Heidi Fore – Your Guide To Success With Rental Properties

This course is a compilation of recorded video, live question and answer time, worksheets to fill out, checklists to follow as your build your portfolio, and spreadsheets that will help you immensely. You have 90 days to complete the course. Repeat the steps in this course over-and-over until you’ve completely replaced your job income with rental properties’ profit.

What You’ll Learn In Your Guide To Success With Rental Properties

Introducing Your Instructor Heidi Fore

• Introducing Heidi Fore
• Please read before proceeding
• The 14 Steps To Financial Freedom
• Including these topics

Step 1: Clearly Envision The Path To The Finish Line

• Questions to ask yourself
• Listen to all the different views out there
• Make a cash flow plan
• Make a visual cash flow plan
• Heidi’s Financial Coaching Spreadsheet
• The Financial Planning checklist
• Track your net worth each month
• Live question-and-answer session

Step 2: Decide what type of property makes sense for you to buy

• Types of rental properties you can buy
• Condos
• Houses – pros and cons
• Advice on Short-Term Rentals
• Multifamilies – pros and cons
• Mobile home parks and RV parks
• Commercial and Storage – pros and cons
• Live question-and-answer session

Step 3: Find potential properties

• What areas to consider when looking for the right location
• A “must-have” list and a “won’t-buy” list
• How to compare locations for potential purchases
• Methods to find properties to buy
• Links to Sheets
• Recurring calendar item
• Step 3 Assignment: What’s your buy box?
• Live question-and-answer session

Step 4: Evaluate the property to ensure it meets the criteria

• Jargon to know and numbers to know
• Evaluate properties in 3 different areas
• Have a checklist of what to look for when you tour it
• Have Exit Strategy Options
• Step 4 Assignment: Compare a similar home in 3 areas – print this and fill it out
• Live question-and-answer session

Step 5: Decide the best way to pay for it

• 20 Ways To Pay For Properties
• Improve your chances of getting a loan approval
• Step 5 Assignment – Ask lenders these questions
• Live question-and-answer session

Step 6: Make an offer and close on the property

• Before writing an offer, do this
• A website to help you decide what to offer
• Decide What You Should Offer for a Property
• Checklist for making an offer
• Consider forming an LLC to buy the property
• Checklist to use during option period find out what needs to be repaired
• Checklist after accepted offer and before closing
• Checklist after closing
• Live question-and-answer session

Step 7: Get the property rent-ready

• Advice on getting your properties ready to rent
• Checklist for maintenance
• Special issues and things to do for STRs
• Assignments
• Advice on doing repairs
• Live question-and-answer session

Step 8: Find respectful tenants and get leases signed

• Finding great tenants and getting them moved in
• What to charge for rent
• Where to find renters
• Companies That Assist with Rental Applications and Tenant Screening for Long Term Rentals
• Checklist for making an application
• Notes about choosing renters
• Advice about leases
• Checklist for what to include in leases
• Lease With Option To Purchase
• Collecting Rent And Handling Evictions
• Checklist for tenant moving in
• As soon as rent is late, do this
• Checklist for tenant moving out
• Live question-and-answer session

Step 9: Improve the property’s value & add additional income before re-renting

• Increasing the value
• Checklists for advertising a vacancy
• What do after a renter moves out
• Live question-and-answer session

Step 10: Track your profit

• Profit tracking
• What an Income Statement looks like for a property
• Live question-and-answer session

Step 11: Get advice from professionals

• Ask your accountant these questions
• Cost Segregation Studies
• Ask a local real estate attorney these questions
• Ask an asset protection attorney these questions about setting up LLCs and protecting your assets
• If you form an LLC
• Papers to keep forever, both the hard copy and online
• How to find good companies and contractors
• Questions to ask subcontractors and general contractors before they start
• Assignment: fill in the Pros tab of your Toolbox spreadsheet
• Ask an insurance professional these questions
• Live question-and-answer session

Step 12: Evaluate all the options for purchasing the next property

• Using the equity that is building up in the homes
• Do the math – Should you use the equity in a current property for the next purchase?
• Live question-and-answer session

Step 13: Reflect, revise budgets, repeat steps 3-12. Get clarity on what your personal lifestyle costs. Track gap to the finish line.

• Step 13 – reflect and revise
• Again with the budget
• Assignment – use the Passive Income tracker tab of the Toolbox Sheet
• Key Performance Indicators, numbers to track
• The distance to the finish line
• Tips to get to Financial Freedom Day faster
• If you have 20 years until Financial Feedom Day, here is a sample plan to follow
• If the Freedom Day goal is 5 years away – here’s a 5-year plan to have 20 properties
• Live question-and-answer session

Step 14: Hire someone for roles you don’t want to do anymore

• Who to hire
• When to hire a property manager for a long term rental
• What a property manager does for long term rentals
• Property managers for short term rentals
• Checklist things to ask property managers
• You could hire an assistant to follow these procedures
• Live question-and-answer session

Financial Freedom Day!! You’ve reached the finish line

• It’s Financial Freedom Day…now what?
• When it makes sense to sell a property from the portfolio
• Things to consider once you’ve decided to to sell a property
• If you are going to owe Capital Gains tax, consider doing a 1031 Exchange
• Opportunity Zones
• Action to take – Talk to your family about what will happen to your properties after you’re gone
• Teaching kids and teenagers to be good with money
• Finish Line Assignment – Print this and write on it
• Please please please
• Stay connected and keep learning through these links
• Next steps after finishing this course

Sale Page: Heidi Fore – Your Guide To Success With Rental Properties

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