Hiring Contractors, handling Maintenance issues and dealing with City Inspections are a reality of owning residential rental property. The level of efficiency and quality employed in handling these issues can either add huge value or create huge problems for your investment properties. It can be helpful to understand the best practices employed by the professionals in our industry to make sure we're following the rules and not wasting money.
That's why today's conversation is a must listen for anyone who owns or is thinking of owning Rental Property. We are going to break down the process of taking proper care of your investment property. We're going to discuss the logistics of scheduling repairs with your tenants, managing expectations of owners and residents, finding and hiring the best vendors and contractors, and handling city inspections.
Having this conversation with me today are two experts in their field: Amanda Szabo is a general manager at LeaseGR, a West Michigan Property Management Company that has been in business for over 15 years. Tom Harrold is the manager of Rental Property Maintenance (RPM), a West Michigan company that handles maintenance, repairs, and rehabs for landlords and property managers in the Grand Rapids area.
This is a great nuts & bolts episode for understanding the best ways to take care of your rental property investments. You can reach Amanda and Tom in the following ways:
Amanda Szabo, General Manager at LeaseGR
Tom Harrold, Manager @ Rental Property Maintenance (RPM)
Joseph Gozlan is a Multifamily Investment Specialist with a portfolio of over 500 units in strong secondary markets in Texas. He's also a former lieutenant in the Israeli Defense Force and has over 17 years of leadership experiences in the software industry, which helped him sharpen his business and analytical skills as well as his "big picture" perspective.
Joseph is also a fascinating guy with a lot of great real estate wisdom to share. In today's conversation Joseph takes us through his thought process comparing multifamily investing to other types of investing, and how this helped him go from zero to 500 units in less than three years.
We also discuss the massive generational shift in demographics that is having an enormous impact on rental housing, Joseph's three rules of investing that will see him through good and bad economic cycles, and how he's in the process of changing out his management team.
Joseph also makes it clear that Multifamily investing is not as easy as some might say. It takes a lot of work and perseverance, and Joseph discusses the many challenges that he's had to face.
I know you're going to enjoy this highly enlightening conversation. Joseph is also a broker and uses his 360 degree perspective of multifamily investing and ownership to help his buyers and sellers. You can learn more about Joseph through his brokerage website and his acquisition website:
Last year we saw the passage of the Trump Administration's Tax Cuts and Jobs Act which created opportunities for investors and small business owners to lower the amount of taxes owed. However, there were still some outstanding questions that needed to be answered.
Luckily we have Duane Culver back on the show today to shed some light on those lingering questions and how they apply to your 2018 tax preparation. Duane is a CPA and President of Culver CPA Group. Today he'll give us the low-down on the following topics:
Qualified Business Income Deduction (QBID) and how it relates to your rental income.
Do you still have to pay the Affordable Care Act Health Insurance Penalty?
Reminder on the larger Standard Deduction you're able to take.
Change in how you can deduct charitable contributions.
What you need to know about Opportunity Zones.
If you're about to sit down & do your own taxes, or you have a professional prepare them, it pays to learn as much as possible about tax rules & how they apply to real estate investing. The more you understand, the more you'll be able to use tax law to your advantage, avoid mistakes, and prevent IRS audits. You can also go back and listen to last years tax conversation with Duane, Ep#112, where we discuss the Tax Cuts and Jobs Act in more detail.
Duane can be contacted by email, his website, or phone:
Enjoy the show, and please take a moment to go to itunes to subscribe, rate & review.
My guest today started investing in Real Estate by buying and selling over 100 single family homes before transitioning into multifamily. Within 3 years he went from owning zero to 300 units across the country!
Sterling White is an investor and business owner on a mission to make the world a better place through principled and efficient real estate investment. He's also helped other investors raise money for their deals and attract private money through a software platform he co-developed called "Syndication Pro".
Today Sterling and I discuss how he was able to grow his portfolio so quickly, and the differences he sees between fixing & flipping and owning multifamily. Sterling also has some great stories on the methods he uses to build rapport with sellers and investors, and how a 'thank-you' card helped him beat out multiple higher offers.
Sterling will also share why he avoids brokers and prefers to find off-market deals. We'll also talk about syndication and why he helped design and build an on-line investor portal to make the process more efficient and profitable.
