Listen On:
So, the one thing that everyone needs to realize is that how we own and operate OUR rental property business may differ from YOUR way of doing things. I know, crazy, right?
The thing is that the kind of rental that you prefer, be it single family home or large multifamily complexes and the location of those, be it out of state or right in your backyard, and the condition of those, be it run down with a ton of added value or with everything in place so all you have to do is step in and run it…all makes a huge difference on what your expenses will be.
HOWEVER, there are a bunch of expenses that some landlords, us included, might forget to consider when evaluating a new property or maybe even when making a change to an existing one.
Those hidden expenses are what this episode is all about. Give it a listen to learn what you might have to prepare for.
LINKS
👉 Episode 20: Part 1: The Nuts and Bolts of Residential Rental Property Insurance
👉 Episode 21: Rental Property Insurance Part 2, Interview with Ryan Bravo
👉 Episode 28: The Cash Reserves Blueprint: Protecting & Expanding Your Portfolio
👉 Episode 39: 50+ Must Ask Questions When Hiring a Property Manager, Part 1
👉 Episode 40: 50+ Must Ask Questions When Hiring a Property Manager, Part 2
👉 Purchase our 14-page Property Management Questionnaire to use when interviewing or vetting a new property manager.
👉 Your Landlord Resource: All of our Free Downloads (Email Templates, Guides, PDF’s)
👉 NOLO Legal Forms: Make your business an LLC
Structuring your business as an LLC can bring important advantages: It lets you limit your personal liability for business debts and simplify your taxes. Here, you’ll find the key legal forms you need to create a single-member or multi-member LLC in your state, including:
• LLC articles of organization
• operating agreement for member-managed LLC
• operating agreement for manager-managed LLC
• LLC reservation of name letter, and
• minutes of meeting form.
Form Your Own Limited Liability Company has easy-to-understand instructions, including how to create an operating agreement that covers how profits and losses are divided and major business decisions are made. You’ll also learn how to choose a unique LLC name that meets state legal requirements and how to take care of ongoing legal and tax paperwork.
Launch Your LLC Today!
👉 Wool Dryer Balls (Tenant Gift)
👉 PDF for the cardstock note we left with the dryer ball gift.
👉 Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
👉 Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram
👉 Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
*This post contains affiliate links. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support.
Listen On:
On this episode of the Your Landlord Resource podcast, we are interviewing Sarah King an investor and self-managing landlord.
She’s here to motivate and inspire you with her stories of triumph as well as hard times and how she nearly lost everything but did not let that setback hinder her goal of owning multiple rental properties.
Sarah also discusses that at some point or another, everyone will deal with some sort of problem in their rental property that is caused by water. Whether it be a water leak, or old pipes, clogged pipes, frozen pipes, or pipes installed incorrectly, you will find yourself scratching your head about issues with water and water damage.
Sarah has rebuilt her portfolio to include short term, midterm, and long-term rentals along with a few flips here and there. She has built a great team to support her directly with her rentals as well as developed a network of friends to keep her motivated through all the good and bad that owning and operating rentals throws at you.
We could not be more excited about interviewing Sarah to hear all about her landlording journey!
LINKS
👉 Episode 14: The Importance of a Rental Property Maintenance Team
👉 Episode 15: Developing Your Office Operations and Business Team
👉 Sarah’s book recommendation: The Simple Path to Wealth
👉 Follow Sarah on Instagram
👉 Sign up for Sarah’s Equity Partnership and Private Money Interest List
👉 FREE Download! Sarah’s Private Money Lender Pitch Deck
👉 Sarah loves Bigger Pockets! Sign up for a FREE account
👉 Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
👉 Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram
👉 Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
*This post contains affiliate links. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support.
Listen On:
So, way back we did an episode discussing the pros and cons of whether holding your rental property in an LLC is right for you or not. Well, we had a lot of requests asking us to talk about the actual process of transferring your rental property into an LLC and now here we are discussing it.
It may seem like a very cut and dry concept, and for the most part it is, but there is quite a bit to know about the process before you take the steps to make that transfer.
Things like, will your mortgage lender allow it? What if my rental was purchased with a 1031 exchange that was titled in my personal name? What forms do we need to use? Or how will the process affect getting loans on future properties?
We are using personal stories of our transfers to help you get a clear understanding of why we did or did not choose to transfer our rentals to an LLC. Plus, we tried our best to keep it as simple as possible so you can have a clear understanding of what transferring your real estate investments into an LLC entails.
LINKS
👉 Episode 16: Is Holding Your Rental In An LLC Right For You?
👉 NOLO Legal Forms: Make your business an LLC
Structuring your business as an LLC can bring important advantages: It lets you limit your personal liability for business debts and simplify your taxes. Here, you’ll find the key legal forms you need to create a single-member or multi-member LLC in your state, including:
• LLC articles of organization
• operating agreement for member-managed LLC
• operating agreement for manager-managed LLC
• LLC reservation of name letter, and
• minutes of meeting form.
