Tue, 28 October 2014
Moving up to a new home, and turning your old home into a rental can be a great way to get started owning rental properties. That is exactly how Chris Colgan got his start owning rental properties.
Tue, 21 October 2014
How to pick the right tenants, to minimize evictions. Skip and Mary Saylor talk about the lessons they have learned from 40 years of owning rental properties. They have rented a lot of properties, to a lot of different people over the years, but they have had very few evictions. On this episode they reveal, in detail, exactly how they screen tenants
Rental Criteria (they show this to tenants before taking application fee)
Favorite Real Estate Book:
Landlording by Lee Robinson
Tue, 14 October 2014
How to manager 20 properties on the side without a property manager. Sheila Konecke's main business is flipping houses. She flips about 3 houses a month. But, she manages to find time to manage 20 rentals on the side without a property manager. This episode will show you how she does it.
Keys To Sheila's Success:
Sheila has had luck selling rentals to tenants, by telling tenants if they are interested in buying the house to let her know if they want to buy and she will give them a price
Sheila is fair to her renters. They see this, and they don't want to leave her
Checks Credit - But, she warns credit doesn't really predict how the person will be as a renter
The 3 Things Sheila Wants In A Tenant:
It's hard to find all 3 things in a tenant. She warns you are lucky to get 2 out of the 3
Budget To Fix Up Property Between Tenants:
Favorite Real Estate Books:
Tue, 7 October 2014
It is possible to own rental properties in a different city than you live in, and not have a property manager. Tim Hennessey is proof of that. Tim owns 7 rental properties. He owns 4 in Florida, and 3 in Illinois (where he lives). He manages the Florida properties from Illinois and he does it all without a property manager.
They Keys To Managing A Property From Out Of Town:
1.) Make it easy for tenants to make their rental payments. (Tim gives them addressed, and stamped envelopes with deposit slips, so the tenants can mail the rent checks directly to his bank)
2.) Build a network of contractors that you trust that can deal with repair issues
3.) Be careful to pick long term renters to reduce turnover
4.) Schedule a time to visit the properties, and schedule a fairly intense schedule of showings to try to rent it yourself. If it can't be rented before he leaves town, he hires a local Realtor to rent it out.
5.) Buy houses in nicer areas
6.) Take care of tenants....If carpet is worn, replace it. If the house needs to be painted, paint it.
7.) Try to sign multiple year leases
8.) Raise the rent on a regular basis. Not a lot. Use 3% a year.
9.) It's better to take less money and get a higher quality tenant, than to get more money, and a lower quality tenant.
Tim's Criteria To Find Long-Term Tenants:
1.) Decent credit history
2.) Good prior rental history
3.) Decent job and income
Favorite Real Estate Book:
Rich Dad Poor Dad by Robert Kiyosaki
Buy properties right. What you make on a property is determined by what you pay for it.