Today Justin Williams talks about how he owns 10 rental units, and is not involved at all.  He hasn’t even seen some of the properties.  He also talks about how he has his house flipping set up to flip 120 houses a week, with him only working 5 hours a week.

He was motivated to set up systems for his business after reading:

The Four Hour Work Week by Tim Ferris
E-Myth Revisited by Michale Gerber
Built To Sell by John Warrillow

Some of the keys to his success are:

* His people know that they can’t come to him with a problem, without also having a solution
* Having systems for everything
* Having a property manager
* Hiring somebody that is better at doing stuff than he is, and letting them do it

The numbers Justin is looking for in a good deal:

Justin looks to buy at low points at the marketHas to have cash flow.  (Atleast 1.5X cash flow)..Example.  If he buys a house for $100,000 (including cost of house and repairs), he wants it to rent for $1,500 a month

Make sure you take repairs and vacancy into account when figuring out your budget

Contact Justin:

House Flipping HQ
Fail Fast Flipping
info@HouseFlippingHQ.com

Today we talk to Patti Robertson, Patti talks about how she owns and manages 43 of her own properties and manages over 100 properties for other people with her property management company

Staff Of Property Management Company:
Property Manager (FT)
Bookkeeper (PT - Almost FT)
Receptionist (PT)
Maintenance Supervisor (FT)

Maintenance Worker (FT)

Resources Mentioned On The Show:
PropertyWare - Manage Properties and syndicates listings to over 100 rental sites
GoSection8.com
Craigslist.com
National Tenant Network - Tenant Screenings
Mr. Landlord.com

Great Landlord Tip:
Don't use flat paint.  You can't wash off dirt.  Use egg shell or semi-gloss paint

Turning a primary residence into a rental is what Jack did.  Today he tells the stpry of how his family grew out of their house, and he turned it into a rental, instead of selling it.  Jack is making a small profit each month, and building wealth by having his tenant pay down his mortgage

How Jack finds tenants:
Craigslist

Credit Check Resources:
https://connect.experian.com/tenant-screening/landlord-credit-check.html
https://www.tenantbackgroundsearch.com
https://www.tenantverification.com
https://www.mysmartmove.com/
http://www.mrlandlord.com/html/creditfaq.html

Language in Leases For Pets:
"Tenant to de-tick and de-flea upon moving out"

Favorite Real Estate Book:
Rich Dad Poor Dad by Robert Kiyosaki

Resource For Contracts:
Nolo.com

This is an intro to The Rental Income Podcast.

http://www.RentalIncomePodcast.com