Title:
E7: Foundations of Profitable Landlords
Summary:
To understand why certain landlords make it and others don't, is to understand what are the foundations and differences between those that make it and those that don't. We will explore the stories of the landlords that make a profit compared to those that don't and explain why.
Recorded:
October 24, 2019
Host:
Kassandra Taggart / David Stohr
Links:
The Landlord's Almanac
Facebook Page
Website
Property Management
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Book: Pain or Profit
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Sponsor:
Real Property Management Last Frontier
Show Notes:
- The Landlord's Almanac Introduction
- Dave Stroh Introduction to the show
- Would you describe yourself as fearless
- How did Kassandra get started?
- The foundation was from things I learned from the farm.
- Kassandra's first rental.
- Facts and research is the foundations to decisions.
- Rentals is a business.
- If you understood business, you understood rentals.
- Being a landlord is like making soup.
- Fear is a big issue.
- What survey says about what their fear.
- Fear makes people make the wrong decisions.
- Fear to overcome - the zeroes.
- Manage their expectations - need to be realistic.
- Buy what you are capable of.
- Even to this day, I bring a lawyer because they are the professionals in court.
- A team is strong then I
- Some are landlords who are accidental or on purpose.
- Be self-aware
- How you treat people, How you behave, will happen
- In stressful times, how you respond defines your character.
- Lack of fundamentals can make a person go astray.
- Example of HighSchool Days
- Example of a guy with 80 units
- At an event and who's who in that room
- Free Advice is Bad Advice
- In landlording, everyone has an opinion.
- Everyone's position and advice will be different.
- What does being vs experience investors realize
- Experienced investors look at it like science, not math.
- 4 Reasons why you make money on rentals
- Experience investors have a strategy planned out
- The long game is the word you use in investing.
- The newbie investor is first to max out the government loans
- Brag doesn't matter, it matters if you made a profit and if it fits the goals
- Profitable investors educate themselves like crazy.
- Why the landlord club is so powerful.
- How does a person join the club
- Is being a landlord the same thing as being a small business owner?
- What's your policy and procedures
- What if they break their lease and they are military
- Do you have a plan?
- The people with a plan can do jump up.
- Those that have a plan are proactive and those that don't are reactionary
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