How To Start A Profitable Property Management Company? | REI Investors Coach Ebonie Caldwell | Skillshare

How To Start A Profitable Property Management Company?

REI Investors Coach Ebonie Caldwell, Real Estate Marketing Guru

How To Start A Profitable Property Management Company?

REI Investors Coach Ebonie Caldwell, Real Estate Marketing Guru

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14 Lessons (3h 17m)
    • 1. Property Management Introduction

    • 2. How To Start A Profitable Property Managment Company

    • 3. The Role Of The Property Manager

    • 4. How to Start a Property Management Company Step 1 Get and EIN

    • 5. How to Start a Property Management Company Step 2 Get incorporated

    • 6. Applying For A EIN Number

    • 7. Getting Incoporated Applying For Articles Of Incorporation

    • 8. Landlord Tenant Laws

    • 9. 10 Things Landlords Show Know About Property Management

    • 10. Resource Tools Part 1

    • 11. Resource Tools Part 2 Credit

    • 12. Resource Tools Part 3 Property Management Software

    • 13. Resource Tools Part 4 Education

    • 14. Resource Tools Part 5 Legal Advice

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About This Class

For all Landlords, Entrepreneurs and Realtors who want to start a property management company or Property Managers who wants to advance your property Manager career.

This Property Management course is designed to teach students how to start a property management company, evaluate and select investment properties, establish favorable leasing terms and conditions, screen and select tenants and understand all areas of asset management. Students learn to identify maintenance concerns, hire employees and contractors, manage legal and financial issues, establish healthy tenant relationships, and enforce rent due dates. Special topics include specific housing markets, affordable housing, asset management, ROI and cap rates.

Topics: Introduction to Property Management, Property Manager's Duties, Marketing, Fair Housing, Landlord/Tenant Ordinance, Eviction Court, Nuisance Abatement, Real Estate Tax Issues, Asset Management, Management Plans, Management Agreements, Maintenance, Interacting with Tenants, Leases, Real Estate Practice and Budgeting.

Property management is a special category of real estate work. The term "property management" generally refers to the group of services that an owner/investor hires a professional property manager or management company to perform. The quality of management directly affects the profitability of the property being managed (Asset Management). A skilled property manager thus protects the owner's / investors capital investment in real estate and makes sure that the property generates profit (ROI). 

Students will cover a property manager's basic functions, including administrative duties, leasing practices, and the manager's legal relationships with the owner and the tenants of the property. The course also discusses the way to construct a management agreement so that the manager and the owner / Investor  clearly understand each others roles. Students will also benefit from understanding the various types of property management, as well as the duties that successful property managers must carry out.

Meet Your Teacher

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REI Investors Coach Ebonie Caldwell

Real Estate Marketing Guru


Ebonie Caldwell is a Author, Real Estate Trainer, Real Estate Mentor, Real Estate Investor, Real Estate Managing Broker and Business Broker, that specialize in rehab properties, large portfolio's, commercial properties and the sell of businesses. Ebonie Caldwell is a seasoned investor with over 20 years in the real estate investing, rehabbing, real estate development and mortgage industry. Ebonie Caldwell is actively the President of REI Investment Society boutique firm consisting of a wide range of Real Estate services including Real Estate Consulting, Real Estate Development, hard money lending, Project Management and Business Broker consulting. Ebonie Caldwell primarily work with investors from the beginning to the end of a rehab project, coaching and mentoring. Her passion is showin... See full profile