Form Your Own Limited Liability Company has easy-to-understand instructions, including how to create an operating agreement that covers how profits and losses are divided and major business decisions are made. You’ll also learn how to choose a unique LLC name that meets state legal requirements and how to take care of ongoing legal and tax paperwork.
Launch Your LLC Today!
👉 Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
👉 Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram
👉 Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
*This post contains affiliate links. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support.
Listen On:
We are diving deep into maintenance this week.
You see, maintenance is not only on your rental property, but it can also be in the office as well.
This week on the podcast we are discussing all things preventative maintenance from inspections, to being proactive and dealing with issues before they become much worse.
Also included in maintenance is maintaining good records and guiding your tenant on how they can help keep your unit in good condition.
It’s all about how best to set yourself as a landlord and your tenants up for success!
LINKS
👉 Periodic Inspection Checklist: Use Code: YLRPOD25 for 25% OFF!
👉 Episode 54: How to Handle Lease Violations Like A Pro
👉 The Fair Housing Institute: Use Code: YLR2024 for 15% off any course.
👉 Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
👉 Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram
👉 Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
*This post contains affiliate links. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support.
Listen On:
Ohhhh, the dreaded lease violation. First your stomach drops because you have something unpleasant to deal with, and then you get kind of angry because you actually have to deal with it and why can’t your tenant just do everything right?
Every single landlord will have to deal with lease violations at some point, there is just no way around it. However, you certainly can lower your chances of them happening with just a few tweaks to your rental property business strategy.
This week on the podcast, we are discussing your lease, inspections, and ways to handle the most common lease violations we encounter.
It’s not so bad once you realize you’ve held the power all along.
LINKS
👉 Episode 32: Our Lease and Addendum Breakdown, A 3-Part Masterclass
👉 Episode 33: Our Lease and Addendum Breakdown Part 2
👉 Episode 34: Our Lease and Addendum Breakdown Part 3
👉 Periodic Inspection Checklist: Use Code: YLRPOD25 for 25% OFF!
✔️State Specific Leases
✔️ 400 Forms to make your landlord-tenant relationship top notch!
✔️ 200 FREE forms for those not ready to purchase.
✔️ 4.8 Rating with over 5000 Reviews!
✔️ Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership.
✔️ YOU CAN BUY LIFETIME FORMS for $399!
USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE ANNUAL or LIFETIME FORMS!
Check out EZ Landlord Forms today!
👉 Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
👉 Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram
👉 Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
*This post contains affiliate links. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support.
Listen On:
This episode is all about rent control and how it affects landlords. Where we get and understand the premise behind rent control, the issues that landlords must deal with while navigating the laws around rent control can be problematic.
There are several states with cities that already have rent control ordinances, and two states with statewide rent control. Not to mention more cities and states considering adding laws or ordinances regarding rent control on the horizon.
For landlords, rent control makes it difficult to keep up with maintenance and repairs. And for tenants, rent control is only helpful if they stay in the same rental for years on end. Because once they move, they’re paying market rates to landlords who are working to recoup lost income from their previous tenant.
Bottom line, rent control has been found that it’s not all cracked up as it appears to be.
Want to know what you should be prepared for in case it comes to the town of your rental property? Lots of good stuff in there for ALL landlords, regardless of whether your rental is in a rent-controlled area or not.
Check out this week’s podcast where we are discussing what it is, who it benefits, the challenges landlords face, and how to work around them.
LINKS
👉 Episode 38: Avoid Evictions with Tenant Buyouts That Work
✔️State Specific Leases
✔️ 400 Forms to make your landlord-tenant relationship top notch!
✔️ 200 FREE forms for those not ready to purchase.
✔️ 4.8 Rating with over 5000 Reviews!
✔️ Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership.
✔️ YOU CAN BUY LIFETIME FORMS for $399!
USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE ANNUAL or LIFETIME FORMS!
Check out EZ Landlord Forms today!
👉 Episode 7: 7 Ways to Increase Profit for Your Rental Property
👉 Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
*This post contains affiliate links. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support.
Listen On:
Accepting physical checks for payment is becoming a thing of the past. Many landlords looking to replace this method without increasing expenses have considered using cash apps such as Zelle, Venmo, or Paypal. However, where these apps make receiving rent very cost effective and convenient, they are risky.
In this episode we are discussing these risks and why landlords should NOT accept cash apps for rent payments.
Of course, we do advise you on what the better options are for you to operate a secure, professional rental property business.
LINKS*
👉 Rent Reporters: According to TransUnion, 70% of tenants are more likely to pay rent on time if their payments are being reported to the credit bureaus.
👉QuickBooks Online Accounting Software We use QuickBooks daily in our rental property business!
It’s used to invoice tenants for their rent, track expenses by property and unit number, and our tax advisor can log on anytime to get information he needs for processing taxes or analyzing our data for goal setting meetings!
