out what questions you're going to ask when Tenants or Tenant-Buyers are calling in on your marketing.

Mark this task complete when you've got a written script of questions.

ScriptsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 54

More info about this task...
Practice your script for incoming calls from Tenants and/or Tenant-Buyers.

"Professionals practice off the field." The time to learn your script is not when you have a fully qualified, Tenant-Buyer with a large down payment on the phone.

Mark this task complete once you've run through your script enough times so that you feel comfortable with it.

ScriptsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 55

More info about this task...
Create your own written "Tenant Evaluation Criteria" to be in compliance with Fair Housing Laws.

This is the written standards and approval process for whether a Tenant or Tenant-Buyer qualifies to rent your property.

Mark this task complete when you have written "Tenant Evaluation Criteria".

PaperworkTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 46

More info about this task...
Read through your "Tenant Evaluation Criteria" and highlight sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Tenant Evaluation Criteria" and documented your questions.

PaperworkTenant ScreeningTenantsUltimate Nomad ChecklistWeek 46

More info about this task...
As calls come in on your marketing, field Tenant and Tenant-Buyer calls and answer questions about the property, complete initial telephone screening and schedule showings.

Mark this task complete when done.

Tenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

More info about this task...
Go over the Lease in detail, section by section explaining it to your Tenant or Tenant-Buyer.

Mark this task complete when done.

LeaseTenant BuyersTenantsUltimate Nomad ChecklistWeek 60

More info about this task...
Give your tenant/tenant-buyer a copy of the lease.

Mark this task complete when done.

LeaseLease OptionTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

More info about this task...
Once your tenant and/or tenant-buyer has signed the Lease give them a copy.

Mark this task as complete when done.

LeaseLease OptionTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 61

More info about this task...
Using your Tenant Evaluation Worksheet, evaluate your prospective tenant or tenant-buyer and determine if they qualify.

Mark complete when done.

Tenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

More info about this task...
If your tenants or tenant-buyers pass your written Tenant Evaluation Criteria, approve them.

If your tenants or tenant-buyers fail your written Tenant Evaluation Criteria, decline them.

Mark this task as complete when finished.

Tenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

More info about this task...
Call your prospective tenant or tenant-buyer references.

Mark this task as complete when finished.

Tenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

IMPORTANT: You are not logged in.

New? Create a FREE account

The Lease Option – The Lease Part II

The The Lease Option – The Lease Part II class was taught on July 25, 2017 with James and Jassen. You can watch the video recording here:

Premium Nomad Content

There is additional content on this page that is shown to Premium Nomads only.

Click here for more information on how to upgrade to become a Premium Nomad.

IMPORTANT: You are not logged in.

New? Create a FREE account

More info about this task...
If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then setup your search page on JamesOrr.com.

Talk to James to have him show you this and get it set up for you.

Mark this task complete when it is setup or if you decide you're not doing this.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2

More info about this task...
Read the "Nomad with Lease Option Exit Book" for your city:

https://LearnToBeRich.com/book/

Mark this task complete when done.

ASAPLease OptionNomad BasicsTenant BuyersUltimate Nomad ChecklistWeek 17

More info about this task...
Watch the recording of the live presentation of "Nomad with Lease Option Exit Overview" available on:

https://learntoberich.com/nomad-with-lease-option-exit-overview/

Mark this task as complete once you've watched it.

ASAPClassesLease OptionTenant BuyersUltimate Nomad ChecklistWeek 17

More info about this task...
Watch the recording of the live presentation of "Analyzing Deals 201: Selling with Lease Option" available on:

https://learntoberich.com/how-to-analyze-a-lease-option-deal-with-brians-spreadsheet/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesLease OptionNet Operating IncomeReturn On InvestmentTenant BuyersUltimate Nomad ChecklistWeek 19

More info about this task...
Watch the recording of the live presentation of "Marketing for Tenants" available on:

https://learntoberich.com/marketing-for-tenants/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 40Week 55

More info about this task...
Watch the recording of the live presentation of "Mock Tenant Screening" available on:

https://learntoberich.com/mock-tenant-screening/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 42

More info about this task...
Watch the recording of the live presentation of "Tenant Buyer Sales and Marketing" available on:

https://learntoberich.com/tenant-buyer-sales-and-marketing/

Mark this task as complete once you've watched it.

ClassesLease OptionMarketingTenant BuyersUltimate Nomad ChecklistWeek 43

More info about this task...
Watch the recording of the live presentation of "The $5,000 Lease Demystified" available on:

https://learntoberich.com/5k-lease-demystified/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 44

More info about this task...
Watch the recording of the live presentation of "The Lease Option – The Lease Part II" available on:

https://learntoberich.com/the-lease-option-the-lease-part-ii/

Mark this task as complete once you've watched it.

ClassesLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenantsUltimate Nomad ChecklistWeek 46

More info about this task...
Watch the recording of the live presentation of "Cash Flow Explosion" available on:

https://learntoberich.com/how-to-maximize-rental-property-cash-flow/

Mark this task as complete once you've watched it.