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1. Property Management Introduction: 2. How To Start A Profitable Property Managment Company: I'm Ebony Caldwell with our Eat I investment Society. And this course is about how to start a profitable property management company. How do you start a proper, profitable property management company and put yourself in a situation where, as you are going to be successful and what it is that you dio But the very first thing is we're going to talk about is gaining all of the tools and resource is you need to start and have a successful property management company. In addition, you're gonna learn the role of the property manager. What is the role of a property manager? Who is the property manager gonna be? Are you going to be the property manager? Are you gonna hire some money at your property management company to be the property manager? But you will learn exactly what those roles are in addition to how to apply for e i n number at no calls. So on this course you will learn how you will apply for employment identification number for your business and not have to pay anyone for this. Something that you could do yourself learn had incorporate your business. There are several different companies out there that will incorporate your business for you four phenomenal fee and they will ask you to provide information to them so they can help you get your business incorporated. The only concern that I have with this is you can. The information you're providing to them is the same information that you're gonna provide to your state to file your INC yourself. So you can say, Hey, I'll hire somebody as a convenience. But the reality is the conveniences you're giving them all of this information and that information you're given him is the same information you have to give the state. So instead of you spending all of this money to incorporate your own business for the property management company, just go ahead and do it yourself. It only takes you about 10 minutes maximum, maybe 15. Understanding basic landlord tenant laws. You also learned just the basic landlord tenant laws. How to understand them. The resource is that you need to locate them and then, most importantly, just keep in mind that each state have their own. I'm landlord tenant laws. So I will only be touching on the basic, which is when I say basic. I mean basic calm, common sense laws such as advertising, steering, Um, you know, equal housing access everything. You want to make sure everything is as perfect as it can be when it comes to you of being the landlord, the property manager who's representing the landlord. And when it comes to the tennis, writes tennis do have rights, whether you like it or not, whether they a bad tenant, whether they had nooses, tenant, the fact is they still have rights again. You will get all the resource is and tools that you need. So, um, when the quote in the course, you'll get Tuesday as far as how to locate forms where you can locate these forms that I'm some legal advice when I say legal advice, just like in the course, I'm gonna emphasize I am not an attorney. So I'm not gonna give legal advice, But I will direct you where you can go to get legal advice. If for some reason you do not have an attorney or you do have an attorney, but your attorneys look, call sleep So again, how to start a profitable property management company. You won't get all of the two that you need to help you get started and the tools that you're gonna need to help you get started. There's gonna be websites as faras property management software where to do credit checks and background checks. Um, how to do your maintenance work orders. So these things that you need to do, how to do good bookkeeping and again, I don't talk too much about it. But I'm gonna give you the basic information that you need and tell you why you should and why you should not and where to go to get these resource is so again less get started on how to start a property profitable property management company and, most importantly, how to be successful with it. 3. The Role Of The Property Manager : the role of the property manager by mentor and trainer Evident Hold well, so understand the role of a property manager. We'll definitely make you much more successful within a property management industry. Ah, good property manager handles nearly every single detail in regards to running the rental property, which is the asset with us from finding tennis to collecting rents, paying the bills, locating affordable and good contractors, subcontractors While overall balancing the budget, a property manager must is to be responsible for managing the money, not just managing the money or recording the rents that come in recording the feels properly that are due and making sure they paid on the timely manner. This property manager is responsible for the type of tennis face a lot following the federal, state and local landlord tenant laws. Understanding compliance. The property manager can be an investor's best asset. It can also be an investor's worst asset. So that's why it's important toe understand rubble of the property manager. My be the investor's best asset. This allows the investor to not own see their money grow, which is there are a Y return on their investment, but most importantly, continue to invest if you as a successful property manager. Village E. Lee knows your role as apartment manager. This can lead to, of course, job security for you, as well as growth in a new property management business should you decide to start one. So why is it important for you as a party manager to be ableto understand your true role and be successful as your true grow as a property venture? It makes every difference in the world when it comes to the investor, because again, you are their asset more than you could ever even imagine. So less begin toe understanding the roles of the property manager. The role of the carpeting manager includes the rent collecting the rent on time for their investor property managers assist owners with setting the right rent amount that will ensure the property is occupied by quality tennis and that will allow an owner to collect appropriate warrant income. So now, just because instead allow the owner to collect appropriate rent income. I'm basically saying to for the owner to collect appropriate income, for there are why they're return the return of the investment. But in actuality, the property manager is the one is collecting on the half off the owner, an equally important role of a property manager is collecting rent and communicating any rent increases to tenants. So one of the most important things is setting the rent. Property managers are familiar with market rent prices in their area. If they not, then they need to give familiar with setting the rent prices in the area. One of the ways by doing this is to if your realtor, you have SS two MLS or if you are property manager, make sure you become licensed Armas Faras At least a leasing agent, which will give you the authority to have assets to MLS. By having assets to the MLS, it will allow you to properly do comparables toe. Understand different rental prices within an area. If you are a property manager working or a company that already have risked that are set, then you don't necessarily need to have assets to the MLS. However, if you are trying to be a successful property manager is definitely important that you do understand market prices. Why the rental prices are different in certain areas. Why your property management company is charging our market grateful rinse in their particular complex community well within their properties. Overall, as a party manager, you need to understand how to evaluate a properties feature in order to find the best. Bring prices there will help in owner capitals eyes on their investment and ensure it is always occupy. Because when you do this, this help with their cap rate. If for whatever reason, they decide to sell the property. If you are good. Property manager for Property management Company even if you're investor, decides to sail the property. In actuality, it's a possibility they're selling a property because it has a good capri, so they can continue to invest as long as they're able to constantly invest and turn their properties into turnkey properties. You as apartment manager or property management company, will always have work. You will always keep investors in your portfolio. Collecting rent is another role of the party manager. Property managers create a policy for collecting rent from tenants. That kid include personal checks. One line pain is sort of by funds or cash dropped off at their office. When collections come down, to which methods that is best for the property management company as well as their investor . A property manager will also deal with late pains. I'm paid rent and process of evictions due to attend it for non payment. Raising rents is another role of the property manager. Property managers will facilitate legal and appropriate communication with tennis regarding rent increases. They will advise. Owners won the pros and cons of increasing rental prices in order to match market rates. So market races basically meaning what the rent is going for in that particular market in that particular neighborhood based upon the radius and based up one, the party is so to pay for party maintenance or improvements to accommodate tax increases or to increase profits. These are one of the reasons why property managers and or owners tends to raise friends are property management. Firms should always have a clear rent collection procedures that are outlined in collection policies late these non payments off rents that are handled as well as any outstanding tenant death that are handled. The ultimate goal of the property management role when it comes to rent is to make sure that it is collected every single month on time after the fifth day of the month, generally within most leases that are crawls the board. That's when the late fee occurs. Every property management company has a different price in regards to what they're late. Fee ISS. It could be anything from $50.25 dollars, all the way to $100. It just really depends upon what the agreement is and what type of rental property we're talking about. And when I mean what type of run of property the running profit can be the residential or commercial commercial rent. When it comes a late payment, you chance to see a higher late beat. So always remember that the rent is usually due no later than 1/5 of the month before property managers and corporate management companies start a curry the's in regards to their tenants or residents. The role of the property manager is also defy tennis, not any tennis book of tennis. One of the primary responsibilities of a property manager includes all tenant related issues, including finding and screening applicants, communicating and enforcing lease terms, managing complaints, dealing with bad tenants and proper handling up tens funds. So now finding good tennis, Ah, property manager provides necessary support to market bacon properties, whether it's on the M, alas, whether it is or Craigslist, whether it's in the newspaper or the marketing website or the property management company. But you still have to market to find good tenants in order to find the most qualified tenants for the property. A vacant property is bad news for an owner, and a manager works hard to get the property rented as quickly as possible. But the key word is to a quality by 10 it. This will put the efforts for them to pose for rent size in places where is in front of the building or on place. Places such as pulse live there. So many different entities for marketing, whether the online marketing or offline marketing, the reality of it is you always have toe update your online and offline marketing. Do open houses, communicate with current tenants for qualified referrals, paid pretty much, you know, referral bonus if necessary. But when I say a referral bonus, I don't mean give them $500. Maybe they're going to get something such as a free laundry card. Things of that nature free movie passes a Starbucks car, but you want to be careful about giving money or expensive gifts to a current tenant or current residents for referrals. Screening tennis. A manager will also forced the owners requirements for finding a qualified tenant who will pay the more time follies terms and take care of their property by performing legal tenant screens. So screening tennis is another important factor in regards to finding a 10 legal tennis. Grainy includes evaluating objective qualifications. Criteria is like reliable income employment verifications, credit checks, criminal background and a positive rental history. So one of the things you're gonna look for in regards to employment verification, you want to make sure they have consistent employment. You want to make sure that they've been with that previous employer for at least two years , preferably if they haven't been with that current employer that there with. Make sure that you have an employment history and a good, solid employment history. If you have ah, potential tenant that has a sketchy employment history, where they jumping around from job to job, that could be a red flag. As to this tenant, either a gets fired a lot, or B. The reality is there not stable. They're not consistent. So do you want a tenant who is potentially not stable in their income, or not consistent in their income and or constantly getting terminated from the employment ? That could be another red flag credit check. Definitely want to take a look at their credit, See exactly what's on their crack. If we have a history of late collections, that's a problem. Now let's say you have a collection. It's a possibility. It's a Ottoman. Maybe there's a defaulted off out alone, Um, because of a car accident. So the question is, there's something that you can questions on their credit report such as this. Why do you have this outstanding bounds? Why is this loan and D phone? I notice you have a 700 credit score, but this loan is in default. It's a possibility that this was a car accident, and insurance is that involved while of insurance is involved, Then the next question is, Do you have proof that that insurance company is going to pay this? Are you making any type of carbon arrangements to get this rectified? Do you have a police report? The reason you want to ask that is because not everyone is gonna have the per feet credit history. They may have a great score, but the histories self is you read it on paper. Doesn't look perfect. So you want to make sure that you have a good paper trail as to why you felt that this particular tenant potential tenant, um, was qualified to rent this apartment because again, your investor or your property management guidelines could be to have at least a 600 credit score. But this person has a 6 50 credit score, and everything seems great. But this one thing make sure there's a paper trail in regards to this. Maybe they have a lot of medical bills and their companies Insurance was supposed to pay it . Get proof of that. As long as that credit score is there, I will hide his suggest that you still follow the print paper trail and give proof of any type of potential negative factors that are on the credit report as to how they're being rectified. Because as long as they have that paper trail showing that is being rectified and was not necessarily their fault, this potentially is a good tenants. Don't let it good tenant Lee, because you haven't done the proper due diligence. Always do a criminal background check. You want to always do a criminal background check. It's not even necessarily checking for Valenti's Percy, but you want to make sure that you're doing a full background check because you want Don't wanna have any sex offenders there. Reason you don't wanna have any registered sex offenders at your property is because now you make it a difficult for families to be there when it comes to Children. So always do your due diligence, and when you're doing a background check, you're doing a national background check. Were they not just checking in California? They're not just checking in taxes. They're not just checking in Atlanta. They're not just checking in Chicago, but they are checking nation. Why, the reality is you need to make sure that that particular potential tenant has a positive not only positive rental history but appears to be as positive as possible. One paper. When it comes to screening tennis, the other world of the property manager is enforcing the least terms. A property manager will review important lease terms what 10 has joined them. These signing process prior to the residency, a manager will communicate appropriately with the tennis if in violation has occurs and it forced the consequences. Joined the least term, such as maybe unleased violation or verbal warning and still put it in their file is a note pile. The lease agreement should include a policy for how the manager will handle rule breaking behaviors and the consequences for any violations and repeat offenders. Ah, violation man car fine or a no avoid in the least or just flat out grounds for any fiction . So enforcing at least times is extremely important, and this is not generally just elaborated on the lease. But you will generally find this as the addendum attached to police. Managing complaints is another role of the party manager. You can be a property manager and don't know how to be a good communicator in understanding . Not on Lee the tenant but, most importantly, the asset. You're the asset for the investor because the property that you're at is their major asset . Managing complaints. Dean, as one of the biggest headaches of apartment management company dealing with technical planes, can take up a lot of time and energy ah. Complaining tenant may be voicing concerns about party maintenance or community related issues. Whether it's regarding tennis or neighbors. Ah, property manager may require 10. It is, um, in written notification through email coordinates. Correspond is or online Tim Porter. This is very important because when you come into managing complaints, this is gonna take us and also our nuisance abatement, which is a whole another lecture that I will go into in vic tions. Evictions is another role of the property manager. Even the best to the screening can call the few bad apples to slip through the cracks. Leaving a property manager to deal with illegal size of asking tends to move out. Evictions are an incredibly lengthy process, and the right property manager will know the correct steps to take the proper measures to make sure everything is handled appropriately. If the proper legal steps leading up to an evictions are not followed, the lawsuit could be dismissed in core, resulting in wasted time and money, which means the tenant could still be one the property. So when it comes to evictions, it goes back to what I said In regards to credit is screening the tennis. Make sure you have a paper trail. Have everything documented. Show every time that you serve the tenant, make sure that you have pictures. If they damaged the property, make sure you have police reports. If the police has come to the property on several occasions, this all can help your case, every current in regards to evictions and getting that tenant out of your property so you can replace that with a good 10. Who campaign Tenet Bonds is another role of the property manager. Our property manager collects rent payments and additional fees, such as late fees. Pet these window fees, meaning because of what you get cracked damage should have property thes these air thes made by tennis and is responsible for distributing them to the owner or business accordingly. So the reason you want to make sure you collect these visas because you don't want your owner to be responsible for if you're owners responsible form, then it start messing with your return of investment for your investor for their asset. The ultimate goal is the property manager is to make sure you retain their asset. You maintain their asset and you increase their net operating income, so you must definitely collect any and all thes as possible and do not under no circumstances pass it on to your investor. Our property manager must follow federal estate requirements regarding trusting accounts and trust accounts and tennis security deposit. And it's just basically make sure that tenet accounts and trust accounts security deposits . Everything are pretty much separate from when it comes to accounts for paying bills. Whether you own the property management company or you are a property manager working for a property management company, you should never pay bills from the tennis trust account. You should never pay bills from the tennis security deposit account. There should be an account that is specifically for your operating budget. Now. My favorite part of understanding the role of the party manager is the property itself. Property managers are charged with the responsibility of the physical property management of the routes for property it regards to maintenance and repairs in order to ensure the property remains in a livable condition for current tenants and attractive rent ready conditions for future tennis. So the reality use you need to make this property rent ready. How do we make a rent apart rental property ready? What do we need to do? Is a property manager to not Onley attract great tenants, but again keep our investors money being spend at a minimal? Because the fact is, every property management company for every property that they're managing have a different budget for each particular property. So you want to stay within the reasonable budget that was assigned for either than month or the actual overall and your budget, and it starts off with maintenance. Property managers will before routine and preventative maintenance for their owners to make sure the property remains and great condition managers will perform. Maintenance has personally the on site management, or they're actually hire a vendor or slash contractor to do the job themselves. When you hire this vendor and contractor because they're actually one site