Lesson 2 - Rent Rolls, Leases, & Liabilities

I once walked a duplex that looked okay…Then I saw the rent roll. Both tenants were paying $650 when market was $1,100.
One more thing, the leases were Month-to-Month. That single insight added $10,800/yr in EXTRA cashflow once I owned the property and adjusted to market rents.

THE 4 DOCUMENTS THAT TURN GOOD DEALS INTO HOME-RUN DEALS

After your tour, send this exact email the same day (copy-paste it):

BONUS: Request Email

“Loved the tour, can you send me:

1. Rent roll + last 12 months payment history

2. Current leases (and note any month-to-month)

3. Last 12 months of all utility bills

4. Current property tax bill + insurance declaration page
   Thanks!”

Here’s what you’re hunting for:

• Rent Roll + Payment History
  Red flag → late payments, big gaps
  Gold → tenants paying way below market = instant raise money

• Current Leases
  Gold → month-to-month or expiring soon = raise rents Day 1
  Watch → long-term leases locked at $600 when market is $1,200

• Utility Bills (12 months)
  Confirms who actually pays what (many sellers lie)
  Gold → tenants pay everything = higher NOI

• Tax Bill + Insurance
  Plug exact numbers into calculator (not estimates)
  Red flag → huge tax increase coming or uninsurable property

My real duplex example

• Rent roll showed one tenant month-to-month, one lease ending next month

• Raised from $650 → $1,100 each side

• $10,800/yr in EXTRA cashflow

• +$30,000 instant equity

One student found a tenant paying $400 on a $1,050 unit → Instant win

The most important step most people skip

Once you get these docs, immediately plug the real numbers into the Master Rental Calculator.

Replace every estimate (taxes, insurance, utilities) with the actual bills.

I’ve seen deals that looked like 60% ROI drop to 8% the second real taxes, insurance, and landlord-paid utilities hit the spreadsheet.

If the numbers still work after the truth comes in — you’ve got a winner.

ACTION #2 — DO THIS THE SAME DAY YOU TOUR

• Send the 4-document email above (takes 30 seconds)

• Plug the real numbers into your Master Rental Calculator → Deal Analyzer tab

One email can add $10k–$50k to your net worth or save you from an unwanted nightmare.

Next lesson: Follow Through — how to make sure you win.

See you in Lesson 3!