Cash FlowClassesLease OptionNet Operating IncomeReturn On InvestmentTenant BuyersUltimate Nomad ChecklistWeek 48

More info about this task...
Watch the recording of the live presentation of "How to Acquire a Multi-Million Dollar Real Estate Portfolio with just $3,000" available on:

https://learntoberich.com/nomad-just-3000/

Mark this task as complete once you've watched it.

ClassesGet Your First Deal DoneLease OptionNomad BasicsTenant BuyersUltimate Nomad ChecklistWeek 15

More info about this task...
Have your Contract and Paperwork Attorney prepare your Lease Option documents for your Tenant-Buyer.

Mark this task complete once your Contract and Paperwork Attorney has prepared your Lease Option documents.

ASAPLeaseLease OptionPaperworkTenant BuyersUltimate Nomad ChecklistWeek 57

More info about this task...
Read through your Lease Option paperwork. Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through your Lease Option paperwork. You'll be scheduling time to meet with your Contract and Paperwork Attorney to have your questions answered in another task.

ASAPLeaseLease OptionPaperworkTenant BuyersUltimate Nomad ChecklistWeek 57

More info about this task...
Meet with your Contract and Paperwork Attorney to go over the highlighted sections of your Lease Option documents. Ask your Attorney your questions about the paperwork.

Mark this task as complete once you understand and feel comfortable with your Lease Option documents.

ASAPLeaseLease OptionPaperworkUltimate Nomad ChecklistWeek 58

More info about this task...
If you're offering the Tenant-Buyer a Lease Option, determine what price the Tenant-Buyer can purchase the property from you in year 1 and year 2.

Mark this task complete when you have prices for year 1 and year 2 for your Lease Option or if you're not doing a Lease Option at all.

Analyzing DealsASAPLease OptionUltimate Nomad ChecklistWeek 55

More info about this task...
If you're offering the Tenant-Buyer a Lease Option, determine what is your minimum acceptable Option Fee.

Mark this task complete when you have your minimum Option Fee for your Lease Option or if you're not doing a Lease Option at all.

Analyzing DealsASAPLease OptionUltimate Nomad ChecklistWeek 55

More info about this task...
Determine what Rent you'll charge for the property or, if you're offering a Lease Option, what Lease Option Rent you'll charge for the property.

This is often done by researching what Fair Market Rent is.

Mark this task complete when you have determined your Rent.

Analyzing DealsASAPLeaseLease OptionNet Operating IncomeRentUltimate Nomad ChecklistWeek 55

More info about this task...
Determine and write out the criteria that you'll use to evaluate a Tenant-Buyer.

Mark this task as complete when you have written evaluation criteria to be in compliance with Fair Housing Laws.

ASAPLeaseLease OptionPaperworkTenant ScreeningUltimate Nomad ChecklistWeek 54

More info about this task...
Read the "Lease Option Ad for Property Listed in MLS for Clients" blog post on

https://learntoberich.com/lease-option-ad-for-property-listed-in-mls-for-clients/

Mark this task as complete when you're done.

CraigsListFor LendersFor Real Estate AgentsLease OptionMarketingSponsors

More info about this task...
Give your tenant/tenant-buyer a copy of the lease.

Mark this task complete when done.

LeaseLease OptionTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

More info about this task...
Once your tenant and/or tenant-buyer has signed the Lease give them a copy.

Mark this task as complete when done.

LeaseLease OptionTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 61

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

IMPORTANT: You are not logged in.

New? Create a FREE account

Property Management Mastery

The Property Management Mastery class was taught on July 18, 2017 with James and Jassen. You can watch the video recording here:

Premium Nomad Content

There is additional content on this page that is shown to Premium Nomads only.

Click here for more information on how to upgrade to become a Premium Nomad.

IMPORTANT: You are not logged in.

New? Create a FREE account

More info about this task...
Watch the recording of the live presentation of "Marketing for Tenants" available on:

https://learntoberich.com/marketing-for-tenants/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 40Week 55

More info about this task...
Watch the recording of the live presentation of "Mock Tenant Screening" available on:

https://learntoberich.com/mock-tenant-screening/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 42

More info about this task...
Watch the recording of the live presentation of "The $5,000 Lease Demystified" available on:

https://learntoberich.com/5k-lease-demystified/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 44

More info about this task...
Watch the recording of the live presentation of "Property Management Mastery" available on:

https://learntoberich.com/property-management-mastery/

Mark this task as complete once you've watched it.

ClassesProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 45

More info about this task...
Watch the recording of the live presentation of "The Lease Option – The Lease Part II" available on:

https://learntoberich.com/the-lease-option-the-lease-part-ii/

Mark this task as complete once you've watched it.

ClassesLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenantsUltimate Nomad ChecklistWeek 46

More info about this task...
Watch the recording of the live presentation of "Solving Tenant Challenges" available on:

https://learntoberich.com/solving-tenant-challenges/

Mark this task as complete once you've watched it.

ClassesProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 47

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

IMPORTANT: You are not logged in.

New? Create a FREE account