doing the work, you need to definitely make sure that they have the proper insurance. And the proper insurance consists of heavy, not just a certificate of insurance, but depending upon what they doing, they definitely have to have and insurance that will cover their workers or themselves in case they get hurt on the property. So you want to make sure that your investors are covered by all means necessary. And this is making sure that the contractors who are doing certain maintenance jobs, such as landscaping, duties, um, doing the, you know, the P tex the HBC systems, whether it is servicing him or their repair and replacing him to an exterior cleaning such as the landscaping animal poofy, making sure that if the property is on animal friendly community that they have our at areas specifically for the animals gutter cleaning things of that nature, you want to make sure that the contractors are properly insured. Repairs is another aspect of maintaining the property. Should the property require any home repairs, a manager will communicate the issue with the owner and schedule repairs pending approval. Some owners don't even really want approval, because if you are good as apartment manager, they assume that you should know that this not only visited a budget, but you know the market. You know the area, and you should know what needs to be done to make these pain. Reproval approvals so the party can not only be livable, invite herbal, but, most importantly, pass an inspection. Common property managed me repairs are basically including the plummy the heating and air system, making sure that the repairs on me broking rallies. If you have a property that is, let's say, a low income property. Subsidised housing broking rallies. Broken windows isn't absolute negative frown or wet land, which can cause your investor too little subsidy. Common area lightbulbs Replacement That is another one that can cause your investor to potential, losing its up to little subsidy and as well as a fire inspection. If you are it, have broken balance or interior exterior. I'm emergency lies or book and lights that has not been fixed. This can cause you to have fine with inspector. Repairs can be noticed by management during inspection or brought to the managers attention by a tenant. Now that brings us to inspections. Ah, property manager will conduct regular inspections of the rental unit imported to identify any maintenance issues that needs to be fixed before they become expensive, and this is usually called preventative maintenance. This also is something that will make sure that the parties days, in compliance and regarding to the conditions are maintenance and livable to the tenants. Rental property inspections may include move animal VAT inspections, seasonal inspections and drive by inspections. Drive by inspections are usually done by either the bank or maybe even an investor. I'm Sometimes it could be done by depending upon the type of property. It is hard themselves, which is the housing urban development, because they provides subsidy subsidies to some of these rental properties. For these investors, turnover is another aspect. An important role of the party management. Turning the unit over is really important because it's about the time you can complete the turnover unit. 10 turnovers involves getting a property restored to ready conditions in between lease terms, collecting keys and least the properties and refunding the past in the security deposit. A property manager will live for us, move out days and charge a tenant accordingly if it has not vacated the unit. As the agreed upon time, the vacating unit has to be inspected clean A restored back to the condition it was at the start of the choir lease term. If the property owner wants to make addition, proof is to you endure the time the manager can help coordinate and oversee the property maintenance. Now there's gonna be some times where, as you earn the property manager for the property management company, you don't really have to, um, get with you Investor to say, Hey, should I paint this apartment? Because I want to turn it over to, uh, new potential resident. You don't have to do that. Some things are common sense. It looks like there's a hole in a wall. Patch it up that comes out of the budget if it looks like it needs to be pain painted. That comes out of the operating budget if you need new floors installed or new cabinets and come out of the operating budget. However, if the past tenant was not in there for more than two years and you have all of these damages in there, then it past 10 it should be responsible for painters thes fees so every guards wouldn't be impossible to be responsible for panties fees. Those fees would then be, um, passed on to their previous tenant, and more than likely, not Onley. Their security deposit is going to be deducted, but they probably wanted to get the security deposit, so just make sure that you're not paying off these to your investor your budget should be well spent in accordingly to maintain the property, but same time making sure the president and or Pez resident are responsible for certain fees and not pass them over to your investor. Because again, if you're investor is not making enough money from this property, and their net operating income is pretty low to the point where, as a capitalization rate is low, then this Charles this property into a property, whereas it's hard to sell if they have to. This put them in a negative situation. Ultimate grows up. To be a property manager is to make sure your best A has a turnkey asset, a turnkey property at all times. The owners the role of a property manager is toe also deal with the owners, at least in another term, their asset. But if you are apartment management company, you are dealing directly with the owners you're dealing with. The investors partly manages work directly with the rental property owners. They served and must communicate relevant information in regards to the property performance, the onus fines and legal issues. So why it is important that you understand what's going on. The reason being is because you need to communicate with the owner. The owner. Communications investors want to be informed about the performances of their investment portfolio, their party, their asset. Property managers must actively communicate vacancy rates, incoming expenses related to the property, that maintenance requirements, business policies and any legal issues related to the property. Property managers may choose to email, call or provide all my assets to a property performance portals sometimes referred to as an owner. Fordham property managers may also advise owners about legal issues. Settee, renter, raise raising rent parties or performing property maintenance repairs. So this is extremely important. One of the things that I will go over and another leg shirt father down is going to be regarding to the different property management platforms. Thes property. Mentioning platforms are the ones that usually your owner, your investor, will have asked us to under the owner port. Um, because even if they can't reach you, they still should be able to understand what is going on with their property. They should be able to get a current rent row. They should be able to see the actual budget because you and them are usually gonna make that budget together. Acquiring new owners is another aspect of apartment manager understanding the different types of individuals who all rental properties help partly managers, create usable profiles of their target audience thes profiles, established the knees and wants of individual owners so the property manager can best serve them. A property manager will be able to attract new business every team clients by appealing to what the owner needs during their buying process for the right property. So Acquired owners is substantial just because you have one account. One account might be one basic landlord per se, which is one owner debt. One owner may only have a two year ability in your party manager or your property management company. Well, guess what? You're not gonna make money off of that. And that is because the fees generally can be whether they're 5% for property management, 8% 12% for property management. But if you only have one part, but you're not making money as a property management company. And if you are trying to be a property manager working for a company who don't have a large portfolio of properties, they manage. Obviously, you're not gonna make a lot of money is partly manager. So one of the important things is to know the honest that you're you're not only attracting but know how to manage the budget properly. Whereas you do have case studies to show that you are not only an experienced property manager, but you are partly manager that have experienced in asset management. You know how to help maintain the party. You know how to help locate department. You know, the hot markets where the party should be located for the purpose of getting a return of investment. You may know how to help them find, um, a tight properties whereas these properties are expensive. But as faras their monthly as faras, what the party mentioned company is bringing in its substantial know that particular property don't have a good return of investment. And this year, beginning know that particular probably don't have a high cabaret at Manish beginning, but is a type. Property is usually party. That's gonna calls the investor more money too. Ah, wire. However, in the long term is going to be a property that has a huge return of investment went and if they should and decide to sell off the property. So understanding different type of properties in a different type of investors that are looking for, Let's say, a type Parties or B C T B C D type properties are extremely huge. Owner funds. Owner funds are usually considerate. Payment collective Property manager from a tenant that is being dispersed to the property owner. In order to properly and legally handle owner funds, a property manager must understand the basic principles of trust. Accounting Trust accounts for property managers are typically used to keep tentative pauses and rent payments separate from operational capital. A property manager must keep owner funds separate from operating capital. It follows state guidelines on timely required deposit and owner funds. Why this is important. I'll give you a good example. Let's see that you, um, as a property manager, do not give the resident the required documentation upon only signing, such as proof where the money they're secure deposit is being held in the different s for account from their rents, such as interest a dental X, stating exactly how much their interest is and also something as simple as our receipt of the security deposit. If you fail at one of those items that I just mentioned. What could happen is if your tenant to size to terminate the lease, that tenant actually can terminate the least. You can do anything to them because technically, if they wanted to sue you, they can sue you for what they feel like is damaged. Why was there damage involved on your in? Because it could be considered as misleading. No, misconstrued because you didn't provide them. Um, interest addendum. At the time of signing, you did not give them proof as to where their earnest money. I'm sorry. Not their earnest money, but their security deposit is going to be held in actuality is the same as when you purchased in a property. The earnest money needs to be held in a separate trust account. Most importantly, they have to have a receipt of your giving them the security deposit. If you felt those, you could be liable and negligent to the point that you could be sued. And you know what? Not only they were able to break their lease. But now you as the party management company or the landlord, you have lost out more money in the end so understanding the league localities in regarding to security deposits and trust on when it comes to trust accounts in regards to your tenant is extremely huge. Your only responds is the most important thing in property management, because that is how they make the money. That is how the investing money and that's how you can lose your job or your business landlord tenant laws is something else is extremely important in regards to being a property manager and or establishing and having a property management company. One of the benefits of working with property management is the fact that they should and generally have the experience and knowledge up. Landlord timid laws. Many states require property managers to acquire partner licensee in order to legally management of properties which vehicles education as well as landlord tenant laws. A property manager will also a some responsibility for ensuring combines with legal terms of a landlord tenant relationship, whether you have to the Action plan book, whether you have rules regulations regarding to your attendance, whether you have like bylaws for your tenants. But these are the things that upon signing the lease, they should have a copy of prior to moving in. But at the same time, you also need to make sure you, as a party manager, understand the landlord tenant laws. Understand the landlord tenant, um, or tennis. And the reality is have something written set in stone for your company in regards to landlord tenant laws but most importantly, understand the landlord tenant laws for the state him. So whether it be the state, the village, someone missed municipality where you're from working with a property manager allows an owner to let the landlord and the faster had the opportunity off having that to the relationship without being sued and not having a lot of legal issues, the owner will not avoid the legal responsibilities should any reviews the property as issue for the particular 10. So when it comes to eviction, you should exactly know the laws regarding eviction. When it comes Teoh less a contracting, and you have a contractor who maybe is trying to sue you, or you need to sue the contractor. You should knows the laws regarding clouds won titles, whereas they can put a cloud on a title because maybe you didn't pay them for work. Maybe you didn't pay them for work because it wasn't insured properly. Whatever the case may be, you have to understand the real estate laws in regards to land low 10 in laws regarding Tennessee. And the fact is, any type of abatements when it comes to the property is so federal landlord tenant laws. The major federal laws that affect all landlords and party managers are the Fair Housing Act. The fair credit reporting at the fair. Housing at prohibits discrimination due to race, color, national origin, religion, sex, comedian status or disability. So I repeat that again for you. The Fair Housing Act prohibits discrimination due to race, color, national origin, religion, sex or familiar status disability. That means straight to the point you cannot discriminate based upon collar. You cannot discriminate based upon race. You cannot discriminate based up one, um, religion, sex, familiar status or disability. What that means is if let's say you have ah couple who wants to move into ah property, where is predominantly African American and the couple is Asian? You cannot say I'm sorry. This is our African American building. You cannot move here. You have no right to do that under no circumstances. If you have a property, whereas just coincidentally, it happened to be gay couples. You cannot say Oh, because it appears to be that you're not gay. You can't move here under no circumstances is that allowable. If you have a building that does not have an elevator and you have a potential applicant who is trying to apply for an apartment they met the investors, the met, the investors credit requirements. They have a 700 credit score. They told you they want to move in this building. And the only available unit that you have is on the second floor. You cannot say because you're disabled. You cannot move here because, um, you told me doing conversation your epileptic and you have seizures. You can't move here because this is the second floor unit and is going to be a danger to you. Under no circumstances is that allow the Fair Credit Reporting Act dictates the weight in which a party managers may uses a tenant's credit history for screening. So this is another law in regards to the Fair Report Credit Reporting Act. If that particular applicant applies for the apartment and the criteria was that they have a 700 credit score, and they have a 7 15 credit score. And they have been all of the requirements. As far as job stability as faras income stability. You should not be discriminating against them unless there is some type of proof that they did not qualify in regards to create such a It's not there. So security number and that particular case, they're committing fraud when it comes to state rental. All's state regulation regarding rental properties and tennis rights typically concerns practical matters. Thes include things like the right and responsibilities of tennis and managers. What terms and conditions can be set apart in regards to the least the least termination guy live How evictions must be handled. I'm pretty much everything in regards to making sure the asset is protected, but as well as the tunes. Rice state laws can also dictate how much can be charged for security deposit, how those funds can legally be handled and how property managers must used trust accounts for rent. Oh, incomes. Make sure you follow state and federal laws and make sure you have a tenant action plan in place so you can also be protected and cover not only as apartment manager but a property management company and in regards to most importantly, again, protecting the asset, protecting your investor, their most president precious asset which is there net operating income and maintaining this property to be a turnkey and stay a turnkey property with a phenomenal rate of return in high capitalization rate, the world of the property manager is an extremely important journey in regard into the business their property manager takes on the row and the journey of the landlord from doing everything from collecting, writ, managing and maintenance, the request listing of properties and finding tennis, screaming good tennis, signing the least agreement and once again, collecting the rent, the business of a property manager is to provide. The best service is toe owners and tennis. A property manager must also run a professional business that follows federal and state requirements. Form energy rental properties, which includes acquiring a proper licensee, maintaining wreckers, obtaining insurance and working with quality vendors and paying taxes and what I mean by quality vendors. Vendors are also known as individuals that the property management company is paying. So you, as apartment manager or someone who is trying to establish apartment management company. We'll always have to set up vendor accounts. Vendor accounts can be who you get your supplies from, who you get your material from who you order your coffee and cuts from who does the last gaby on the contractors. Those are all considered vendors. Party management licenses. Most property managers must hold a party management license or real estate broker's license , or even just a simple leasing license in order to conduct real estate transactions related to managing and leasing rental properties. On Lee, a couple states do not have this requirement, so you definitely want to check US State to make sure what the requirements are in regarding to property management or become an apartment manager. Party management licenses and real estate broker licences are granted by state government real estate boards on local authorities and the state where manager conducts Rose Day transactions, property records in a county. Another thing that you important for the apartment manager within the business. Our property managers should keep Thor wreckers regarding the party owners and tenants. You should also make sure you find out how long should keep these records generally there seven years you want to keep the records. But again, every state and local authorities have different regulations regarding to holding onto records. This should include all income expenses, list of inspections, time leases, maintenance requests in any complaints, records of repairs, cost of repairs, maintenance calls, breakers, off rent collections and insurance calls. Another thing, as a property manager you have to be aware of is insurance insurance. It's important, especially when it comes. The lawsuits related to this industry are common, and failure to have the part for protection in place can leave a property managers job in jeopardy. Business exposed or unnecessary risk. Property managers need toe have insurance that covers their business, their clients, their tenants and properties. They manage. Ah, well designed insurance policy will protect property managers from liability claims, legal proceeding, specifics to the industry and losses caused by 4. How to Start a Property Management Company Step 1 Get and EIN : I am Ebony Caldwell with Aria Investor Society, and we are as that never won how to start a property management companies. Well, first thing is, you need to get it. So in order for you to fly for an E i N number to make your business legal with the I. R. S, you need to file an EI in application. So don't get me wrong. There are gonna be websites that's gonna tell you that they can apply for the e. I am not before you. I really do not recommend it. And the reason being I don't recommend it is because your coins would have to pay those websites. So when you visit the I. R s dot gov website and apply for E I in a number that will be option on there, you will notice that it's going to be free. So I love things that are free sometimes, and this is one of them. So don't pay no one to a five e i n number. You could do it yourself. Now most businesses need e i n number on, which is known as the employee identification number, or you're gonna hear some people say a a Tina tax identification number. Anyway, both of these numbers is one in the same beard. Using for doing business is get this number. You must submit