Subject: Break and Review
Happy Holidays! Take A Break And Review.
The holiday season has officially started!  Despite decorations being in place for over a month, reality says the season begins after Thanksgiving and I am a realist!

December is the month of family, celebrations, and good times!  The days are short and the nights are long.  Sometimes it feels like getting any work done is a second thought.  Don't worry!  If you feel this way you are normal. 

By receiving this message, you own at least one rental property.  I hate to add any more to your list, but this is important.  After all, it is your investment we are talking about!

In the time it will take you to review this message, you can consider the following 3 important actions to wrap up your year successfully.  

Review
We offer a web-based owner portal that you gain access to when you first sign up with WILMOTH. When you log in, you will be able to see information on your properties, and multiples of different financial reports that will allow you to see performance on as frequent of a basis as you desire!  There are over 20 different reports available to allow you to see your investments in many, possibly new, ways. These reports may be printed or saved as a pdf file on your computer. Updated daily, and always available, WILMOTH transparency starts with your Owner portal!

Budget

Have you been reinvesting in your rentals annually?  Just like the home you live in, your rental has ongoing capital expenses that need to be planned for.  Some of these are not avoidable and better to plan for.  If your furnace or air conditioner compressor is 15 years or older, it is on its last legs.  Why wait until it fails in extreme weather and you are at the mercy of contractors and premium pricing?  Budget now to replace components that will fail before they do.  

Then there is the issue of obsolencence.  Most of us do not know if our rental will be vacant during the next 12 months.  It is safe to assume if it does become vacant, the carpeting may be worn or the 30 year old counter-tops may be a factor in re-leasing the unit.  Plan for obsolencence.  Create a budget to manage your rental's ongoing improvements.  

I have created an excel spreadsheet to get you started.  Download it here.  Use your own numbers but the categories are fairly comprehensive.  Use your resulting figures to understand how much you should be setting aside monthly into your own capital expenditures account. 

Winterize?

One last item to review.  We sent out a reminder a few weeks ago about winterizations.  If you have a vacant home, we recommend winterizing it.  Even if you are trying to lease it.  The reason for concern is a power outage or other failure not caught immediately in freezing temps.  We can handle this or you can hire a plumber. Keep in mind that the home must be dewinterized when it is leased.  The costs of winterizing and dewinterizing are minor compared to the damage that can occur. Total cost for the process should be under $300 but it does depend on the size of the property.

So, now you have a few things to consider while you enjoy that eggnog or whatever is in your favorite glass. 

Happy Holidays from all of us at the WILMOTH Group!!




Joel W. Wilmoth
Owner/Broker
WILMOTH Group
Do You Plan to Invest More In 2017? Use Your Trusted Leasing and Management Partner to find Opportunity!

Many WILMOTH clients have come to understand the benefits of using the same team for acquisition AND leasing AND management.  We are investment specialists.   We are not trying to work with Aunt Mary and investors.  Do you really want to keep using a knee doctor for heart surgery?
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If you know a rental owner that needs to make a change..send them our way.  Just let us know how to contact them.  When they sign up with WILMOTH, you get to choose which one of your rentals is credited for one month of management fee!  A simple referral improves your return while helping us to spread the news about property management done the right way!  
WILMOTH Group, 9855 Crosspoint Blvd. Suite 148, Indianapolis, Indiana 46256, United States
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