When either of us are talking with someone and the conversation shifts to the fact that we own rental properties, there’s always the assumption: “It must be a huge pain to deal with maintenance issues!” or “I bet you’ve had some nightmare tenants!”. But in reality that hasn’t at all been our experience even though there are horror stories and personal anecdotes out there. We want potential investors to know that there are steps you can take to ensure that you’ll have a positive experience investing in real estate and managing properties, while simultaneously making money every month and building wealth. We even discuss property managers and when hiring one could make sense. If you’ve thought that you’ll never own rental properties because they sound like too much work, then this episode is for you!
Additional links from this episode:
- Neighbor.com – At the beginning of this episode we talked about the new app that is like the Airbnb for self storage. If you have a spare room, basement, or empty driveway that you’re interested in using to make money, then list your space for free.
- Background & credit checks – we use TransUnion’s SmartMove, but also look into Cozy.
- Laws & regulations – It’s important to know your local state laws ad how they govern landlord and tenants, Landlordology has a great state by state resource.
- Software – if you have a number of rental properties, then Cozy and RentRedi are both great platforms to stay organized.
- And if it looks like paying a property manager is in your future, then be sure to vet them well via a site like AllPropertyManagement.com
During this episode we enjoyed a POG Basement IPA by Scofflaw Brewing! And as we’ve ramped up the podcast with an additional Friday episode every week, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!
Best friends out!
Hey, I was wondering if you’d ever identified where and how you made your rental applications, along with what should be in it. I am revamping mine as I’ve recently been burned… twice! Any info or resources would be appreciated!
Hey Kirby, I’m sorry to hear that! Depending on what state you live in, a lot of different realtor associations will have some good options, but they’re all pretty standard and include the same info: rental info including term/rents/dates, applicant personal info, employment history, and tenant history. I’ve found that the best thing that is an indicator as to whether or not they will be a good tenant, is to call previous landlords and ask them if they paid on time, and if they would rent to them again.