EP036 Building a Full Service Property Management Company, Tips on Leasing and Managing, Mistakes landlords make and the importance of the RPOA in protecting landlords with Mark Troy

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: http://www.silverlakespm.com/ https://www.silverlakesvacationrentals.com/ info@occupiedincorporated.com

5 Nov 20181h 2min

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:  tcronkright@certifid.com And find out more about CertifID by going to https://certifid.com/

29 Okt 201845min

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. Happy Halloween!

26 Okt 201826min

Matt Theriault is a Marine Corps Desert Storm Veteran who built a hugely successful career in the Music Business and then watched it all Disappear seemingly overnight.  Eventually to the point where Matt found himself bagging groceries for $7 dollars an hour just to survive. 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 https://freerealestateinvestingcourse.com/your-first-deal20025535

22 Okt 201845min

Kenny Wolfe started his Multifamily and Apartment portfolio with a 76-Unit deal, and he's built that up to over 2,400 units in multiple markets.  Kenny also invests in Triple and Double Net Commercial "Dollar" Stores, and has created a fund to do Hard Money Loans. Kenny is the President of Wolfe Investments, and today he shares his wealth of experience and information as we discuss how he was able to build his portfolio remotely, how he had to fire several management companies along the way, and the value-add strategies he employed to increase the value of his properties. We also discuss his recent acquisition of a property management company and how he's using it to position himself for the next market downturn.  Kenny also talks about the systems and software he's employed in his business, the strategy behind investing in NN and NNN Commercial Dollar Stores, and the trouble he's been noticing in the Hard Money Lending space. I know you're going to get a lot of great information from this episode.  Kenny is also the author of "Investing In The Dream: How to Acquire Multi-Family Real Estate and Attain Total Financial Freedom" available at amazon.com, and you can contact him through his website: http://wolfe-investments.com/

15 Okt 201842min

If you own and manage rental property, then keeping track of your income and expenses is something you've had to deal with.  And having the right systems and software in place can help you make more money, save time, and ultimately achieve a higher value when it comes time to sell. Today we're going to talk about what you should look for in accounting software, the information you should be tracking, and how you should set up your books for proper accounting and tax purposes. Steve Bjorkman is the CEO and Founder of Rental Hero, a simple and easy-to-use rental accounting software built for rental owners and landlords.  Steve and I discuss the pro's and con's of using excel and quickbooks, why you should always have a separate business account for your rental, the value of hiring a CPA, how to set up your books and categorize income and expenses, and how to keep track of your receipts. Keeping track of your income and expenses is just as important as taking care of your property.  Those who get it right are better positioned to make higher profits.  Steve shares a lot of excellent tips and best practices in this episode that will help you do just that. You can find out more about Steve and Rental Hero by going to https://www.rentalhero.io Plus, Rental Hero offers an RPOA discount to members - Enjoy!

8 Okt 201840min

Scott Pollmann read the Purple Book, played the Cash Flow Board Game, paid for the Rich Dad Training, and set off to buy his first Real Estate Investment.  Most people would start with a Single Family or Duplex, but Scott managed to find, negotiate and acquire a 16-unit for his first deal. Today Scott tells us how he made this happen and the lessons he's learned along the way.  We'll talk about the value of the training he paid for, how it helped him pinpoint his offer price on the 16-unit, and how it prepared him to add value once he closed. Scott is also a High School Science teacher and has begun sharing his knowledge of Real Estate Investing with his students.  He's also learning from them.  One of his students used Robert Kiyosaki's lessons to invest in pigs!  Scott also has a strong belief in the value of mentoring and the changes it can bring into people's lives. This is a great episode for new and experienced investors to enjoy.  You can contact Scott by email: Scott@10talentsllc.com I'd also like to ask for a favor - please go to itunes and give us a 5-star rating & review.  This will help drive more listeners to the show.  Thanks!

1 Okt 201840min

The "BRRR" strategy works great for many investors.  Buy it, Rehab it, Rent it out, and Refinance (BRRR) can be a great way to build your portfolio and build cash flow.  But sooner or later, many of us realize that this is a very slow way to become financially independent. Chandler Spence reached this Pivot Point while investing in Single Family Rentals in Nashville, Indianapolis, Baltimore, and Chicago.  That's what led him to look into investing in airbnb properties, starting with renting out his own basement. Today we discuss Chandler's ability to build teams remotely, the red flags to look for with your rehab team, and why you should always check out the property before you buy. We'll also discuss his experience with airbnb investing: how he's automated his business, the technology and tools that simplify the process, and the new frontiers in airbnb investing he sees happening around the country. There's a ton of great information in this episode.  You can get in touch with Chandler through email or his website: chandler@spencelegacy.com https://www.spencelegacyholdings.com/contact

24 Sep 201851min