Sterling shares a lot of great knowledge in this conversation that will be helpful to anyone looking to find off-market deals or raise money from investors. You can contact Sterling through email or his website:
In this quick update, Jeremy Cole and I share an important announcement about two events you don't want to miss:
First off, today (Thursday, February 21, 2019) is the first day of the RPOA's Annual FREE Conference & Expo, and there will be a special Q&A session tonight at 6pm with the stars of HGTV/DIY's hit show 'Gritty to Pretty'. Arrive early for the 5:30 happy hour and chance to meet Jeremy and Ramon Huerta live!
You will also have the opportunity to watch their show this Saturday, February 23rd at 8pm when it airs on the DIY Network. Your action item for the day is to set your DVR to record, or watch it live, because the more people who check out this episode, the better the show's chance of getting to the next level at HGTV.
For more information about the conference, and to register for FREE, go to www.rpoaonline.org
We'll see you there!
Sue Nelson has constructed almost every type of creative real estate deal: commercial short sales, loan modifications, options, master leases, JV agreements, and note buys. You name it, she's done it! That's why I actually joined Sue's coaching group several years back - I knew that I could learn from her experiences to help get me to the next level as a real estate investor.
And today Sue is going to talk about the different ways she's invested in Multi-Family and Apartment Real Estate. We'll discuss how she structures her deals with sellers and investors, how she knows whether or not she's investing in a good area, what you must remember when working with a broker, and what it takes to become a transaction engineer.
Sue will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
Sue will be speaking on Friday and Saturday about investing in Commercial and Multi-Family with REO's and Notes. I can tell you from personal experience that you do not want to miss this incredible opportunity to learn from Sue. She is a master of the creative real estate deal!
You've heard us talk about it, and you've listened to the episodes with our featured speakers from all over the country. Now its time for you to make the commitment to be there at the "Michigan Landlord & Real Estate Investor FREE Conference & Expo of 2019", happening February 21, 22, & 23 right here in Grand Rapids, Michigan.
In this special episode, Clay Powell and I discuss all of the fantastic featured speakers, breakout sessions, and opportunities for networking with other like-minded investors and vendors. This is an event you don't want to miss!
Go to rpoaonline.org to register for FREE, and we'll look forward to seeing you there!
37 years ago, Jeffrey Taylor and his wife became accidental landlords. But they had no way of knowing that long ago, that the mistakes they were making and the challenges they were facing, would someday go on to inspire tens-of-thousands of real estate investors and landlords across the country.
Today you will find out how Jeffrey Taylor transitioned from being a full-time school teacher into Mr. Landlord, a highly sought-after speaker, trainer and author who has spent the past 34 years teaching landlords how to treat rental property as a business, increase their cash flow, and reduce their headaches along the way.
Jeffrey & I recorded this conversation in 2017 and it originally was released as Episode #57. You'll definitely want to listen to it again, because it includes his non-traditional ideas on how to increase your tenant's satisfaction and create more freedom for you as a rental property owner. Plus, Jeffrey's ideas will make you more money in rental income.
Jeffrey will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
"Mr. Landlord" is one of our most requested, popular, and entertaining featured speakers of all time, and you'll definitely want to listen to this episode and come learn from him live.
Short-Term & Vacation Rentals like Airbnb are getting a lot of interest from investors because of their potential for exponentially increasing your income.
My guest today, Beth Carson, helps investors and vacation rental owners make as much money as possible out of their investment. Beth has been in the hospitality industry for 18 years working with mini-resorts and high-end homes, and has helped investors go from losing millions a year to being profitable in one month.
Beth is a well-known expert on the subject of of Short-Term & Vacation Rentals, and she will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
I know you're going to enjoy today's episode. Short-Term & Vacation Rentals couldn't be a hotter topic right now, and Beth has a lot of great insight into how you can profit in this type of investment.
Today we're going to talk about a real estate asset-class that I love. It's one where you have renters, but they don't live in the property. You quite often don't have to worry about heat or water, and when someone moves out you can sweep their unit clean and move someone else in the very same day.
I'm talking about Self-Storage investing, and my guest today, Scott Meyers, is going to show us how this can be a great way to create massive cash flow without all of the downside associated with residential rental units.
Scott is a well-known expert on the subject of Self-Storage investing, and he will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
This is a great episode for you to get more familiar with an investing strategy that can be very profitable. Even if you're already investing in Self-Storage I know you'll get a lot of great information from this conversation that will take you to the next level.
Many investors are turning to mobile home investing to avoid the crazy competition in the real estate market for rentals and flips—and they’re succeeding! Mobile homes are sometimes the only alternative for those families with less money to spend on rent.
