Page 156 - Trump University Commercial Real Estate 101

TRUMP UNIVERSITY COMMERCIAL REAL ESTATE 101

may be way ahead of you on this, but just make sure it got done. You ’ re
the manager of the management company.
You should have created your own budget for running the prop-
erty. Your marketing plan will detail the steps to take in order to fi ll
any vacant units, keep the desirable tenants, and eventually replace the
others. You ’ ll know the type and frequency of reports to expect from
your management company
Get an up - to - date list of employees, including their salaries and
responsibilities. Have a new, local bank account already set up for the
property operating account, which will be used to pay vendors and
other regular expenses.
On the day of takeover, you should also be working with your
management company to have:

• Current rent schedule
• Security deposit report
• Pre - paid item report

• Confirmation of rent delinquencies
• Copies of any pending litigation

Discuss any changes in staff hours, and make sure the rent roll and
budget are already input into the reporting system.
Make sure the manager contacts all tenants, delivering take - over
letters so that they know the building has been sold, and to whom they
should make out future lease checks.
Change the office locks and make sure the answering machine

offers a brand - new message.
If you ensure that all this happens, you ’ ll be running this new
investment like a real pro.

In the Next Chapter

By this point in the book, I want you to have a pretty clear picture of
the entire process, beginning from where you are right now, all the
way to owning a commercial property.
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