All Forum Posts by: Rene G.

Hey Viktor,

Are you just getting started? 

I made a video on this... I finished a deep dive into landlord mindsets. For example:

Mindset + Behavior = Result

How long do you think you'll be a landlord? If you're looking for a quick fix, and just to get the job done, then you can get away with a generic lease for the time being but your results will be subpar. However, if you're in this for the long run, then you want to optimize your lease and use it as a way to leverage systems that make your life easier as a landlord (and you want solid FAQs). 

In my opinion, the lease is the most important document you have that directly affects results. I know when I first started out, I asked a realtor for their lease. It was a catchall lease with no systems built specifically for a landlord managing their own property. Over time, after 12 years of managing my own rentals from Iraq, I had to figure out ways to help my tenants without me being directly involved. I eventually learned unique efficiencies that really helped me out as a landlord.

You see, a property manager cannot be as creative as a self-managing landlord because they are constrained by company policy and what the owners want. Similar to realtors. Not to mention, everyone has their own "my-side" bias and people are motivated by incentives. There is no one that will have a greater incentive to run your business better than you! For me, I'm free to think outside the box and implement my own processes that give me the result I want — "real freedom."

Anyways, that's how I see it.

If you're interested in talking further, feel free to private message me. 

Rene G

What are your intentions hiring an inspector? Can you not afford repairs, so you want to inspect as an way to ensure the tenant won't damaging your property? I ask because you could probably handle that with a quick video chat inspection. 

If you're not using a PM, are you local? Just wondering if you are willing to do the inspection. Do you really want to spend your time doing this? I think if I knew your intentions, there might be an alternative to over inspecting. That give you the same results.

@Chris Long

My mind instantly goes into problem-solving mode. How do you prevent this from happening again (regardless of what the City does/does not do)? In my opinion, the most important thing to do is find a long-term solution. Is there any way you can fix this on your own? 

Here in Florida water mitigation is a science. Can you put in a modified sump pump french drain system?

Oh, here, check out "Apple Drains" on YouTube.

Rene G

Why did you furnished the unit in the first place? 

What makes you think it's ideal for corporate housing, besides it being furnished? 

I'm curious why not keep doing what you've been doing. You know. If it ain't broke don't fix it.

Ok. Well everyone wants to talk about low or no money down. Or finding the perfect deal. I say if you put enough down you can always make the numbers work. So, in my opinion, it's more important to focus on location and be prepared for the long run (e.g. anticipate repairs, have a solid emergency fund, build self-service management, etc), than it is to find some perfect deal that may never come. Or worse, you end up with some weird property with good numbers but it's in an area no one wants to live. There is so much more I could say. I work with landlords that never plan to sellout. There's a big shift in your mindset when you plan to be a landlord forever, vs a property investor where you know one day you're going to sell everything and exit.

@Chris Wilson,

It sounds like you're stuck. I'm guessing here. idk

So, you don't have any rentals yet? How long are you committed to real estate investing?

Tell me, what's worse for you? 

If you wait to get rentals, but a recession never comes?

or

If you don't wait and get a property, but a recession does come? 

I don't know your intentions so it's hard for me to add any value here. I looked at your profile, but you don't have any details there either. 

Like, what do you want? Do you want single-family rentals/buy-and-hold? Flipping? Are you going for multifamily or short-term rentals? 

Rene G

@Marysol F.

When you say "buy and hold" is your strategy. How long are you committing to holding? And, are you planning to self-manage or outsource your management? I'm trying to understand your intentions a bit more before I jump in with my 2 cents.

Rene G

@Nithya D. I think you should just rent it out yourself. I've been a long-distance landlord for over ten years. If I can place tenants and manage my rentals from Iraq, you can do it too. If you're smart you'll learn the systems that save you time and money. You can do it! I'm telling you, it's not hard. Come on! How do you know if you never try!? Think of it this way, if you have to lower rent, but don't have all the property management fees, you'll probably cashflow. Best part, once you find out how easy it is, you'll never use property managers again. Feel free to message me if you want to talk more. 

Hey @Drew Sygit,

How many parts is this series? The link only shows part 1. I read it, good stuff. Would be interested in reading the rest.

Rene G

@Suyog Patel,

Has your friend considered doing their own management? It's not hard, especially if they only have one rental. Food for thought. I love being a landlord, been doing it for over ten years! 

Rene G