My guest today, Marco Kozlowski, believes that anyone can achieve success in real estate and is betting that mobile home investing is the fastest and best way to achieve that dream in today’s market. Marco shares specific examples of the deals he's done and the systems he's put in place to ensure success.
Marco is a leading expert in mobile home and real estate investing and is the owner of a variety of successful companies in multiple countries.
Marco will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
There's a lot of great information in today's conversation with Marco that I know you're going to enjoy and profit from.
One of the biggest questions real estate investors have is "where can I get More Money to do More deals?". Or, if you're just starting out, how can you find the funds to do your first deal?
My guest today has the answers. Alan Cowgill teaches investors around the world how to find Win-Win situations and attract and convert folks into Private Money Lenders to get all the money you need to get deals done.
Alan will discuss how he first stumbled upon the power of using private money, the types of presentations that attract private money, the mistakes he's seen others make, and the SEC rules that must be followed.
Alan will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
I know you're going to enjoy listening to my conversation with Alan. If you're in need of funds to do more deals then this episode is a "Must-Listen".
Cameron Gaskill didn't start in Real Estate Investing from a place of wealth or privilege. He was struggling to make ends meet and living paycheck to paycheck. When he would tell people he wanted to become a real estate investor they would laugh at him. After disaster struck he decided to follow his dream, and he's since rehabbed and flipped over 800 houses in Florida.
Today Cameron is going to take us through his successful process of rehabbing and flipping, working with contractors, and the systems he's set up to be as efficient as possible. You'll learn what type of home Cameron likes to buy, and what he avoids. We'll also discuss the numbers - what he'll pay and how much he wants to make on each project. Cameron also has advice on how to find the funds to become a successful flipper and rehabber.
Cameron will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
I know you're going to enjoy listening to my conversation with Cameron. He shares a lot of great down-to-earth advice on managing the nuts & bolts of rehabbing and flipping.
My guest today is an experienced buyer of Non-Performing Notes who got his start investing in Multifamily and Syndicating Apartment opportunities. Adam Adams' first deal was an 11-unit apartment complex, and he has bought and sold over 500 units. Currently he's a net-seller.
Adam jumped into buying Non-Performing Notes by buying a pool (multiple notes) for just under $1 Million. We're going to discuss that pool today, and Adam will share how he was able to profit while helping home-owners stay in their homes.
There's a lot of pitfalls and mistakes that you can encounter when purchasing notes, and Adam has some very helpful advice and warnings on what to avoid, as well as the dangers he sees in today's market. We also discuss the unintended consequences of the Dodd Frank Act, and how its impacting people's ability to purchase a home.
Adam has a lot of great wisdom to share, and listening to this episode will help you avoid the Crying Game - which is what happens when you purchase notes the wrong way. Adam is also a pipedrive CRM software expert, and you can watch his tutorials and learn more about his business at his website:
My guest today is a really interesting guy with a lot of great stories to tell. Damion Lupo has a 5th degree black belt in real estate investing, and he's a financial transformation architect. You'll have to listen to this episode to understand what both of those mean. You'll also want to listen and learn how Damion built up a portfolio worth $20 million, and then lost much of it in the Great Recession.
Damion shares many of his crazy stories about losing money, dealing with tenants, and why his investment career can be compared to the tv shows "Breaking Bad" and "Dexter". Damion talks about spending over $1 million on seminars, gurus, and mentors, and what he's gained from those experiences. He explains why he won't do business with anyone in their 20's, and discusses his thoughts on where we are in the current real estate cycle and what might happen during the next recession.
Damion is also an expert on "QRPs", or Qualified Retirement Plans. He'll explain what they are and the power they give investors over their retirement accounts. He'll also compare them to Self Directed IRAs and explain why he believes QRPs are preferable.
I know you're going to enjoy this conversation with Damion. You can download a free copy of his book by going to www.qrpbook.com
You can also visit Damion's website:
James Kandasamy has built an impressive portfolio of Value-Add Multifamily and Apartment Properties in San Antonio Texas. He currently controls over 1,000 units worth $65 Million and oversees the management and construction through his company Achieve Investment Group.
Today James tells us how he did it: why & how he transitioned from purchasing single-family homes through the BRRR strategy to investing in multifamily, how he identified and acquired value-add properties, and how he bypassed the brokers by going to the sellers directly through direct marketing.
James also discusses the thought process he went through before quitting his full-time job. He and his wife didn't just want to replace their income with cash flow, they wanted to 2X or 3X their income.