the form SS Dash four either or lie or either by fax over the phone. Now, me, I prefer to do things online. Reason being because if you do it online, you're gonna get a notification as to what you're tryin Number is and you will receive your e i n ladder immediately online or you have the option to receive via fax or, um, in mail. But again, you want to receive it all line, download the pdf because you get it right away. You will need to know the name of the business. Um, you need an address now. You can always change of address later. But if you need to use this your home address for the purpose of applying for the number core here and the legal type, that's the entity. So you can file the giant first before you set up a legal type. As long guess you don't wait too long. Do this. Now what? The legal type is an entity. As you can see, you notice you have so proprietor one here, partnership corporations, limited liability companies, a state and trust. I'm generally I like to do what I'm doing. My businesses. I generally found a miss the Corporation Limited Liability company. But when you go to the IRS website will tell you the difference between each company and why you should file and how you should. So when you're ready to file your e i n number, you're probably need you need never in dealing so you can actually start. You can also use this as far as you know, your business registration with your state. But you'll need a e i N number. Nothing else. Open up a business bank account. So one of the things that individuals say is OK, but I haven't Valmont articles and corporations I haven't filed in LLC a corporation. You don't need that right away. And here's why. Because when you actually apply for your articles of the corporations Oh, your loc, You your hope your port for your partnership yourself, Proprietor. The one thing that if I want to ask you as your balance is, what is your e i n number? So you should have that first. And even though I know you may not have the name of your company for the e i n number, you're gonna always hear me say, throughout this entire lecture, make sure it's a name that represent the type of property management companies have, so don't get, you know, value E I number under ebony role estate. Well, yes, Avenue real estate, you know, can exist does exist. However, you want a ballot as something like ebony property management. You could always do a deviate, which is your business, as so you can always change it. And that is the same name, that evidence property management. That saying exactly, is what you're gonna use. Were you following your legal entity now your employee identification number. Like I said, which is commonly known as E a number this serves is up in identifying for business tax purposes. Think of it as a Social Security number for your business. SC Most businesses needed e i n number. Why, your business might need a B I A number here. Just get straight to the point. There's so many different localities. Why would what honestly, for property management that there's no What If you need 11 you're gonna have some type of employees. Number two. Your business is taxed as a corporation, partnership or limited liability, which already said that your company should be registered either as a corporation or limited liability. With you starting out in this new you don't want to do it is the sole proprietor and you're learning in the second lecture is far a step, too. As Teoh getting incorporated, your business is involved with trust a state real estate mortgage investment. Enough of pocket organizations core so again, real estate already. You already know that flat out based on what I rest website, you have to have an e i N number so state owned, and I will walk you through the iris dot gov website one how to easily, easily and officially apply for your e i N number for your actual proper dimension of companies. And one more thing to bring up when you apply for your E I a number. Please note that it will ask you for your soul security number so your still security number is attached to your giant number. No, it is. You apply for business credit depending upon the type of you applying for. You do not have to disclose your soul security now, but your e i N number does identify the individual that is, business belongs to. 5. How to Start a Property Management Company Step 2 Get incorporated: how to start a property management company. Step number two Get incorporated Started. A property management company is similar to setting up a the other type of commercial enterprise. You need to establish a legal entity for your basis. Normally, that would be either living in Liability Corporation, which is an LLC or incorporated goose's. Anyway. You can also hire an attorney, or you could do yourself a lot if you notice I have some links that is one this life for business filings dot com legal zone dot com incorporate dot com Inc filed dot com These are all the websites to go to if you decide and choose to incorporate business yourself. Now there's a lot of liability involved in burning property venturing, so it is highly advisable that you incorporate your new business. There are various ways of creating your company and just registered it, such as the C Corporation, the S Corporation, the LoC is, and also the limited partnerships. Now buy a cooperating you limit your access to whatever you put into that corporation. As long as a lawyer cannot pierce the corporate feel, your personal assets are protected. So now what do I mean? by piercing the corporate veil if a poor five that the individuals and parties are executed business as themselves while stating that their actions are the actions off the corporation and not of themselves, that the poor can decide that individual and the parties are to save as a corporation. And therefore there's no difference, which means you will get food now the jobs me also allow the lawyer representing and holding party for to pierce the corporate veil for the purpose of season personal asset of the individuals and parties trying to hide behind the corporation, we found out that corporations can actually reduce their personal and business taxes if done correctly. So, for example, a C corporation Now that actually has ah higher risk because of the double taxation problems. So let's say you are a Canadian and you're coming to do this is in California. Unfortunately, gonna give double taxation because of the fact that you're gonna get taxed in candidate, you're gonna get tax here and you're not steak to just kind of keep it in mind. Now they have the s corporation as corporation passed through the taxes to the shareholders . So there is no chance for double taxation. The profits will be text as a personal income tax instead of a business contact. Now with the shareholders, the shareholders are not. A lot of people like you think shareholders could be your mother, your husband, your sister, your father. These are the people that's gonna be filed on your artifice. Incorporations. When you do, um, foul your corporate entity as whatever you choose to be now when creating the name of your property management is for marketing purposes, even though this is not the marketing lecture, but for marketing purposes, I would highly suggestive name this obvious that a person could tell what type of company it is without any 1000 hesitations. All assumptions to it, for example, like money is Ebony Caldwell. So I would do something like Call a property management that represents my name. But at the same time, the keywords. Property Management, Chicago Property Management. While Chicago's a big city, I am in Chicago and give his party management again. These air keywords affordable property manager border booking registered for a couple different reasons. One, Maybe because you're a party mentioned company, it's focusing primarily on subsidized housing. Maybe you're saying you have affordable apartments, but anyway, go. These are key words that represent exactly who you are in the type of property mentioned company. You have the reason why this is very powerful. Because if you are a new company, you may not, you know, gonna have business right away. So the name your partner management companies that you have incorporated, it should retain common on lanky woes that individuals would attention search for. So make sure your corporate abuses with names that are public key words. Um, you know, when individuals are searching for party measure confidence or four real estate management competence you want, make sure they're looking, they find you. Please keep in mind if you choose to add another name to your business. Maybe because you added another entity to your business, such as, you know, buying wholesale parties or such as focus on specifically subsidized properties. You want to make sure that if you decide to add another name, just know that you could always do a devious a chip which is doing business. So you're not losing that name that represent who you are or represent. The type is it is, but it also allows you to get a second free of business and live together now to a corporate, a business or former loc, you will need to register your business with your state. You need to know the name of the register agent are registered. Agent could be again. It could be your mother. But every time you incorporated business should have a registered agent the person responsible for sending receiving official documents and this person must have a physical address, not a P o. Box in that state. That is your registered agent. You can be the registered agent also, but I I wouldn't suggest that. But you could. If your company will sell stock, you will also need to know how many shares of stock that will there be Initiative as some other information. You also be required to pay for the corporation application. Apply online. Now, as far as stock on I'm being honest. I Worst of my comedy is a corporation, and I didn't need to actually put the amount of stocks on here. And to make it simple, I did 100 you know, under shares the stocks and you probably say well happening. What made you choose that because I was looking at the actual another Inc. Another business that I hear register and my attorney registered this particular corporation for me and my attorney hit 100 shares of stock. So guess what? That's what he put. And he has been doing this business for a long time, saying That's exactly what I put or mine. So just know you could put the amount of stocks in there that you want, but I had 100 shares of stocks on mine. Now the leak that I have included, like I said, are some great websites visit Should you decide to incorporate your business? Allying yourself, these websites will give you step by step information on how to incorporate your new property management companies. So once again, the second step to getting your party management company Boeing is to come up with a good name. You just get yourself incorporated 6. Applying For A EIN Number: I'm evident, Caldwell, with Ari I Investment Society and this particular section, we are going to talk about applying for your e I and number for your property banishment business. Why is it important to apply for this number and how to utilize the i. R s dot gov website for applying for your e i N number for your new property management business? So the first thing is, we're navigating to the IRS dot gov website. If you don't know where to go, this is where you want to start. The reason why I am giving this particular course on you as the individual toe apply because there are websites that are out there that would charge you for applying for ah e i N number you employee identification number. But the thing about that is they charge you money for this, their companies that would charge you. I'll give you an example a c p i N number. But we're searching e i n number. And here that's identification number. Don't let this fool you, because this is not the IRS dot gov website. So you could see that these companies will charge you for this. Um, but order status. I may your pain for these services. So my goal is to put you in a situation where you're not paying for these services. So these are the same exact company? E i n number dot com e violins. Ire s online. It's the same exact company. This will actually trick you into applying with these companies. Four i e i n number now, this one right here. You see, It says obtaining IRS E i N number or lying. Right? I click here, and I'm actually doing this with you from scratch. I haven't even been into this site. But I do know for a fact that this calls money that a lot of these places want to charge you to do this stuff, right? So all the information that you're putting in on these companies websites guess what? You're wasting your time because you can put that same information on the IRS dot gov website for free. So let's just typing e i n number. We're gonna go ahead and search employers identification number. Apply for E i N number. Do you need a new ian number? So weird applying for EI in number because we're new business were no entity. We want to go ahead and get ourselves established and incorporated. So right here you could see this is where you go to apply for the E and number. One thing that I want a cautious you about is they do, even though this is online. It says money through Friday from 7 a.m. to 10 p.m. Just know that is actually money through Friday from 7 a.m. to 10 p.m. Which means if you try to apply after to no one PM is gonna take, the services is down that the side is down. If you try to apply before 7 a.m. is gonna take the same thing. And if you're trying to plan a weekend, you cannot apply. Also was important for you to know that it is going to take about, um, the session will expire within 15 minutes. Meaning you need to get the information in. Don't go try to make any coffee, because it's not gonna happen. So here we go. Right here. Look how simple this is already. We just basically started this right. Apply for e and number. This is just a warning signs that hey, you know this public computer, whatever. Now this is says Hall must apply the restrictions all of this information. So now let's begin a new application. So purported a Partnership Corporation Limited liability Ah, state or trust or other. Now, if you're gonna go with a sole proprietor soaper prior to just basically clues individuals who are in business for themselves and households employees on Lee. So if you are a property management company and is literally just you that you can do a sole proprietor if is the partnership with somebody else Otherwise, the corporation are LLC, the one I generally uses LoC LTD liability companies, a structure that allow about stay statue and it's forming by fouling articles of incorporation. So I don't use the corporation here that, but it will show you the different corporations and the different form of business entities . Also, I'll show you the different entities in another section, so you would know how you're gonna found your articles of incorporation. But for this purpose, LLC, we're gonna click here. We're gonna go to continue. This is how simple this is L O season not incorporated and do not file articles Inc. What It is not. So there is the LoC Inc in the news. The LoC. Okay, so let's go ahead and continue. Okay. What is it? A limited liability company is a structure allowed by statute, and L. L C is formed by filing articles of incorporation with the state that Secretary LSE must be unique in this state. There cannot be no other LLC's with the same name. So my name is Ebony Caldwell. So if I want to go, um, Ebony Caldwell real estate, I can't now. There's another evident Caldwell real estate company. I cannot. It has to be slightly different, so I can do um, Avenue called the Road to Portfolio. But it has to be different. It cannot be the same. So let's go ahead and go Continue. How many members of the LLC are there? So let's just say it's five. OK, select the state for the LLC. I'm in Illinois. We're gonna go continue again. We just woke a team through because this is the LoC. We're starting a new business. What type of business where we're starting our property management business. Okay, now, one of the other reason why this is important Because you see, what's his Banky purposes? Select this option if the reason for applying for Ian number is strictly for satisfying bank requirements, because when you are opening up a new bank account, you must actually have a e i N number. But in this particular case, we are going to go ahead and establish a new business because that's what you have to do anyway. Because when you start work with vendors, the vendors gonna ask you, what is your e i n number? When you start working with other real estate companies, maybe you're doing some type of coop situation, whereas the other company, um, it wants to work with you to help you rent out your apartment that you have available and you're gonna pay them a coop fee. Sometimes, even though you're paying them a copy, their brokerage may say, Hey, we need your W nine. Well, your W nine needs to show your e i n number eso If you work with someone different vendors on different things, let's say the, um, the utilities company acting of the property management company. A lot of times, you'll get utilities tart on for your clients right? At least in the common areas. Well, again, you need a Yeah, i n number. So now we're going to start a new business. We're gonna go ahead and continue. So here we go, Eboni and were evident. Call well, and remember, so security number and I 10 i 10 is for foreign nationals for national Someone who is a horn, Um, a person who's living here in the States or trying to do business in the state. They do have to apply for some for muscle security number. So there's so security numbers known as Ah I 10. And that I 10 which is basically a tax identification number. This is for specifically foreign nationals. But for the purpose of this, let's go with self security number. So I'm gonna go five pipe. I've 55 00 to 2. I thought I am one of the owners or members of this. Now, I'm going to show you what's gonna happen here if you notice right here says I am 1/3 party applying for E i N number. Well, that would have been these companies right here. These companies right here that you would turn around and pay toe apply for the E I N number. These are the same exact companies that's going to go to the same website that you're going to go to for free. And they're gonna click this spot put this purposes were clicking the top box. I am Ebony Caldwell. I am the owner member of this managing member. We're gonna click here now. This is gonna era out reason wise because it's going to say, Hey, this information don't match dot the i. R. S wreckers. Ebony Caldwell, You're saying national Social Security number? I don't think so. That's not your Social Security number. And if it is your Social Security number, then we got a problem. Because either you even filing taxes or something that's not going on. But when you do continue to click in there, all is going to do is take you to the next page. The next page is basically gonna be You gonna put the address of the of the property off your business, you're gonna put the name of your business, and that's it. It's gonna ask you them. Do you want to receive this via mail, or would you like to download this now, Never, ever received it in male. In this day and age, when you could download the pdf reason you don't want to do that is because if you receive it by mail and you don't get it, believe it or not is a hassle. Getting it, um, tax identification number or employee identification number. Um, letter. You need to actually keep this letter because once you get it, like I said, it's almost impossible to get. So when you download the pdf, save the file on your computer, you know, for your property management, important personal documents because again, when it's time to, especially you being new, you're trying Teoh, open up a bank account. You trying to go to the utilities companies to get, um, the utilities on as some of the properties in your company's name? They are gonna ask you, Do you have a tax identification ladder now They want you presented sometime. So of course, you're gonna upload in the email it to them. If is the utilities company, it is the bank. They're gonna ask you to see it. But now McTague was gonna get tricky about the bank, so just be alert in aware of this. Just because you give them a sheet of paper don't mean nothing to them. They want the paper just to say you presented it. But they're actually going to go and verify the tax identification number. The employees identification number. They're gonna go here and verify to make sure that it is accurate. And it belongs to I m being called where? Property management company X Y z, your property management company. So this is all I pretty much want to discuss with you and the importance off applying for a E i N number for your business for your property management company and overall, just being successful and making sure that every single thing you do matches up and you are legitimately in business. So thank you for watching. If you have any questions, don't hesitate to send me an email and make sure you follow me 7. Getting Incoporated Applying For Articles Of Incorporation: Hi, I'm Ebony Caldwell with R E I Investment Society, and we are going to talk about starting a property management company. But getting this property management company incorporated. So this section is about getting a company incorporated. Now, when it comes to get you a property management company incorporated, you can go online. You do it yourself. You can hire third party companies to do it for you, or you can simply hire an attorney. Now I am, like, huge at doing everything myself, so I'm gonna teach you how to do it yourself. But in the meanwhile, there are a few different companies you can go to to get your company incorporated. Business filings dot com, legalzoom dot com incorporate dot com Inc filed dot com So let's start up with the first company, which is going to be business filings dot com. As you could see, it starts off in about $99 just to get this incorporated again. That's the filing fee. So don't let this fool you. That's