Foundations of Profitable Landlords

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:
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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

Chapters

• 0:00 Introduction to TLA
• 0:37 Dave Stroh Introduction
• 1:36 How did Kassandra get started.
• 2:18 Would you describe yourself as fearless
• 2:32 How did Kassandra get started.
• 2:54 The foundation was from things I learned from the farm.
• 5:00 Kassandra first rental
• 5:20 Facts and research is the foundations to decisions.
• 5:47 Rentals is a business.
• 5:52 If you understood business, you understood rentals.
• 6:29 Being a landlord is like making a soup.
• 8:04 Fear is a big issue.
• 9:00 What survey says about what their fear.
• 9:10 Fear makes people make wrong decision.
• 10:04 Fear to overcome - the zero's.
• 10:56 Manage their expections - need to be realistic.
• 11:49 Buy what you are capable of.
• 12:15 Even to this day, I bring a lawyer because they are the professional in court.
• 12:37 A team is strong than I
• 13:01 Some are landlords are by accidential or on purpose.
• 14:12 How you treat people, How you behave, will happyen
• 14:19 In stressful times, how you respond defines your character.
• 15:15 Lack of fundamentals can make a person go astray
• 15:19 Example of HighSchool Days
• 15:42 Example of a guy with 80 units
• 16:17 At an event and who's who in that room
• 16:54 Free Advice is Bad Advice
• 17:03 In landlording, everyone has an opinion.
• 17:26 Everyone's position and advice will be different.
• 17:57 Commercial
• 18:33 What do being vs experience investors realize
• 19:15 Experienced investor look at it like science not math.
• 19:30 4 Reasons why you make money on rentals
• 20:05 Experience investors have stratagey planned out
• 20:52 The long game is the word you use in investing
• 21:19 The newbie investor is first to maxout the government loans
• 21:46 Brag doesn't matter, it matters if you made profit and if it fit the goals
• 22:35 Why the landlord club is so powerful.
• 23:04 How does a person join the club
• 25:05 Is being a landlord the same thing as being a small business owner?
• 25:45 What's your policy and procedures
• 25:51 What if they break their lease and they are military
• 25:59 Profitable investors educate themselves like crazy
• 26:18 Do you have a plan?
• 26:28 The people with a plan can do jump up.
• 26:28 Those with a plan are proactive and those that don't, are reactionary.
• 26:51 Story about those that did furnace cleaning vs. those that don't.
• 27:51 How important is it to build a foundation for sucess?
• 28:15 Example: When you go to get your first job
• 28:45 Do you have to be a professional to be a landlord?
• 29:15 Story about 2 sisters.
• 30:32 Should an investor look for a mentor?
• 30:52 There are mentors, a mentor that complimentary to what your goals are.
• 32:17 Do you modle someone's sucess.
• 33:00 If you do what't you've done before you'll get what you've had before.
• 33:23 In business, we didn't obtain something new, we just copied from another successful person
• 33:34 Two Investors with 20 units and compare them
• 34:17 I read books, i go to classes, all the time
• 35:06 You can't build the empire unless you have patients.
• 35:15 Took 2 years to buy a property.
• 35:45 If anyone says it happens overnight or make it seem that way, then you don't want them as your mentor.
• 35:52 Can use google to ask questions. Experience investors ask deeper process questions.
• 37:14 What is a solid business plan - A plan.
• 38:16 Being able to articulate your plan and goal will allow you to grow and build the team to support the goal.
• 38:43 Know your market so you know if you are realistic.
• 39:57 Shout out to a new investor that stoped and learned rather than rushed.
• 40:46 What is the key to being a profitable landlord.
• 41:27 If you are not learning, you are falling behind.
• 42:15 If your an experienced investor, you can make money in any type of market.