Title:
Habits of Profitable Investors
Summary:
In this episode, we discuss the 5 habits listed in Kassandra's book called Pain or Profit. These are fundamental habits that separate the profitable landlords vs those that have costly mistakes.
Recorded:
November 7, 2019
Host:
Kassandra Taggart / Dave Stohr
Links:
The Landlord's Almanac
Facebook Page
Website
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Book: Pain or Profit
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Sponsor:
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Show Notes:
Introduction to podcast
Introduction by Dave Stohr: Radio
Habit number one: Take Total Responsibility
-How do you describe a relentless attitude?
- Have a solid goal in mind that gets you through the hard challenges.
Habit number two: Know your Numbers
-Everyone can learn numbers once you understand the concepts of how the numbers work.
-Mixing Security Deposits with Operations rather than keeping it in a trust account.
-Concepts of budgets
-Knowing numbers helps you make a building operational.
- Why did the water bill increase this month?
Habit number 3: Read something new every day
-If you stop learning you’ll stop growing.
-What did the latest company or government section change that might impact our business?
-Think outside of the box on what you are reading.
- Robert Kiyosaki – Rich Dad Poor Dad
- Tom Wheelwright – Tax Management
- Read, Read, Read, Read, Read
- Find your own voice in landlording that works for you
- Knowing your voice, goals, and strategy, will help you find a team to put together to make it all happen.
Habit number 4: Regular assessments
-Review everything – your skills, your current properties, policy and procedures, and etc
-Story- Be a landlord that door knocks for collecting rent vs using a program.
-How does landlord unsettle their tenants?
-Some landlords are to mean, and others are to nice. There are pros / cons to the strategy.
-Keeping tenants happy is key to avoiding retaliation from tenants.
-Balance the people to manage the profits
-How often should a landlord visit their property?
-Story of a landlord that had 50 rental units and what happened by not visiting the property.
Habit number 5: Never give up
-Relentless landlords tend to be more successful than those that are not.
-When something bad happens, they still keep going even when it is hard.
What kind of skill set is needed to manage a large amount of properties?
A team is needed.
-You don’t have to know it all to be in real estate.
-I don’t know why everyone thinks they have to make a lease when other people have already made a lease.