At Baker Street Properties, we strive to elevate the rental experience through innovative technology while upholding human dignity.

We partner with property owners to provide full management and leasing services. We understand the importance of investing in the right property and the value of complete transparency throughout the process.

Investing in properties involves careful consideration and research. Our guide will walk you through key factors and considerations when purchasing an investment property. Our goal is to make the process as transparent and straightforward as possible.

In this guide you can expect:

• Key factors to consider
• Adding value to your property
• Onboarding timeline and overview
• What we need from you

We have also partnered up with Natalie Hess Real Estate to provide you with a Real Estate Buyer's Guide, please find that downloadable as an Adobe PDF on the right-hand margin. Whether you’re buying your first home, looking for investment properties, or making another transition, you can count on Natalie!

Property owners must consider the following key factors to maximize their investment:

• Return on Investment: Different areas can demand different rent rates. It's also important to consider any tax implications, particularly in areas with higher tax rates. A tax specialist can provide valuable advice in this regard.
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• Deferred Maintenance: Major systems like the furnace, AC, water heater, roof, major plumbing, and electrical systems must be in good condition. Understanding rental inspection requirements and a thorough home inspection is highly recommended.
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• Permits and Inspections: Check for open trade permits or major upgrades where permits were not pulled. Understand the occupancy limit set by the City and zoning ordinance.
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• Rental Price and Ease of Renting: Some areas are more in demand and can get higher rent. The time of year also influences rental prices. One-year leases are typically signed to allow options to not renew the lease in accordance with local guidelines.
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• Target Renter Audience: Understanding tenants’ general expectations can help tailor the house to their needs
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• Neighborhood & Location: The location determines the accessibility to amenities, services, schools, and work opportunities. It also affects the property's appeal to certain types of renter demographics.
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• Routine Maintenance and Regular Expenses: Budgeting for routine maintenance and property upkeep, such as exterior or seasonal work, turnover expenses, and the cost of updating paint and flooring.
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• City/Township Rules and Ordinances: There may be specific City or township requirements and rules based on the property’s location, such as HOA restrictions or Historical District regulations.
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• Timing of Purchase and Turn-Around Time: Rental Inspection repairs will dictate the timing of leasing the property. Therefore it's crucial to consider the timeline and budget to prepare a property for leasing. Leases signed during a season where demand is lower may yield lower rent rates; our goal is to keep leases between a May and August lease cycle.

Considering renovating or improving your property? The following features or amenities may add value to your investment.

• *Multiple Bathrooms: Additional bathrooms can be desirable, especially in a larger property.
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• *Updated Appliances: New or recently updated appliances, such as kitchen or other major appliances, can appeal to renters. For larger properties, multiple fridges can be an added bonus.
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• *Central Air Conditioning or Provided Window A/C Units: Most tenants appreciate some sort of air conditioning system.
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• *In-Unit Washer & Dryer: Many renters highly desire easy access to laundry.
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• *Provided Parking: Tenants with vehicles value having easy access to a parking space.
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• *Fenced-In Yard: A property with a fenced-in yard may be appealing to families or people with dogs.
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• Garage, Shed or Storage Space: Extra storage space appeals to renters.
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• Outdoor Space or Patio: An outdoor area can be an extra selling factor to tenants.
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• Hardwood or Vinyl Plank Flooring: Avoiding carpet can keep the property in good condition in the long term and can make it feel cleaner to tenants.
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• Larger Living Areas: Spacious common spaces or areas that may operate as multi-functional spaces, such as an office, spare bedroom, or a finished basement.
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• Community Amenities: Such as a community pool or fitness center can be of interest to tenants.
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• Included Dishwasher or Garbage Disposal: Not everyone likes to wash dishes by hand, so having a dishwasher is a great perk.
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• Clean & Empty Space: Renters expect a clean and empty property, as they have their own furniture and belongings.

Our timeline in preparing a property for leasing. The timeline can vary based on whether the property is already leased or if it’s a first-time rental property.

1. Initial Call & Property Visit‍

After our initial call, we may schedule an in-person visit to confirm that we best suit your needs. Our team is happy to discuss your property needs, rent estimate, goals, and timeline.
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2. Sign the Management Agreement & Onboarding Forms

‍Upon signing the management agreement, we will send you digital forms to input your property information into our online portal.
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3. Apply for a Certificate of Occupancy & Onboarding Walkthrough

‍If the property is a first-time rental, we will apply for the COO. We will also walk through the property to collect and input the property data into our database. We may also determine onboarding maintenance repairs.
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4. Initial City Rental Inspection

‍(Four to Six Weeks)The City schedules the initial inspection per their timeline. The results of the inspection determine the leasing timeline. If the punch list requires trade permits, this may extend the timeline. Our maintenance team can promptly handle a minor punch list.
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5. Complete Inspection Repairs & Onboarding Maintenance

‍The City allows 60 days to complete inspection repairs. If we determine additional maintenance repairs, we aim to finalize those as quickly as possible.
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6. Prepare & Market the Property for Leasing

‍We will clean the entire property, record a virtual tour, and take photos for marketing. Our leasing team will list the property, which syndicates to the major listing websites.
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7. Respond to Leasing Inquiries & Manage Showings

‍Our leasing team will respond to prospective tenant leads through our lead management software, show the property, and manage applications.
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8. Review Applications & Sign Lease Agreement

‍We have a thorough and well-established process to vet prospective tenants. Once we find great tenants, we digitally sign and secure a lease agreement.
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9. Prepare Property for Move-In

‍(Two weeks)

Depending on the condition, we may need to finalize maintenance repairs and cleaning. We also thoroughly document the condition through our inspection app, including detailed photos, prior to the tenant’s move-in.
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10. New Tenant Move-In

‍Our automated system sends the tenant their move-in information. We collect rent payments once the tenant moves in through our online portal. Moving forward, we manage routine maintenance needs via our online ticket system.