not the feed for the state. That's the feed for the filing of it. So you want to go ahead and go to Business Types Inc options packages in prices. And there's a reason why I'm going to click on package in prices first, because I need you to be able to see based upon the state how much this could cost you. Now again, I'm in Illinois, and, as you see in Illinois, just to start off with this $359 plus keyword is plus state filing fees, right? What if I could show you how to do this online for free? And the only following the you're gonna pay is your time of what you think your work and your state following fee. Okay, so, again, this is business filings dot com This is there a particular website? In addition to when you go to business valleys dot com, you can see that you could do the doing business as a db aim. So if say, for example, you apply for the e i n number, but you didn't wanted get incorporated the e i n number. You apply as a sole proprietor. Then, in that case, you can go ahead and do a doing business as once again. You don't have to use this particular company to do the doing business asked. Because if you do as you can see ordering now start off in $99. Then, of course, is your company on file with biz? No, it's not. It's not on file. They're gonna go ahead and ask me if all of this information But if you saw the cracked, the previous video that I had about E i n numbers in which will find out, is all of this information that you're putting in yourself. Guess what? You couldn't do it yourself for free. So here are the different entities. But again, for the property management company, I would definitely suggest you go ahead and do an LLC you can do is the sole proprietor, but you put yourself at more risk as a soap report it doing that LLC is almost kind of like you shilling shielding the identity of your name. You as an individual. Um, so here, what is the vanishes? Oven? LFC Business owners stand to gain many benefits with Registered Companies LLC limited liability protection, which means that owners are not held personally responsible for business debts and liabilities when IT LLC is file correctly, Onley LLC ass is and not personal assets are used to pay off business. That and of course, passed through taxation. Flexibility on the allocation. No honest restriction. But again, this is an of course credibility here for minute lnc may help your business be perceived as a more legitimate business than a sole proprietor or general partnership. How to form an LLC. Articles, Inc. Right. So the former LoC, you have the file for the articles Inc. Again, we're not gonna go through this particular website to do it, but at least you know how to find additional information. If you chooses to use this website now, the next company is legal zone. Well, as you can see, Legal Zone Limited Liability Corporation doing business as what it is services. So here you click on here because all we need to worry about is the business itself. Once again, limited liability company, um, packages stars from $79 plus balance fee, but again, it depends up won your state. So I'm just gonna put in Ebony Caldwell, Thrillist A. Let's get started. So you can just pretty much get an idea. I'm gonna go through these really, really fast, Okay, But the one I'm gonna take my most time point locating how to do the LLC and your particular state and how you're gonna find out how to do that. So we click one Illinois. Great news. Ebony appears to be available. Your email. A phone number will help you secure it. Give my loc. Yeah, I'm not gonna do that because you know what happens. This is extra solicitation. We already seen that from this particular company. Um, the business packaging prices to go ahead and do the LSC in Illinois. We already knows 3 59 So we're gonna keep that up. The next company is incorporated dot com. Starting a business now here. Benefits of incorporating. We already know that. Registered agent service. You don't need to register age, and they're gonna charge you for that. Your your You are going to be your own register aging. Your mother could be the register aging. Your father, your sister, your brother, your husband, your friend, a ghost. Basically, the registered agent is the person that completed this for you. Who is going to receive all of the information employees I identification number. Well, you and I both know we can get this for free based up one what we did on the i. R s dot gov website. So under no circumstances, I would not want you to spend this money if you do not have to. So let's click on the L L C. And see if we can go ahead again. Started. Okay, So ready to create your company, give us a call. They actually want you to call instead. But they got a business comparison chart as to what are the different, um, type of entities and why you should choose them, Loc, I'm gonna always tell you is much better. And if you notice LLC have more checks and didn't see corporation Okay, the next one. We have the inc filed dot com So the different entities manager a company registered agent apply for E i n number. As I said before, companies will charge you for E i n number. Look at this. $70. If you want to speed the process up, they usually have, like, a expedited falling feet. You don't pay $70 when you know that you could get it from the irs dot gov website based up one the previous of course that you took with me for free. Incorporate now. So let's see, we are gonna go as do it as an LLC. We see that it stars off at $49. Plus, they fouling the's, right, plus, but state information Illinois. So we click on our state information right here for Illinois, and as we choose it, we see their basic packages two of three. Then there's this, um, package for three or three. What does it include? And to be honest with you, almost really don't even care what it includes, because the truth of the matter is you can get this all for free as far as does the folly feet. You can get down for free, and then you just have to pay the state The reason we get it off because I'm going to show you. So here. So the 303 includes the gold package. The State Valley fee of 1 54 the LLC Kids express shipping bank resolutions operating agreement e i N number tax identification number in the business website, while the business website that's another course. I will teach you how to do the business website because the only thing you're gonna get is a generic business website. That doesn't mean nothing to you. You want a business website for your property management company? That is gonna put you in a situation where, as people are finding you online without having to look for you. OK, so as you can see already. And this this is at 303 The other company that we were looking at is at 3 59 Will come with that is the operating agreement that e i n form a DVD on how to form a business. Well, you don't need the DVD. I'm showing you business license application package again. You don't even eat that cause I'm gonna I can show you how to do the business license application package. That wasn't gonna be part of the course. But since this one here, I'll go ahead and show it to you So less for the sake of this. I know for a fact because I'm in Illinois is Simon dr Illinois dot gov. I believe to go ahead and look up or to apply. Incorporate your business, but let's go incorporate. Wait, I'm just type up articles. Inc, Illinois, Now Here's a thing. And actually what I wanted type in his apply before articles of incorporation. Now, what I'm doing is you can do this for any state. It doesn't have to be Illinois. It could be anybody you notice. The first thing that came up is business filings. Start your loc today, E. Nope. That's not what we want to do. Here we go. Articles Inc registered agent. That's not what we want to do. Corporation Articles of incorporations. This is where we wants to go. When you click in a you will know your state website. So whatever your state website it is, that's what it is gonna be. So ah. $175 to apply. That is it. You don't need anything else. How much did this company tell us to apply? 3 59 But you can also say what Albany they are actually giving us. Um, you know, the federal to federal tax identification on what we already know. Of course. Like I say it, that's free. Okay, well, what about the business license application package? Well, you know what? You got a good point there. So the cyber Dr Illinois website is not gonna allow you to apply for the business license. Right, But same exactly. Go to your Google, apply for a business license in Illinois. Remember what I said. No matter what state that you and type in, apply provisions license in Florida. Apply for business license in New York. Apply for business license in California. You don't have to go and pay additional money if you don't want to. So if you notice when I go to apply for a business license, it brings at LegalZoom again some other company. I mean, there's something different peoples to the application. No, Ola, um Chicago dot gov business fluent business licenses dot com definitely. Obviously is gonna tricky there. Because if I click on there, this is more than likely a company into your state. So even so, though it has something, this is a business license. Illinois. This is not an Illinois actual website. This is a company that is trying to get your money to do so. So you go here a lot of times, you're gonna know your state, cause it's gonna say dot gov Keep that in mind. No one cues that that dot gov to my knowledge. Unless there the dot gov Okay, so you go ahead and click on this site, and when you click on for, um, the site for the registration, you see, where's his registration, license and permit? So you can pretty much go here business tax registration online registered to become a vendor for that particular state. What I need you to understand is every single state have a site that's basically like this . Start a business. If you want more information on starting a business like, yes, I'm showing you, You know, the basic information started property management company. But again, you can click right here is going to show you about starting a business. If you want to go here, I'm a get apply for the application for your business. Then the same exact thing you can click here. Business registration is going to give you all the requirements so you do not, and I'm going to emphasize. Under no circumstances do you have to even, um, pay someone to apply you. You don't don't pay for business application. We don't have to. And that's pretty much tells you what type of companies that needs to apply for business license. So now let's go back to incorporating your business in Illinois or incorporating a business wherever. So you're gonna go ahead and click on file. The corporation name must include one of the following abbreviations at the End Corporation Company, which is CEO Incorporated E Limited Core Coal in lt d the register agent. Whoever it is, your mother says the brother were you, You could be your own registered agent. Go ahead and click on Lie. We are applying for the articles, Inc. So let's just go, Eboni real estate. Let's go continue. Look at that. Oh, I forgot. We need to go. Really State, right. I'm so Inc or L l C and actually should be limited because the limited also is for the LLC . So that's something else. And I noticed that as I was actually typing it in. So you're gonna go ahead and put in your register agents name. You're gonna go ahead and continue. You're gonna go ahead and put the andro san okay? Your city and state is asking for the county. Zivko, we're gonna go ahead and continue. You're saying it doesn't recognize this? So is saying Hey, there's too many addresses in here or, you know, numbers. We need to know what the unit number is. We're gonna go continue, So let's kill it Here. These are all the businesses that's already register at that address at the present moment . So they click here, you see? Addresses the correct address. How many shareholders just put 100 100 consideration to be received after? Ah, 100. So the considerations are $100. That's what you say. Your shares. I work, right. So the purpose of the business so they incorporated must be a natural citizen of the age of 18 years old. So let's go ahead and put the same company in there. Look at this. We are about to be incorporated. This is how fast is. It's OK. Do you want to expedite service? Our requests Expedited service. So here, expedited service just means that your request will be reviewed within 24 hours. None expedite. It means within 10 business days. So no, no expedited services require. There we go. Look at this. We've just incorporated our company in the state of Illinois for 170 five dollar. $175. Um, and as you can see the tax identification number. We actually got that. But free. And in Illinois, we incorporated for 1 75 You saw how easy has simple that waas for it to happen. Okay, this was 3 59 if we had chose to expedite the service. So the only other feed a charges $25. But if we had chose to expedite the service, I request the service to be expedited as to 75. To be totally honest with you, I don't think that this includes the expedition of the service. If you want the service expert on experts like processing, these may apply. So is gonna tell you what those fees are. Illinois 24 Russian fees. So looking. So their expedition is an additional $139 which now, for which, actually, look at this. I never even scroll down. So the actual feed that they're charging a $778 to incorporate the business. $359 for the package which included the E i N number. You got free, which includes registered your business or getting the APP enemy. Let me rephrase that it does not include registering your business. What it includes is showing you getting you the business package of the pdf format, which you can get the beat the business package in a pdf format by just pretty much going to Google for whatever state that you're in. As simply all you have to do is typing apply for business license in your state and Massachusetts and Kentucky in Maryland. Doesn't matter. Just apply for wherever you're at now again to 75 7 78 This price you almost gonna see consistently across the board. You know, maybe $50 off here. $75. Um, lower here. How you here, but you're doing it yourself is gonna be a big difference. That add on service was $139 which included the expedition. Illinois State be to 80 is a breakdown. This is what they're same. $150 for the following the ah, $100 to expedite it and $30 for the certified copy feet. Well, you don't need to You don't need all of it because you don't. You're certified. Copy. You actually going to get this online? So the same thing When you apply for the E i n number, you're gonna get that online too. So if you want to go to, um, apply for Articles Inc in Florida, same thing. Look at this Florida corporations legal zone dot com ink while whatever it is dose my Florida er some biz, not organ out here. I also say God, right? If you see or and guff just know for the most part, that's the correct. Now this articles in corporations template. They didn't even look right to me because of the way it said it, but I just wanted to see what it was. So I need you to be careful that when you click it in on some of these now this, um e file articles Inc sunbiz dot org's. This definitely sounds like the Florida Site Articles, Inc. But Florida Bowel Articles Inc. Let's go, Let's start a new fouling Here it is right here. Very simple. $70. You get a certificate of a status, you get the certified copy corporate name. Remember what I said. Ah! 100 shares the principal business. You're right here Where the principal businesses, the melon address the registered agent name? Um, your annual report. You're corporate. His address. This it. You're done. That's it. That is it. What you don't realize is this may look like it's a lot of information. All of this does not need to be completed. The officer, the secretary, all of that can be the same person, your email address, because they're going to go ahead. And you could they email is to you or they can give you a certified copy. You can have a boat and you see the price. $70. That's it. If we go back here, let's just go back for the purpose of this. And let's go to Florida and see how much they're gonna charge is to incorporate in Florida same thing 3 59 And if we want to expedite if a Florida 6 53 So I just showed you how you will save money and learn how to found your own articles, Inc in your state by yourself and not having to pay anyone. With the exception of the state policies, I'm Ebony called, what with Ari I Investment Society. Please feel free to email me or follow me for any questions and definitely take the opportunity enjoin my other courses 8. Landlord Tenant Laws: Len Lord. 10 Laws, landlord Tenant laws No. The room's know everything that you need in regard to being a property manager, having a property management company or even just flat out you an investor. And you have properties. Laws pertaining to rent a House e are actually established to protect both parties in regards to the landlords in relationships. Knowledge of having the compliance in regards to federal state local regulations is extremely important for both the landlord as well as the tenant. Now, keep in mind that you would be considered the landlord if you are the party manager, because now you basically are taking ownership of their property in place of the landlord. However, the actual landlord investors still needs to understand thes tenant laws. The runner party owners want to be a broader, profitable business and protect their SS and their investments. Tennis want to live in a peaceful enjoyment property rent a home as well as protect their personal rights and their assets that they had there. So just know, as a property manager of landlord, a realtor, an investor understand your wife's and legal obligations rule. I hope you protect yourself. Your Reynold investment decisions as well as your investment property landlord Tenant laws change often, so it is an extremely good idea toe. Always reevaluate the rental business policies and sick legal counsel for someone that is permeated with the landlord tenant laws in your state in order to proactively address these issues before they're too late. And the reason why I said meekly go counsel from someone's for me with the landlord Tina Laws, because you want to get an attorney who's a real estate attorney roasted investment attorney who understands real estate, and and I'm emphasizing that, Ah, lot of real estate attorneys. I'm sorry. Love turns. We'll see the understand real estate. Unfortunately, they are family law attorneys, a Armel practice attorneys. They are, you know, litigations attorneys, but they are not real estate attorneys. So you must get an attorney who is not only real estate attorney but who's a real estate attorney who understand the landlord tenant laws, landlord tenant laws. Understanding landlord tenant laws is extremely important when it comes to the property manager. Now, even though we slightly discussed this somewhat, just real briefly and know your rolls of the property manager, I'm going to discuss a little more in detail here as far as the federal landlord. Tenant law, State laws on landlords, legal responsibility, ano garages How do you make sure you protect your asset, whether you're the real estate property manager or the real estate investor? The major federal laws that affect all landlords and property managers are the Fair Housing Act and the fair. Credit Reporting at the Fair Housing Act prohibits discrimination due to race, color, national origin, religion, sex, 1,000,000 status or disability. The Fair Housing Act extends beyond leasing to include advertising preventing landlords for marketing their properties to a certain group of people. This just basically means that if you have a property, you cannot say I do not rent to college kids of a two bedroom for rand. But gay couples are not welcome. I, um this is this property is located in an Indian community. You cannot do that, and I emphasize that before a snow your roles as a Rose state property manager. This is a huge issue in regards to Fair Housing Act and is all can be considered. Also a steering. The their credit reporting act dictates the way in which a landlord may use the tennis credit for screening purposes. Under this act, a lender must get an applicant's permission to run a credit report, provide information on the credit reporting agency, use and inform the applicant if information contained on the card report was the basis for denial or Evers actions. State laws state laws regarding run of properties to his right, Temple Klay concerns practical matters. These include things like the rights and responsibilities of tenants and landlords, what terms and conditions can be set apart of a lease, leased termination guidelines and how evictions must be handled. State laws can also dictate how much of landlord can charge for security deposit, how those funds can legally be handled and how property managers must use trust accounts for parental incomes and which we discussed that also earlier in regards to trust accounts , it is very important to be company with landlord tenant law specifically to your state. A city ignorance of the law is no excuse. You can be sued for not obeying these laws, even if you waas totally unaware of their in existence. So let's dive into deep details as to things that you should not ignore as a property manager or even as an investor. It is extremely important toe understand legal responsibilities when it comes to the landlord tenant laws, for example, discrimination. Whether you're advertising the properties, great new tennis was setting rules. Make sure that you are in compliance with fair housing laws and that any action or policies apply to everyone with supporting documents. It cannot be construed as affecting some people but not authors. So make sure you always everything should be exactly identical. If you're asking for two years of verification of employment, the next person should have two years of verification of employment. If you're asking for a 700 credit school with one person, it should be 700 credit score with other. So under no circumstances is should be different. Legal