Don’t forget to remember your expenses

Don’t forget to remember your expenses

  Every industry has expenses associated with the cost of doing business. In real estate, however, those cost may not be as apparent, especially for new and aspiring investors. I know this because I got to explain some of those expenses to two different investors involved in two different deals this week.   I would like to talk you through both scenarios so you’ll be better prepared to account for…

The smartphone: an important investor tool

The smartphone: an important investor tool

  I went to pull my iPhone out of my pocket at a house the other day. My phone tumbled out of my fingers and began to topple toward the floor. I have pretty good reflexes, though, so I brought my right foot up and caught the phone in the same manner one would stall a soccer ball or hacky sack.   That particular action may sound odd for this…

Public service announcement

Public service announcement

  I had an interesting time with contractors last week. We have five rehabs going right now, which means we are dealing with lots of contractors and many different schedules. And last week’ workflow was, well, inefficient at best.   I had one contractor go MIA. I chose that term because we didn’t know he was gone. He normally goes out, works and sends us his invoice when he is…

Why landlords need good tenants

Why landlords need good tenants

  I’m a firm believer in the idea that rental property is an essential part of attaining financial freedom. It’s different from any other capital asset you can purchase. I mean think about it: for what other asset can you get a loan for the purchase price? I’m not aware of any bank loans for stocks. But I do know a lot of programs geared toward obtaining mortgages.   Having…

Why master leasing to an investor was good for a military service member

Why master leasing to an investor was good for a military service member

  I recently sat down with a property owner who was about to become a landlord unexpectedly. You’d be surprised how often this happens. Their scenarios range from inheriting property to going through a divorce or even just experiencing a job transfer. This particular owner falls into the last category. He’s being deployed overseas and received about a months’ notice.   Like I said — unexpected landlord.   Before I…

The key to getting great tenants

The key to getting great tenants

I did something a little gutsy this week. I decided to do a Facebook live video were I walked the viewers through a house we had just gotten back from some vacating tenants. What made this move gutsy was the fact that I had no idea what the condition of the property would be. I just turned the camera on, unlocked the door and began filming.   The house was…

How to get a quality tenant

How to get a quality tenant

  I’m often asked how I’ve learned to successfully manage rental property. You see, every landlord takes a course in property management, either via the school of hard knocks, or from a good teacher.   I was blessed to learn my property management system from two great teachers, Bill Cook and David Tilney. And because of their philosophies and strategies, we have a track record of getting great tenants who…

The Proctor Doctor

The Proctor Doctor

  I’m a firm believer in chiropractors, and I’ve been going to them since I was 5 years old. During that time, I have witnessed them do some remarkable things. I’ve seen them break fevers, stop vertigo, heal migraines and much more.   One of the biggest of these things happened to me in Calhoun with Doctor Max Proctor. When I was 16, I was diagnosed with tendonitis in my…

Why master leasing makes sense

Why master leasing makes sense

  Last week I talked about how repairs on rental property you own can kill your cashflow. So far this year, our rental repairs have consisted of three field lines, one roof, lots of AC calls, a water heater, a water main and a big subfloor repair. All these amounted to about $30,000 in out-of-pocket expense.   Think about that number for a second. If you had $30,000 in repairs,…

A tale of two rentals

A tale of two rentals

    Many people make the claim that owning rental property is the best way to get out of the rat race and achieve long-term financial success. I happen to be a proponent of rental property. That being said, I’d like to challenge the above statement and see if it’s completely true. I will do that with a tale of two rentals; both scenarios took place last weekend.   It…