QuickBooks is the #1 accounting software for small businesses, so take advantage of 30% off your first 6 months of QuickBooks Online using our exclusive Business Affiliate link.
👉 TurboTenant: Is a great option for landlords with just a few doors or for those who may be new to using rental property software.
For the most part, TurboTenant’s software is free to use so they are perfect for landlords on a tight budget.
👉 DoorLoop: Founded by property managers and landlords who wanted to save time, make more money, and grow their portfolio’s.
DoorLoop is perfect for landlords just starting out or fully established with hundreds of units. Basically, any kind of rental property, by owner or property manager, for properties located worldwide.
👉 Hemlane The software that is built to grow with your needs as a landlord.
For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on.
It gets better! If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.
👉 Avail: A great alternative when searching for a rental property management software. Use this link to receive a $50 credit towards your fees!
👉 BiggerPockets: Pro members get the use of RentRedi landlords software for FREE.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
*This post contains affiliate links. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support.
Listen On:
You know the phrase happy wife, happy life? Well, we couldn’t think of something snappy like that, but the same concept rings true for landlords and tenants. Keep your tenants happy and your experience as a landlord will be much easier and enjoyable. The long and short of it is, tenant goodwill enhances property management.
This podcast episode is all about concepts and things you can do to enhance your tenants experience while living in your rental property.
We discuss communication, maintenance, gifts, upgrades, offering amenities, and technology.
You’d be amazed at what implementing tenant goodwill and just a few of these concepts can do to boost the landlord-tenant relationship and contribute to successful property management!
LINKS:
👉 Heatwave email: This is the email we send to our tenants at the beginning of the summer to supply them with tips on handling hot weather and heat waves.
👉 Hemlane a software that is built to grow with your needs as a landlord.
For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on.
It gets better! If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.
👉 TurboTenant: A great option for landlords. Perfect for those with just a few doors or for those who may be new to using rental property software.
👉 DoorLoop has easy rent collection, top tier organization and support, and scalable portfolio growth.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
Listen On:
The process of vetting a prospective tenant is likely one of the most important tasks a landlord has. But learning the art of analyzing credit reports is a huge component of that process.
Think about it. The person you place to live in your unit needs to have personal and financial characteristics that meet your rental criteria.
For us that means they need to have two positive referrals from previous landlords, a credit score of 725 or above, and net income that is at least 2.5 times the rental amount. But that’s just our qualifiers.
Because income is such an important part of the investigation process for this prospective tenant, we spend a lot of time looking at their credit report.
Sure, it’s likely that if they have our required score they will qualify, but we look deeper into the report to look at debt and if after paying that debt, will they have enough money to still pay rent to us?
In this episode we discuss what we look for when analyzing credit reports. We explain how and why it’s a whole lot more than that one little FICO score.
LINKS
👉 Rent Reporters: According to TransUnion, 70% of tenants are more likely to pay rent on time if their payments are being reported to the credit bureaus.
👉 TenantAlert: They provide the ONLY instant tenant screening service with LeaseGuarantee. The credit screening company with options AND guarantees.
👉 Tenant Alert PDF: Description of all services.
👉 TurboTenant: Is a great option for landlords. Perfect for those with just a few doors or for those who may be new to using rental property software.
For the most part, TurboTenant’s software is free to use so they are perfect for landlords on a tight budget.
👉 FTC Tips for Landlords: Using Consumer Reports, What Landlords Need to Know.
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
Listen On:
Retirement is a subject that used to be synonymous with Medicare, but those days are long gone. As we are close to retirement (in age and financial position), we thought you would like to know the things we considered and implemented to help you when crafting your rental property retirement plan.
Now, we hear of people retiring in their early 50’s, 40’s, and even some are really tightening their financial belt and retiring in their 30’s. Where this takes focus and dedication, there is something we can all learn from the methodology these early retirees use.
In this episode, we are discussing:
- The concept of FIRE (Financial Independence, Retire Early) and the variety of ways to achieve it.
- Things to consider before retiring.
- Budgeting for your retirement.
- How much rental property income is needed to retire.
- What to invest in if you haven’t bought a property yet.
We do our best to roll through all this information concisely but check out the links below for additional resources to help when crafting your rental property retirement plan.
LINKS:
👉 Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence.
👉 Podcast Episode 45: Basic Tax Strategies
👉 Podcast Episode 46: Advanced Tax Strategies
👉 Microsoft Excel: Microsoft for Small Business ($6/mo)
👉 YNAB(You Need A Budget): Simplify spending and saving, once and for all. Organize your finances (and your life!) with a free trial of YNAB.
👉 Retire Early with Real Estate by Chad Carson
👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!
On Apple Podcast or ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.
On Spotify, please click the 5.0⭐ on our the front page of our podcast page.
👉 Join our Private Facebook Group! A space to ask questions and network with other DIY landlords.
👉 Follow us on Instagram, Like us on Facebook
👉 Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
Check out samples of our newsletter👇 If you love it, you can subscribe from there!