lease document Providing a lease agreement and any other legal paperwork is all a part of a landlord's duty. If your responsibilities to ensure the rental contract is legally Renton and abides for all laws leasing periods, monthly rent a raise and tennis, they must be clearly indicated on the lease at any disclosure organisms that are attached to it In some jurisdictions. Legal disclosures such a security deposit details must be included. The Lee should also contain all the appropriate clauses, such as advising tenants to purchase Brenda's insurance disclosures. Many state requires landlords to inform tin is too important state laws, individual and lower policies or fax about the rental, either in the lease agreement or in another former writing such as The disclosures, typically before the 10 moves in federal law requires landlords to disclose lead based paint and hazards to tennis. Every state has different requirements, but common disclosures may need to be a part of your lease agreement. This also could be something such as a notice of mold. Notice US sex offenders. Recent depths. Lead based paint disclosures, Meth determination or personal or potential basically help with safety hazards. But you always want to make sure you keep your disclosures pretty much now in standard but enough information, whereas you as a landlord or property oil apartment manager, cannot get sued, providing a safe apartment. Another obligation is to make sure that your rental unit is in safe and habitable condition . The property must not have any serious deficiencies, and any supplied appliances, fixtures, plumbing and heating must always be in good working order. The property must be free of insists and pests. Landlords are generally responsible for getting infestation under control, even if they occur after tenants have moved in all the way. Most days let lows can avoid this step by specify in the written agreement that pest control is the wrenches responsibility. And that's why I make is very important to make sure that not only your lease is spelled out in San Quarterly, but you have the appropriate disclosures and a Denton's. And make sure you're not just giving them these disclosures in the dentals, but they're finding them and initially next to the appropriate paragraphs that is applicable to your property. Overall refuses to make repairs. Tennis have the responsibility of reporting in repairs that needs to be done. Landlords responsibilities include responded to these reports and completing repairs and time and manner attendant maybe within their rise to withhold rent money if the landlord fails to make repairs. That that's the help the safety of a tenant like a bookie heating unit and freezing temperatures then that particular tended can actually withhold money within their right. Now, if there some repairs, such as a hole in a wall. And this is not, of course, obviously normal wear and tear, then, yes, you can't refuse to make that repair. But if their particular, um damage to the hole in the wall can be something that is considered as a safety hazard as a landlord party manager who do make their repair. But it's highly suggested that you make sure you let them know that they are responsible for the damage that they've called because that demonstrate they call again is called seeing your client your investor More money in the Keeping Security deposits. Most loose agreements require attended to pay a security deposit to cover damaged called by the tenant or, if attended, does not pay rent. A landlord can only keep security deposits bonds that are used to cover default rental payments or fixing property damage. A landlord must provide the tenant with an itemized list of deductions and must pay the balance off the deposit back to the tenant. The failure of a landlord to provided out of I statements or the failure to return the unused portion of the security deposit can actually result in the landlord only more in the security deposit funds. So, as I was indicating in the property management, wanna one resource tools when you use the actual property management website a platform it will automatically keep track off things such as, um, repairs. Have a major particular units, such as these, that you're charging to that particular tenant and why this is important to you. Because when it is time to go ahead and potentially released the security deposit, you're able to give them an item ization of all of deductions that they are responsible for , which in return will let them know what the actual security deposit to be returned to them should be minus. Whatever the interests Waas that had occurred from the years that they lived in their property. Now disregard of privacy Most landlords tent of tennis laws protect the tennis rice, too. Quiet enjoyment, meaning they have the benefit of living in the home without being disturbed. Most lieutenant has possession of property. The landlord may not interfere with this Words is therefore the landlord's responsibility to ensure he or she does not answer the Brennan unit without proper notice. That is usually 24 to 48 hours, except in emergencies when a landlord enters the rental property, it must be within a reasonable time of day and 4000 reason. The only time you can enter a property deaths under the 24 to 48 hours notice is because maybe there is a flood going on, a leak going on. Where's you have to get in there because it's gonna damaging unit. Maybe there smoke coming out of the apartment because not that necessary. Somebody left something cooking, but it could be electrical fire. You know anything of those dangers, but those of reasons why the landlord can't enter without notice mishandling of abandoned property when a tenant leaves behind after vacating the property, the landlord must read. It is as an abandoned apartment, so it's an abandoned apartment rental. The landlord must notify the tenenoff how to claim the property calls for the storage, where to claim the property and how long the tenant has to claim the item. If the proper remains unclaimed and it is worth more than a start amount, the landlord may sell the property at a public sale. If the properties were left in the state specified amount, the landlord meet you to keep the property or throw it away, allowing criminal exit take place. If a lemma becomes aware of any criminal activity taking place and one of their rental units, they must report it to the Tories. Illegal tenant activity could involve drug use or distribution or a much worst case. A lander is typically responsible for protecting their property. Their response before protecting the neighbors away from any type of criminal acts that they're 10 is Kuby Hell, while before regarding to legal punishment, especially on the property safety features. If your property is in a area in a jurisdiction, whereas you have safety issues, you can give buying for lead Lord must provide specific safety mashes thes main clue fire Carbon monoxide attach is high exchanges a front door of the property. A security door. These things are extremely important from peepholes, too. Deadbolt locks on exterior doors and window law locks. This is a month mishandling off evictions and mishandling of evictions is something that happens very often under no circumstances. As a landlord, you should evict anybody without calls. You picked a person because you upset Victor person without warning and evicted person without giving them proper notice. or anything like that. So miss having of convictions when it comes to an addiction. This is legal action by a level or to remove a tenant from a rental property. Every state has lost their regulated eviction process. A lender, Can you think to tenant for the non payment friend for the failure to vacate the premises after the leases expire? For violation off a provision in the rental contract and which also it could be a violation in the runner disclosures or the little identity, or if the tinny causes damage to the party. And it is a result of substantial decrease in the value of the property as well as, of course, working longs Any criminal activities, these things can be called for an eviction. But before you throw out, attending a letter must go through the legal eviction process. Every state has different guidelines, but most importantly, you must be required to give the 10 and determination owners before filing an eviction lawsuit. If the landlord attempts to remove the tenant without a court order, the tenant may actually recover damages from the land lore. Now one of the other big landlord um, legal responsibilities as far is just understanding the landlord tenant laws. This is also the nuisance abatement. The nuisance abatement is crying within a policing cold enforcement. The terms refers to using building colds, fire coals, zone ian, etcetera. In order to improve the quality of life, every Zoff life safety issues within the community within your neighborhood. Nuisance abatement programs are most often a component of a problem or is it? Or community policing program, and most, and your addiction by law enforcement officers handles nuisance abatement. So nuisance the basements is examples of constantly turning the music of Lao, whereas that that neighbors don't have a peaceful enjoyment of their home of where they live. Nooses, abatement can also be loitering. Where is their situation of your consulate loitering? And it's becoming disruptive off quiet enjoyment for the neighbors, not just the property itself. With neighbors, thes are also things not only calls when eviction, but the police actually can get involved when it constant uses abatement. So one of the most important things in regards to a real estate property management is again. I understand the landlord tenant longs and understanding everything that you need to know regarding is to state laws, the legal responsibilities and federal state laws before tenants. Now the landlord tenant laws fair housing at some people consider it is what they call the equal housing opportunity at, whereas it is illegal to discriminate against any persons because of the race, color, religion, sex, handicap, familia status or national origin. This also could be known as illegal blockbusting. This particular Fair Housing Act is also not just for the rental and leasing of properties , but for the sales of properties also as well as financing homes. Now. To protect yourself is the property manager or property management company. You need to understand and comply with the laws regarding fair housing, commonly known as the Fair Housing Act. Keeping this in mind this art this this lecture briefly addresses how the fair housing and may apply to your rental property and your property management company. Now, what is the fair? Housing at the Fair Housing Act is intended to prevent discrimination against renters. The goal of the act is to provide a housing market in which persons raised religion, affiliation, disability or family status does not influence the person's ability to find housing. Specifically, the act prevents landlords farm. Refusing to Rachel Persons because they fall into a certain group or indicating preface is for tennis in a certain group of category, or threatening or coercing individuals seeking housing, meaning you're steering them. You're telling where they should live because of the ethnic group or because of the disability or because of their sex preference. What can you do to help ensure that you, as a property manager, property management company, are always abiding by the acts? Well, let's just be honest. You should always have a written rental policy detail in the criteria necessary for pro to live in the property. For Provo to be able to become attended and get approved into living into the property you cannot choose a tennis or sluiced in is on the basis of their familiar Stannis, race, disability, religion or factors other than their credit history and references. Now, if he knows that we've talked about this so many times during the property management lectures, reason being is because this can actually kill your business and get you sued, if you to fire of your apartment manager. And if you are partly management company, get your suit and loves business. When you are choosing new tenants, make sure you're basically treat everyone the same exact way. Don't pre screened applications or assume the certain people would not be good tennis. Do not exercise any form of bias or purposes for certain types of renters. For example, if you're advertising, do not state that you prefer older tennis. Offer the same terms and privileges to each and every person who is a perspective 10. Now the only way you can get away with, um, wrenching toe older tennis is unless it's specifically a senior citizen. Communities such as this is a scene. This is a 55 and up community. If it is not saying that you cannot discriminate as to who you are trying to rent rent to under no circumstances, you need to treat all visiting perspective. 10 is equally. Show them the same heirs of the property or apartment and give them the same information that rules for your properties. But ensure that those rules do not discriminate. Be willing to make a reasonable accommodation for those who need no wet through disability or otherwise. So when I see treat all of your visiting perspective, 10 is equally you showing them the same areas. Don't assume because you see an individual, a wheelchair. They don't want to see the apartment on the second floor. I understand that you may feel that they can't get on the second floor, but if there's reasonable accommodations there where maybe there's a ramp in the back of the building, maybe you can have someone there to assist with taking a person upstairs. In the end, don't assume that you can't rent to them because they in a wheelchair. You don't know if there they're gonna have the whole time. Caretaker. Ah, full time homemakers. Who's gonna be there? Whereas this person pretty much home out, they don't need Ah, first floor unit. So you can't say, Well, I can't rent to you because we don't have any apartment Svelte. Yes, you do. It's on the second floor. So if you need to make reasonable commendations, have to make reasonable accommodations for those that need it. Make sure you remain community remained for me with fair housing legislation, it is important to you that you are complying with all housing legislations, not just their housing, and but beware that many cities state counties village villages in town. They have a all fair housing malls, which may apply to more types of situations or covered great number of properties than F A J dog. There are many rules that apply locally to ensure that you tree your property equally. You treat your tennis, and perspective is equally you must ensure that you follow the tennis election action plan . If you don't have one, you need to create one. But one of the reasons why this is important. And this is something that HUD has come out with the U. S Department of Housing and Urban Development. Because there has been so many times that individuals have felt like that they was being, um, steered away from moving into a particular community or a particular development. If you want to understand and know more about you know the fair housing Longs, please visit the U. S. Department of Housing and Urban Development, their website. I would give you much more information on it, and also they have sometime classes which you 10 1 live, but under no circumstances as a growth investor, our realtor Parking manager Property Management Company should you be breaking, these laws must abide by the laws of the Federal Fair housing Law 9. 10 Things Landlords Show Know About Property Management: I'm Ebony Caldwell with Ari Investment Society and this particular section, we are going to talk about 10 things landlords should know about fair housing. Now keep it my. This particular course is regarding property management how to start a property management company. But as a property manager, you act on the half of the land lower. So now you become the new landlord for our property and for those apartments. So the first number one thing is advertising. When it comes to advertising, you have to make sure that when you advertising a property number one, you're going to stay clear of certain words such as great for young couples. It may sound like your baby being discriminatory with family who has Children. You also don't want to say anything like oh, two bedroom, two bathroom condo in a safe neighborhood, very exclusive area that is, consider, basically stereotyping. You're basically saying we only rent to certain type of people. Well, the question is, what type of people do you rent to? If I say I want to live here, I want to live here. I don't need to know if it's a safe neighborhood, because there's a lead Lord as a property manager, and even as our real estate agent, you cannot determine what's a safe neighborhood or what's an exclusive neighborhood. The only person I could determine it is the person who's going to live there. That's the decision they need to make because you have told them You know what? When he ask you, Is this a safe neighborhood? Well, I can't really ask that question, but what I would suggest is, why don't you drive through the neighborhood on the weekends? What I could suggest is, why don't you try driving through the neighborhood in the evening time? That is what you want to do, but you want to stay steer of certain words that can be taken as discriminatory or stereotype or racism. Um, at the end of the advertisement, landlord's property managements should always use the fair housing logo or a disclaimer that basically says this community does not discriminate on the basis of race, color, religion, national origin, sex, disability or familiars to the acts. Photographs need to be carefully considered when you're using doing advertising. If you're unsure type of photos to use, speak with an attorney and when I say photos needs to be. You need to be cautious when it comes to photos. Make sure the photos that you're putting don't have people in there. Make sure that if you're posting apartment for ramp, there's nothing that could be considered. A Ziff is stereotype. So if you're gonna post apartment for one just postal apartment for rent, meaning it's a bear apartment, there's nothing in there. If there is furniture and they're just be real cautious of the angles, you're taking the pictures, whereas you're not disclosing the pictures of individuals who Carly lived there or where you can look at the photo and tail that that is an African American couple there or Asian family there. Or is a Hispanic family there or white family, so you never should be able to, under no circumstances be able to tell who lived there currently. So that's number one on advertising. Steri number tools theory don't steer the potential perspective. Tennis from the neighborhood. If they say that they want to live in that neighborhood, that's where they want to live. They know exactly what apartment building they want to move to. You know exactly what community they want to move to. So don't sit there and say Okay, well, you know what? You notice, Mr Mrs Um Smith is Ah, Caucasian family. And you go, Oh, in Chicago. Well, you know, because I'm from Chicago, And so in Chicago, there is the north side. You might want to go to the north side, because over here, it might not be what you're looking for, which is on the south side. Well, the thing is, with the south side in Chicago and then depend up when the city and state that you're am that are start areas is predominately African Americans start areas that's predominantly Caucasian, certain areas that's predominantly Asians. But the fact is, I'm African American. And if I say I want to move to Chinatown and I see a building in Chinatown I want to live in. That's where I want to live. Do not steer me for where I'm telling you, I want to live. So that's steering. The other thing about steering is if let's say you have a person that is disabled, their handicap and they want to see the recreational area. Don't tell them they can't see the recreational area. Don't even assume they don't want to see the recreational area just because you see that they handicap. Just because they handicapped does not mean that they cannot enjoy their recreational area . Who's to say that they have a physical, fair present in home physical therapist who comes to see them? And this is the type of community that they've chosen A chosen his community because they knew he hit a recreational area and a workout facility. They chose this because there and home therapist can actually give them physical therapy there. So as a landlord and a property manager, you should not, could not, and never, ever, under no circumstances keep a person that is handicapped from seeing any recreational areas just because you're assuming all they're gonna follow old because they can't use it. Absolutely not. That is considered steering number three screening applicants. When it comes to screening application under the fair housing law, you have to treat everyone the exact same. The lead lord should have a written rental policy detail in a criterion necessary for approval for the tennis to live at the property. The rental guidelines and a policy should basically include the availability policy, the rental criteria. Employment history, the employment income, the credit standards and any explanation of any derogatory credit. So here I'll give you the example. If you have, John has a 700 credit score, and he makes one times the income to qualify for this apartment. Okay, now the level requirements is. John should have at least a 600 credit score, so it sounds like he qualifies. But in actuality, John don't have to three times the rental income. Suffice to pay the rent. That's the way that landlord looks at it. That's the way to property manager. Look at it. So even though the rental criteria for credit was 600 he didn't need it when it comes to the income. So what you do, for one needs to be equivalent equal to all of the potential applicants all the way across . The other thing is questions, including the application should not ask about any physical or mental disabilities, and the landlord should limit