Tue, 9 December 2014
Managing rental properties doesn't have to be a nightmare. My guest today has set up systems to make managing his rentals really easy.
Jonathan also has a really inspiring story. He wasn't happy at his job, so he quit and got into real estate. He got his real estate license and started selling real estate to generate income, he also quickly started building his rental portfolio. Today he generates $20,000 in passive rental income.
Tue, 2 December 2014
Carl figured out one day how many rentals he would need to own to leave his job, and live off his rental income. On this episode he tells us how he did it, and what he has learned.
Tue, 25 November 2014
Sometimes life changes, and you need to move. This is what happened to Nicole Ratner, she bought a condo that worked great when she was single, but when she got married the condo didn't work so great anymore.
On this episode, Nicole talks about the good luck that she had with having a long-term tenant, and the bad luck she had finding out that the property had toxic mold, after the tenant moved out.
Favorite Real Estate Book:
Tue, 18 November 2014
Q&A show. I ask listener questions to Steve Elliff, a successful rental property owner.
Tue, 11 November 2014
It is possible to buy houses for as little as $400, just ask David Sexauer He got his start buying properties from The Surplus list, where properties are sold for as little as $1. His first batch of homes he paid $400 for each one. Most of there properties are in rough neighborhoods, and in very poor condition. But, David is able to fix these houses up, for $10,000 or less and make a big social impact in neighborhoods by providing affordable housing.
Key To Dealing With Tenants:
David has had a lot of problems with tenants, and with bad things happening to his properties. He overcame this by working with local people that have a personal connection with the tenants and the community. This is a real win-win. It provides jobs in the neighborhood for the managers, good low-income for the residents, and less hassle for the owner.
What David Looks For In A Good Deal:
How much cash he has available?
What is the interest rate?
What is the return?
He looks for a 2% monthly return (Pays $50,000 expects to make $1,000 a month)
Favorite Real Estate or Business Book:
E-Myth by Michael Gerber
Advice For New Landlords:
Stay engaged. Know wh
Tue, 4 November 2014
Every real estate investing story doesn't have a good ending. Jim Adams is proof of that. Jim built an empire overnight. He found an estate sale that included 70 rentals for his first purchase. He than purchased another 30 properties on his own.
In a short period of time, he built an empire of 100 houses, and had a staff of 20 people. When the market crashed, Jim lost all of his rentals, plus his personal house, and his cars.
A lot of people would find it difficult to move on after a loss this big. But, not Jim Adams! Today, Jim has re-built his life and is doing great. On this episode, Jim shares what he would do differently today, and shares how he has moved on with his life.
What he would do differently:
He would buy houses subject to
Favorite Real Estate Book
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.