James is also the author of a soon-to-be released book for passive investors - "Passive Investing in Commercial Real Estate: An Insider's Secret to Financial Independence" which will be available on amazon.com
This is a great episode for anyone willing to think 'bigger' and take their financial destiny into their own hands. You can contact James through his website or email:
Kyle Zimpleman has a really great story to tell about his roller-coaster ride through the Great Recession - how he began investing in single & multifamily properties, why he got rid of them too soon, and the emotions he experienced during the ups and down's of the recessionary market cycle.
Today Kyle is the President & CEO of Expand Capital Group which purchases discounted mortgages throughout the U.S. On this episode Kyle is going to share his stories of the great investments he made in single and multifamily properties, and why he had to let them go during the Great Recession. What you'll find particularly interesting is Kyle's take on the emotions he encountered as he rode the market cycle, from Optimism to Euphoria as the market reached it's height, to Anxiety and Despondence as it crashed to it's lows. Kyle has been through all of it and come out much stronger as a result.
Kyle is also investing in performing and non-performing notes. We discuss the discounts he's finding on these mortgages and the ways he's profiting from them. Kyle explains how discounted mortgages work and shares stories from his conversations with home-owners who he's helped stay in their homes by renegotiating their mortgages.
Kyle has a lot of great experience to share and I know you're going to enjoy hearing his story. You can contact Kyle by email, phone or website:
Powell Chee bought his first Single Family Rental in Kansas City by using his Credit Cards to pay All Cash. His next purchase was a 40-Unit Multi-Family in Indianapolis, and Powell has been asset managing and improving this property while living and working in Los Angeles, California.
Today Powell and I have a fun conversation discussing the process he went through to find, fund, and improve these investments, and the mistakes he's made along the way. Powell will share his thoughts on the importance of using financial analysis software, budgeting enough money for improvements, finding out-of-state properties, and doing it all while working a full-time job.
Powell also hosts one of the largest multifamily meetup groups in Los Angeles - "Out-of-State Multifamily Apartment Investors Meetup" - and he's going to share how building this network has improved his fund-raising capabilities and created new opportunities. We also discuss Powell's daily routines, including the benefits he's enjoyed from doing Hal Elrod's "Miracle Morning".
I know you're going to enjoy this episode. Powell has a lot of interesting experiences & wisdom to share. You can contact Powell through his website or email:
Today we're going to talk about an item that every Rental Property Owner has, but many of us don't think about or understand until something Bad Happens. I'm talking about Your Rental Property Insurance Policy.
There are many ways that you can use Insurance to protect your wealth and property, and there are many ways to make mistakes that will cost you money if and when the time ever comes that you need to make a claim against that insurance policy.
So I've invited my Insurance Broker, Mike Murphy from J.B. Harrison Insurance, to talk about the common mistakes he sees investors making on their insurance coverage and policies. Mike will also share his suggestions on how to make sure you have the proper coverage that will manage your risk, save you money, and add value to your portfolio.
I also want to thank Mike Murphy for being a new sponsor to this show. I've been working with him for five years now, and he's my "go-to" insurance broker for all my residential properties.
You can contact Mike by phone or email:
Quite often real estate investors start out by managing their own properties and once they acquire a certain number of units they decide to hire a Third-Party Professional Property Management Company to looks after their portfolio. My guest today decided to go in the opposite direction.
After working with several property management companies, Ben Blake figured that he could save himself money and headaches by taking control of the property management on his 12-unit portfolio in Grand Rapids, Michigan. Today we talk about how he went about doing that and the improvement in his cashflow as a result.
Ben also shares how one of his celebrity teammates from his College Football days helped him get started in real estate investing, and the influence he had on his early career. Ben also shares some of the early mistakes he made in screening tenants and the problems he encountered because of those mistakes.
If you're going to manage your own properties you need to make sure you have the right team and technology in place. Ben shares how he uses Buildium, Rently, and Quickbooks to keep his business running smoothly. He also shares how he works with his tenants and handles maintenance to control expenses.
I know you're going to enjoy this episode. Ben has a lot of great wisdom and experience to share, as well as tools that can save you time and money. You can contact Ben through email at: email@example.com
Sooner or Later, every one of us will be faced with the challenges of providing safe and comfortable housing for our aging population. Whether you're looking for a housing solution for yourself or a family member, or you're an investor interested in profiting from this need while doing good for others, there is a lot of information you need to know before going down this road.
Gene Guarino is a CFP, Founder of The Residential Assisted Living Academy, and is regarded as an expert in the residential senior housing space. Gene has taught many investors how to profit from Residential Assisted Living while helping others at the same time. Today he's going to share how you can participate as a real estate investor, business owner, or simply a passive investor in this fast growing field.