questions about drug or alcohol use as well as any lawsuits. Under no circumstances, those questions should really even be as now they can have, Let's say, a drug free building, absolutely, and that could be in the House rules that I will discuss that, um, they cannot have drugs on the premises or it's a no smoking building. But again, for application purposes, everything needs to be equal. All were crawls asking questions regarding probably evictions. Prior money judgments, bankruptcies. Why perspectives are leaving their current landlord are acceptable and may be provided for more information. So again, if the letter says, I don't want anybody who has any judgments in any, um, bankruptcies, a recent bankruptcies again, John got a 700 credit score, but in this case, we just found out John have a part time job, so he does have to three times the income. So now he qualifies. Well, as of now, he does. But now we find out John has my judgment and a recent bankruptcy. The landlord don't want that. So he's disqualified. Unless maybe there is an acceptable reason for it. And if John can provide an acceptable reason for it, maybe he went through a divorce. May be the reason he did a bankruptcy was because he had a bunch of parking tickets, and in order to get his license back here, the file bankruptcy. But he's in a repayment plan, and outside of that, everything else is positive on his employment, his credit history, his previous housing history, everything is perfect. So in that particular case, John may actually get approved. But once a foreign policy has created, the landlords should expect strict. Ah, here is in compliance with this written policy. Additionally, landlords needs to keep good records of each applicants, and the inquiry's number four I could see standards. In 1996 Congress enacted the law based upon 1991 Hut memos stating that a two persons bet Rome her accuracy is what standard and Waas acceptable. So what this basically means is, if you have a couple in a baby that can work, it could still work because it also goes back to is not just the two bedroom with the situation, but it's also how big the living spaces. So if there's Leslie, a large living space on top of the bad roads, or maybe it's a living room and dining room and Dan is the one bedroom that's acceptable. Many housing experts believe that efforts do not even count when it comes to calculate his occupancy standards anyway. When have you got a But to adults that supplying. And he have two teenage Children, especially a boy and a girl versus to the same sex. And then they have an effort. That's a problem. We need a two bedroom here. We definitely needed to that room. So it is OK to actually nine that application, Because again you applied basically saying that it was only gonna be two people living here or to parties and an infant in its one bedroom. You never say that. It was gonna be four grown bodies here, Basically, in this one day room. Unacceptable. And that could be calls for it. Um, the application to be denied apartment rules number fine is apt. Absolutely acceptable for landlord have a set of house rules, all residents to live by the house. Rules should be basic and non discriminatory. Rules should be written so they are applicable to all residents and not just a specific group of residents. Rule stating Children show not roughhouse in the hallway. Maybe discriminatory, because when you saying that you're basically saying Children are there, That's basically what you say. If you're gonna say anything, residents and guests should not run through the hallway period. Point blank. You're not saying young, old, white black. You not saying that you're saying Do not run in the hallways. No running allow. Using general terms such as resident guests, should keep the rule on bias, fair and applicable to all residents. Rules must be enforced uniformly against all residents and records regarding who violations needs to be kept. So you should always have like, um, if you have, especially if it's a large a community apartment building and you have Tennant's tenure, then too old, too Part of the house rules is this is a smoke free building, no smoking on and on the premises. You have signs up the clueless. There's no smoking and the least they signed. At least this is no smoking inside the least. And then also, and you're moving packets you do have the house rules is there's no smoking. Well, guess what? If you find was smoking, you can actually go ahead and write them up, because again the House rules needs to be enforced. And then when you have this record, make sure to include the time and date and the matter of the violation this needs to be enforceable, and it needs to be uniforms all way across. Also, there's a rule say no Children under four in the pool area is discriminatory, while a rule saying Children under 12 must be supervised by an adult over 18. That is not discriminatory. What were you saying? Children under four. You basically saying no kids allowed at the pool As long as there's an adult present, it shouldn't even matter. So when you. But again, it needs to say Children under 12 must be supervised by an adult over 18 something to that effect. But we started to put specific ages like toddlers, discriminatory. As always, landlords should consult with their state in regard to these particular laws. Reasonable commendation numbers. Six. A reasonable accommodation is residents request that when it comes to make in repairs to the particular apartment, that their end for the purpose of reasonable accommodation for the purpose up because they are disabled, the letters should be willing to do that. So, for example, if the tenant this Carly living there is in a wheelchair and they I need the bars in the rally mode of bars in advance from lower for reasonable accommodation to assist. Um then the landlord should be able to do that because as long as it does not impose a hardship on the landlord to make those reasonable accommodations, then a landlord should do it. Also, another part of the reasonable accommodations. If, for example, if the tenant let's just say this particular tenant is a new 10 that they want to potentially move to the building. Unfortunately, they can well on the first floor. But there are stairs there. Well, if the landlord is willing to make a reasonable accommodation for a lift to be installed in front of the building, the N s a reasonable accommodation. However, in this particular is more accommodation. Generally, the tenant would need to pay for that because putting a lift in front of the building is going to be expensive. And then the question is, this tenant would need to be responsible before for removing it also. But that is part of reasonable accommodation. Reasonable modifications should not actually be confused with reasonable accommodation, because the lift is part of the modification. So landlords may require resident to pay for the modification to the property and require those modification to be removed. When the resident vacate the property and it needs to be, the apartment needs to be given back to the lead. Laura's the same way it waas when it was given to them. If the modifications were for something that federal law already requires a landlord to have in place, then the Layla would be responsible for the cult of the modification level or should check to determine where their financial responsibilities are in common areas. For example, um, you know, installing every move in the removal of the modification, as with modifications that just reasonable modifications as, ah, Home number eight recordkeeping. Let Lords needs to keep records on all perspective residents. In addition to current past presidents, this is extremely important. Landlord can create a system of guest cars as a log of relevant information. So if you have a you know, a big building, then one of the things that you can actually do is have key pops. Because remember, each keep Bob is actually kind of registered to each unit, and you pretty much know when they're coming and going. If there's a big community, then sometimes you may actually ask the people, especially if they are guests sign in and out. But most importantly, the most important type of record keeping that you needs to to keep is if someone when the tenant moves in and when the tenant moves out, you need to make keep a wrecker along of any calls made by the residents. If the resident ever saw the property, I'm sorry if the perspective resident ever saw the property. When did they see the property? Which particular unit that they see? If they are current resident, you need to keep a log of any work that has been done to their Yodit. This is extremely important for several different reasons. Being able to produce consistent records showing nondiscriminatory applications of rich and screening criteria, and every case can usually be successful. When is time and, unfortunately, if you have to defend your client or yourself is a landlord in a fair housing claim, Number nine employee training levels and property managers need to ensure that there is a written policy to avoid kinds of harassment, particularly sexual harassment. Every time a new employee joins the staff, there should be a training meeting about fair housing law and how to comply with them. The media should include copies of the memos regarding policies about how to comply with fair housing and what can happen if those laws are not comply with, and basically let them know that you're in violation of the Fair Housing Act. Number 10 Lello should not be afraid to Invicta resident for a legitimate reason of calls. A fear of housing violation. And that's why it's really important for residents. Files toe have good record keeping any type of complaints that may have taken place. The resident being a nuisance Let low should always document, including a residence file the following informations warning ladders, eviction notice, written complaints by third parties, written logs kept by the management police records of any photographs of the particular unit. One of the reasons you may have photographs of the unit is because maybe you did an inspection like, let's say, annual inspection, you know, or you have been exterminated to come in which a lot of big property management companies have exterminated to come in every three months or every six months. And during the extermination period, of course, that was part of an inspection process. Will you get there and you see Greece all over the stove garbage all over the place. I mean, this can be considered, you know, inhabitable. So you definitely want to make sure you take pictures of that. But also, that needs to be in the House rules as faras up keeping up the building as a whole and up keeping of your unit as a whole. All information is actually contained. Um, in this particular video can actually found in the Fair Housing Act 42 USC a 36 01 The information also can be attained from the federal Housing and Urban Development Website www dot huh dot gov. If you have any questions regarding how to start apartment management company, please do not hesitate to follow me and reach out. And I would definitely make sure I will provide you as much information as possible for you to become a professional and experience successful property manager. I'm Ebony Caldwell with Aria. This society and good luck starting your property management company 10. Resource Tools Part 1: Hi. I'm Ebony Caldwell with Aria Investment Society. And this particular video is gonna be on property management. Wanna one resource tools. This particular video is gonna be your resourceful guide. You're gonna also notice that this is gonna be this first section of the video hard one of the video Because there's gonna be a part two for credit and with credit also is gonna fall under advertising. And I explained what Because they're gonna go hand in hand for reason. Part three is gonna be property management. Part four is gonna be on the education part five is gonna be on legal advice. So for complete handout and a reference guy for you to refer back to as a property manager or landlord, please don't hesitate to follow me or Sydney email so I can send you this exact reference guy. This is a five page reference guy that me as, ah previous property manager, having a property management company being a real estate for over 20 plus years, working with real estate investors and property managers. This is what I've kapow. This one has worked with my investors. This one has worked with my clients, so I definitely wanted to work with you. My students 11. Resource Tools Part 2 Credit: Hi, I'm Ebony College Will with Arya Investment Society. This is video number two of property management. Wanna one resource tools and we're talking about credit. So if you notice right here the company that I have is my smart move dot com I have the link specifically directly on this particular page and I done this. So you as this dude who's trying to learn more about property management and how to succeed . And it How would you pull your tenant's credit? How would you pull? I'm your lead lords, your client's perspective tennis credit. So you will go to my smart move dot com And then when you go to the page and actually click on there, you are noticed is pretty much going to take you to directly to the website. The website you would notice is ran by Trans. Julian is his grain tenants. Four renters. There's a block and you can sign up. There's absolutely no membership fees for this, so you don't have to worry about it. You can actually choose who's gonna pay for this. Are you gonna pay for it is the perspective 10 you're gonna pay for the one that is generally well that is generally picked is the best value on which is the spark check premium. I'm not saying that because this was highlighted. I'm saying that because it's actually a fact. It does come with everything. It does give you the income sites, and what I mean by income sites is safe. For example, they told you they made $100,000 a year, and all of a sudden, when you click on the income sites it to turn around and say, Well, yes, the income is great. But based upon what the credit report and credit viewers has reported in past, I have This is red because it's not agreeing with what they said that you know your particular perspective. Tenants said that they paid in the past. So my smart move dot com is one that you can actually go to, um, for the purpose of basically finding a tenant. Also, I'm sorry not finding the Timber Brennan credit. Also, there is another one. Call Rentech direct dot com. You notice again. I have it specifically want the particular link that you need to be on. So, Bret direct, that is another one that you can actually go hit and perform a credit chip when it comes to your tenants. If you're looking for attendant, let's say you know, with that 700 credit score, you want something that's a little more detail. The and Brent Tech Direct is one of the site that you would definitely go to. One of the reasons why is because, of course, yes, you can get a free trial with it. The other thing, too is, is actually a property management software. That's it. It in there. So we rent tag direct. You can look at it and knows the tennis credit reports for the property managers and full time landlords. The report is also powered by Trans Union. It includes a fight credit score, the payment history pattering public records. Um, you know, it does. Ah, skip trace of the individual collections of council security on the validation right here. You can actually see exactly what a sample of it would look like. 11 page report. The difference between this and, um did my smart move. The my smart move is not printer friendly, so I have to emphasize that, but you can kind of see how everything is on here. If they're late, you know, is show the actual payment pattern. Um, my smart move does show a payment pattern, but it's not as detailed as this. So this is one that I would highly recommend also. Same thing. You can actually go ahead and get the tenant to pay for this. That's so that's a novel that I would recommend again. I could always I can always Basically sin is to you up on request. Then the next one is point to property manager. So a point to property manager you see, they get the different products they get. They also do have property management software 10 and maintenance, leading leasing and marketing material dispersement and general ledgers. So again, remember, this is all about book keeping the reporting, which is extremely important. This goes back to let's say your owner wants to sell their property and they need a history of there building houses basically performing. You see, you have the profit and loss the balance sheet, the 12 months balance sheet, the rent roll. Rosa always always, always is going to be something that's requested. If you are a property manager, whether hut is gonna requested Because maybe you're the property manager for low income ability. Whether your landlord is gonna request the rent, roll his his or her account is gonna request it or simply if they sell in the building, the investor is going to request it. So this is something that you should actually always know about. Here are the fees for the other thing too. Would point to you get the personalized website and it's personalized. Website is gonna be for all the properties that you actually have listed. So just kind of want to give you that information regarding point to now the next one that is pretty good is Triple A credit. We triple A credit is not a detail is 0.2, but it's a little more superior than my smart move. So if you're only you know the property manager for a small company like you know, you have ah, boutique company, you only have a few buildings then, yes, I was a smart move if you are the property manager of even if you're a small property management company. But you're starting to get like a lot of large Cory buildings or portfolios, even if it's with one investor, one landlord. Then I would definitely suggest the point to software as well as the Triple A credit software. So you can see it actually goes into the Civil Court records. It will actually do what you sign up for this employment verification. Also, the difference with this one is if you are a property management company and you do specialize and commercial properties, commercial property management, then guess what you could do. A commercial credit. Check it. Also have your forms in there. But don't keep in mind. The others do have forms to the 10 an application form. Um, Lieutenant Credit check form. Here's an example. So you can actually see what goes into it. So this is pretty much how the credit check will look is not a zoo to me printer friendly and I friendly as point to is, which is extremely friendly because again, here is their report. So if you look at the difference between this report and this record, big difference. So this is all I have four credit with Ebony Caldwell, your structure, your mentor, your train of Aryan Investment Society, using your resource tools to be successful when it comes to property management and getting the right tenant for your client again. If you want me to send you this user friendly manual, this reference guide for you referred back to please don't hesitate to follow me or send me an email. 12. Resource Tools Part 3 Property Management Software: Hi, I'm Ebony Caldwell with Aria Investment Society. And we are at a video number three property management 101 resource twos. Property management software. So as I go through my list there several companies on here Yardy, Riel page at Folio Bill Diem property where Property matrix written direct, which we already done that one rent post simplify landlord tracks. Now, again, this is a reference guy that I can send you, But let's talk about Yardy for a second. So Yardy is a property mentioned software. It pretty much shows you all of the different services, the markets, that they deal with. Monty families. See, you're living on the deal with subsidizing, so this will give you an idea when says government. So this to give an idea everything, you could do it. You already But Yardy is an actual property management software, so you can always call them for demo. But it's gonna let you know exactly what it is that they conduce. Ooh, how they can assist you. So, for example, you have a Mountie family property. They're going to give you the specific type of software that you need. The other thing about Yardy is not only they give you training, but in addition to their training. When I say trendy, they give you true Wanna one training? So it's not like you're gonna buy a big software, not know what to do with it. Then also, you have the Rig Cafe, Sweet Rick cafe. Basically, this is allows your particular tennis to pay their rent online. It also is a full marketing campaign for you. So market and lease in search engine optimization. I'm crm call center payment processing. So a lot of these services you can get with Yardy that, you know, once you start growing your company a little bigger but you can get these services and these will give you the services as if you are actually running are really, really big company. So that something is good for you. Real Pages is another company that I recommend Rial page property management software. This one right here. You can actually see where it goes into how they will help you with the counting, the document management, eso everything that you need to do in regarding your property management company to grow your business. This is actually another marketing, um, property management software for you to use Reduce vendor compliance is so you could do work orders on here. So these are the things that you will want When it comes to your company. Just understand it. There's a web castle again. Same thing with Yardy. Riel Page Have, um a lot of different training materials that you can actually utilize and going a website to get, or of nothing else just not going their website to get but actually get 101 training with them. So really pages, Another company that I will highly recommend. You could see where I hear the different services that they have the i t services for your company building accounting The professional services is one that I really, really love that you do integration with. You see, with the profession services, all the different ranges of everything that they have. So again, Yardy and real page definitely some to consider. Now, when it comes to ah, not one at Folio at Folio is actually dominating the market when it comes to not just, um, property management software, but with also marketing software in rent Oh, distribution as far a syndication of where to list their properties for rent, so automate your property management isn't software. With this Web based software, you see, you get a free demo. So at Folio Property Management Software, here are the features that you get without residential commercial soon housing um, with the different types of properties that they get the residential commercial again. It goes back to you have a company. An investor who says, Hey, you know, Mr Mrs Property Manager, I want you to manage my commercial property. Well, here you go right here with this commercial property. This is the type of property that you can get a software for. With the community associations, it goes back to, um, you have a community. Whereas there's a swimming pool, there's the big community. There's a lot of different not just residents there, but activities there. Then you definitely want that particular software because it really goes into details and help you break down everything, pretended to their property without having to actually get additional services or al a carte services like something dollar 25 per unit and dollar. I'm association that you doing property management for it might just be a big community, but it's give you our idea of everything that they can do. From the online payments to online maintenance, leasing, management built in marketing to marketing. I'm tools so you can actually just be able to benefit from at folio all of different services that they have. They definitely do have all in one solution for everything that you can do with your business. So if you want to feel like OK, even though you're a small company, you want to be the big business, then at Folio is definitely one that I would highly recommend. Now we have build IAM building may give you a free trial. So that's one thing about build You is not as complex, is the album ones but is still give you a lot for your money, and making it will still make you feel like you are a big company also, so you see the prices start at $47 a month. They have everything from the property accounting, the financial reports, the resident of portals so they can pay their bills online or pay their rent online. Property owner owner Porto's So you have the property management company could see what's going on but your own connections. He was going on, too. Maintenance request tracking property inspections. That goes back to you know what I mentioned earlier in regards to the 10 top things landlords should know again. When you doing a part of the inspection, here are the reports for it Rental listings. You can actually put your property use building them to rent properties and then a think about their run of property listings is that it will get syndicated. So there's something important for you to understand. A syndication just basically means that your property would actually be all over the place . It would be on seven different sites such as Trulia, Zillow, hot pads, college storm, Any website you could possibly think of the half real estate properties for rent. Then that would be the one. Your next one would be property Where Property, Where is another website for property managers who are is looking for a nice property management software. So we property where you have your one of properties that you could either not just post on here, but it will actually give you everything that you need to do to go ahead and be able to run your business and run your business as if it's a really, really big company. So the different features that you get with property, where is right here the affordability that automated your to do list everything that you need to go ahead and be able to do to run your business. You could pretty much do it right here. Okay, When it comes to my client with they, you know, would they be upset if I don't know how to run their business, how to run a property management company, cause maybe you're no. Well, a lot of these property management software's especially like property, where in at Folio they will actually training you because their goal is for you, B, um efficient and professional in his business. And really great at what you do, because the better you are, the more what the more business you get, the more business you get, the more business they get from you. So in addition, on here again, the products they have the counting on on payments, the marketing always love talking about marketing, and the reason being is because this goes back into this syndication that I was telling you about with syndication, you list your property for rent and it's all over the place. They got a quick video here, so let's check out this video and see why. Property, Where is for you to use for your particular business? Colonel team From Basic to advanced trainings offer all for free with property were university. Your team commingle in live training classes, covering a variety of topics. Utilize our pre recorded trainings and downloadable resource is for after hour training needs. Track your team's progress through transcripts and comprehensive quizzes globally. Viewing your productivity and learning accomplishments. Take your teams learning to the next level with our customized consulting services designed around war, business and learning means the one on one consulting hours are offered online or in person , assisting your team with your account and building customized tools for success. Property wears training. Resource is support your team by providing in depth software knowledge and personalized consulting to empower your business group. Next, we have property matrix property Matrix is another properties management companies software and again, it just pretty much here's another company. I've never used this company, but I have investor who's had used this company. So for more information, you can actually click on the website, go to property. Matri's kind of get more idea of their company. As I'm going through here, you see, there's commercial and residential property management software, but again, I can definitely send you all of this information at your request. They have a counting on here. A zh payments websites for each building, which is cool website for each company and building because it goes back to let's say you have a particular building, you get 12 buildings. Each boat has a different name. There's a website for that particular building. The case of person wants to go online and say, Hey, I want to move in the Del Prato I want to move in the millennium. Build it well, Guess what a lot of buildings especially depend upon the size do have built it. I mean, do have names on it. So this is another one for you as an option at which is cool because even though the price and appears to be Price Lee, the thing is based upon the information that I'm seeing, it does give you a lot of different options, especially the ones for $400 a month. This is again good. If you have a big building that you're working with, we've already went through rent. Tank Direct Rip Host is another property management companies software. So this particular software, it will do everything for you from, not just, um, and it's very simple, very easy for you to understand. So let's take a look at ripped holes and see exactly what it involves. You see everything from rent collections, work management, advanced payment systems. So there's your rent post. Now. Repose actually have a quick video. So in this particular quick video for Rent Post, we will get an opportunity to kind of get a better idea what exactly they do, who they are. And if this is the company that you as a property manager who's just started your business or who's trying to grow your business, is this the property software that you should utilize? So let's take a look at rim post and see what they have to offer, and Sarah loves in your place. She has to reach out to stand, and she's always the obvious. Campbell told his stands, trusted him. He takes care of repairs to stay told us right, but he's not always he were laws, understand to communicate daytime's that every would sometimes get Most stand not only manages his own rentals, but also lizards wanting to ensure stand. Twitter, probably is the attention they deserve. Leslie keep toe watch for thanking. Stands out. Even stressful. Stan is constantly waiting up to his knees in water. Softening out fires needs a solution. Enter rent. Post read Post makes managing rental property a breeze. Staying out connects directly with his tenants, vendors and owners in real time, saving in time and money by automating tasks that wants toe countless hours. Now he can receive in respond to see what order request and keep taught on track. What's next? He can provide Leslie with data recording properties and up today communication and best of all known, say appointments and red deposits along line with rent Post stand the property eyes now stand. The city command post simplifying rent made stand. The problem here. So we're impulses announcing that you can actually utilize in addition to rent pose we have simplifying simple fight. Fire him is one that I really like. It has it really is truly a huge property management software. The only thing with simplify it can become or feel like it's a little complex and potentially intimidating. So that is another one that I would want you to take a look at with simplify, um, property management software. You're able to see everything pertaining to the properties. How many units you have? Um, the rid of the credit checks, you pretty much could do everything on here. So same thing they have a video that we can actually take a look at. And with this property management software, you're able to pretty much go, OK, You know what this is? This is Ah, good tenant. This is a bad tenant. You know, it pretty much give you an idea of the different boards that they are associated with the property management software, that they have the benefits to, um, how you can easily utilizes software. So this is one that I would actually recommend. There's so many different good property management companies Softwares that are out there, that would provide training. But it's more so for you as the property manager. If your computer friendly what your budget is, what type of software that you're looking for and what it is that you want to do. What is your ultimate go? So they do try to make it friendly and price for early. I'm You see, the price in here for up to 10 units is $20 a month. Up to 50 units is $50 a month. You see everything that comes with it, The full income and expense report, the profession reporters, the tenant and tenant management report. Um, for vendors, if you want to collect rent is gonna be a dollar for every transaction, you could do the credit and background check for 1995 renter's insurance. Um, advertising vacancies three out of $3 a listing. So there's so much you can do with this Onley because of the price. But of course, the more the units you have, the more opportunities you have to be able to utilize other services that they have. So simplify him is one that I would suggest and then let Lord tracks is the very last one uit landlords. Same thing with landlord tracks give you and put you in a situation where as okay you have , um, this property. You are trying to build your business. But in order for you to build your business, how do I do it? So if you're looking for a long term rentals, short term rentals, corporate housing rentals, this is for you. And the reason I say short term rentals is because sometimes hard to do a red row when you have tenants that are moving every three months, you know. But with short term rentals and corporate renters, that generally is what happened on the availability calendar. Why does availability calendar is so important? Because it goes back to Not on Lee is short term rentals. But let's say you have a building, and in the building you have 30 units and you don't know exactly what unit is gonna you know, my file. You can actually go in there and say, Oh, you know, number two or three is gonna be available on October tonight. Well, you know this because again, when he first moved into your building, you was able to or have your assistant to enter their lease terms into this software way, - way so rich for your Brenda Property management software led lower tracks again is one. So again for the property management software Yardy, Riel, page at Folio Build IAM property Where property matrix Rick, Direct rent, post simplifying and land lower tracks these air. Somboon, Um, hi. I suggest that you kind of take a look at but again for this actual handout for this reference guy, please, or follow me and let me know that you would want the property management resource to and I would definitely send it to you. 13. Resource Tools Part 4 Education: I'm embedding called what with Arya Investment Society, and this is video number four for the resource tools for property management under education. So this is a link that I'm going to give you that I would definitely Hannah suggest you use call get rented dot org's. It's all my educational platform for landlords and property managers, so it's gonna give you everything that you need to know about ren toe marketing about property inspections as well as tax management. So let's take a quick look at this particular website as to why you, as a landlord, should actually utilize this website. So here you go. Brito rented online training, housing and assistance. If you want to know anything about housing assistance, here's the training that you need to know about it. In addition to that, you go back to it. There's the dealt families, affordable housing, housing development. So here's some of the things that you are able to do with get rented online training that is recommended. You can get a subscription here. There's definitely different resource is here, but let's take a quick look at this video around this house and put it on the market. It's a lot of work. It's not a get rich. Quick property owners are invested in property, just like a stock holder is invested in Stop in general, the landlord's responsibility to keep a ritual property inhabitable condition and to make repairs top 3 to 5 reasons why unit with failed inspection would be shocked because they really actually minor things. I can tell a lot of bottling police that use good communication includes not only what said but what's not sick. Your best tool, because start is education. So bring it is a site that I would suggest that you go to just to kind of learn about being a property manager. If you want to learn about the subsidy programs that are in different states, you can actually go here. The benefits of rental assistance. Why let Lord would need to understand rent with systems, why they will be willing to accept rental assistance, A rental systems? Just basically, if let's say you have ah parent who can't pay the rent that month, they have different um, charitable organizations that will actually paid for the their tenant. And some landlords don't want to accept rental assistance because they just don't understand rental assistance. But the except imminent Having the knowledge as to what it is is a great thing. Because at least if you get this tenant who's been paying their rent on time for the last three years, every single month and this particular month, they can't pay. Are you going to just tell him no kick rocks? Give them five day notice. Yes, you could still get them the five day notice. But if you know, then the process of getting rental assistance while they're looking for a job except the rental assistance because the Renault assistant's gonna be a check that's gonna come directly from the charitable organization to you as the property owner. So how they cardinal with property owners or property management companies, which will be you? Whomever is taking this class department management company to property owners? What they basically do is help the owners and help the property managers get the proper training that they actually need. So with the Brennan property training, it's not just about, um, knowing about property management, but understanding what it takes to be successful in property management. How to take care of your properties have Lopez inspections, whether it's ah, low income inspection section, inspection, subsidy inspection or even a city inspection. How to pass these inspections They're going to give you all the resource is that you need to succeed. So the course descriptions that they have you can basically glance through here and see exactly what they all for based the property owners. 10 is law tennis screening, a selection and good lease. Protect you entering into a successful rental agreement. Housing choice vouchers and rental subsidies, which is formally known as Section eight HUD choice voucher, housing choice vouchers, property maintenance and repairs, pest inspections and continuing ending Tennessee. But this is just limited to So I do know this particular company and, um, property management training website very well, so get rented. You definitely want to make sure that you sign up for this and just really get a better idea of what it takes to be a successful landlord and what it takes to be a successful property manager. 14. Resource Tools Part 5 Legal Advice: Hi, I'm Ebony Caldwell with Aria Investments Society, and I am going to discuss property management 101 resource choose. This is video number five, our final video about legal advice. So before I give you legal advice, let me explain with a huge disclaimer. I am not an attorney, and I'm not going to give you legal advice. But what I am going to do is point you to correct direction, for legal advice and regarding to your property, your landlord and the state that your property is in. So let lord dot com is extremely useful website. It provides you information, advice and laws regarding is to the tennis and your state. The website cores the information center with lots of necessary information with sections such as Lennar laws, tools and calculators, e forms, a discussion boards and the tip of the week. So let's take a look at little or dot com. There's a do it yourself section that say is, Hey, if your landlord this is everything that you go, you know the issues that you can, um, come across your property management. These are things that you know you may have issues with, but Don't worry. We have useful tool for then you have. I'm evicting your tenants. There you go. How Doe Ivic the tenant. Here is all of the different ways to click with the House rules. Landlord ladders. Too many are keep its occupants. We've already talked about their reasons to leave A. So that is something that is extremely important. Then there's a library in the library. You have so many different books that you can actually utilize a purchase online if necessary. In addition to the library, there is the professional advice acts asking expert. Then you have rental and property management software companies. In addition to that, if you go there, repair maintenance. Here's different companies that are vendors that these air company that you can use the ServiceMaster Handyman Handyman connections. So these are different, um, tools and resourceful vendors that they are actually working and conduct junction with, which can actually help you out. Security deposit. Well, it tells you all about security deposit for your estate. It's all you have to do is go click on here. Security deposit, basically state requirement. I'm in Illinois. You go down. You see exactly what it is this question was right here for none is their maximum security deposit. No, there is no maximum security deposit. I will says two months rent. So again, this website is an extremely used for resource for two software center. When you go to the software center, you'll see some of the companies we actually talked about. Landlord dot com ATF odio We didn't talk about rail Meet Aerin and Rent O Matic, but it tells you online payment Management Service Building, Um, 99. A month of property management. Do we just have real estate solutions? Simplify. And we talked about that. We're Rentech direct. We talked about the housemates companion. So again, here's so many different companies that you can actually utilize both software outside of the resourceful head out that I have for you like a suggest email before. But again other companies where you can get legal documentation from outside of Let lord dot com law Deep all realty time. Standard Legal Legal Zone Investment instruments Court Blue Morning, of course. Let lord dot com So here you go tenant screening. You go to tennis Cranie. You see two screening forms applications, toe rent. There's questions and answers how credit reports were Vacancy center. Let Lord resource resource is again. Anything that you need to know about is on this side as far as additional useful tools that you can use. So I wish you well, one being a property manager and growing your company. I'm Ebony Caldwell with our I investment society and you have learned about today legal Advise education software management in addition to credit. So for this'll particular handout, please don't hesitate to email me or follow me, and I will definitely make it a priority to see you. This. That way, you're gonna have this direct handler handout as a pdf. Are your computer conveniently easy for you to go to to basically re follow not only everything that idea, but choose the right software for you. Choose the right vendor for credit for you. Choose the right. Um, just learn property management properly. This resourceful guide is gonna be a lifesaver for your business. If you have any questions, don't hesitate to email again or follow me. I'm editing Caldwell with Aria Investment Society and congratulations and on completing this course and good luck on your new company or growing your company