Gene will also be one of our featured speakers at the RPOA's Annual Michigan Landlord & Real Estate Investor FREE Conference & Expo which is happening in Grand Rapids, Michigan from February 21 through 23, 2019. This is the largest Landlord & Real Estate Investor Conference in the Midwest, and you can register for free at:
I know you're going to enjoy listening to my conversation with Gene. Senior Assisted Housing is a fast growing investment opportunity that is, and will continue to be, very much in demand.
Many Savvy Real Estate Investors are making a lot of money by renting out their property as short term rentals through sites like Airbnb.com. Some are getting 3 to 4 times what they would be making from a long-term rental. But for every investor who's making a killing with their short-term rental, there's another investor who either hasn't gotten started or is losing money because they're doing it wrong.
Today we talk about the nuts & bolts techniques involved in successful short-term rental investing with Frederick Kidd, who has been managing and operating short-term rentals for the past eight years. Frederick owns and operates his own short-term rentals in the West Michigan area and the Chicago metro market. he also provides full-service management of short-term rentals and rental properties through his company, Silver Lakes Property Management, which currently manages short-term rentals for clients located in Benton Harbor, Grand Haven, Spring Lake and Manistee, Michigan.
Frederick is going to share his best practices for managing short-term rentals remotely, finding the right team members, understanding the expenses, getting the 5-star ratings from guests, communicating effectively when problems occur, and the top things you must do to be successful.
When it comes to short-term rentals the details really do make the difference, and Frederick is going to get specific about what thread count his sheets must have, whether or not he leaves condiments in the fridge, where he buys his mattresses, and the top five things you must stock up on to make your guest feel at home.
This episode is a 'must-listen' for anyone interested in making more money from their rental property. Frederick can be contacted through his websites or email:
On the morning of August 6th an associate of mine received an email from me requesting that he wire a vendor payment of $3,470. Because of our relationship, it was not unusual that I would make this request. Luckily, he texted me to ask what the payment was for, and that's when we realized that someone was impersonating me and attempting to commit Cyber Fraud!
In the words of Tom Cronkright, my guest today, Cyber Fraud is "unhinged and has reached an epic level in real estate transactions." This affects everyone who is buying or selling real estate.
Tom is an expert on Cyber Fraud and started a company called CertifID to prevent fraud in the real estate, lending, and title industries. You might also recognize Tom as the CEO of Sun Title, a Title Agency serving the Greater Grand Rapids, Michigan area.
Tom has some Mind-Blowing content to share with us today, including clues to look for that indicate you're being scammed, ways to protect yourself, and Real-Time examples of Fraud that Tom has seen over the past year.
You definitely want to listen to this episode, because its not a matter of 'if', but rather 'when' Cyber Fraud will happen to you!
You can contact Tom by email at: firstname.lastname@example.org
And find out more about CertifID by going to https://certifid.com/
This is one of my All-Time Favorite Episodes, and since Halloween is coming up I wanted to Scare our listeners one more time.
My apologies to "This American Life" - who's format I shamelessly ripped off!...
Get Ready to Get Scared by this Special Halloween Episode with Real Ghost Stories from the perspective of Rental Property Owners, Homeowners, and Tenants.
Whether you believe in Ghosts or not, sometimes strange and inexplicable things happen that make the hairs on the back of your neck stand up. Our guests today talk about the creaking doors, the footsteps, the feeling of being watched, and the sensation of seeing an apparition of someone long dead.
With stories from old and new guests: Ann Finkler, Gary Hall, Steve DeKoster, Brandon Krieg, John Potter, and Sue Dejonge.
I know you'll enjoy this episode and I'd appreciate it if you'd share that enjoyment by giving us a review and rating in itunes.
It was while working this minimum wage job that Matt received advice from an unlikely mentor that would change his life and allow him to retire young. Matt is now an accomplished Real Estate Investor and Mentor with a cash flowing portfolio of over 100 units that have made him financially independent.
Today, you're going to learn what advice Matt's mentor gave him, and how it lead to his first deal where he turned a Single Family Home into a Four-Unit. Matt will also discuss his Wholesaling experiences, the markets he invests in, how he finds good team members and avoids the bad ones, and what he says at REI meetings to attract investors and deals.
Matt discusses many creative ways that investors can use to create passive income and I know they will be of great interest to our listeners. Matt is also the host of the "The Epic Real Estate Podcast" and you can contact him through his website