The Landlord's Almanac - Landlord Conversations

Landlord Habits

November 07, 2019 Kassandra Taggart / Dave Stroh Season 1 Episode 2
The Landlord's Almanac - Landlord Conversations
Landlord Habits
Chapters
0:01
Introduction
0:34
Introduction by Dave Stohr
1:31
Habit number one: Take Total Responsibility
3:09
How do you describe a relentless attitude?
4:13
Habit number two: Know your Numbers
5:19
-Knowing numbers helps you make a building operational.
7:02
Habit number 3: Read something new every day
11:06
Habit number 4: Regular assessments
12:20
-How does landlord unsettle their tenants?
16:13
Habit number 5: Never give up
17:27
What kind of skill set is needed to manage a large amount of properties?
17:48
I don’t know why everyone thinks they have to make a lease when other people have already made a lease.
21:13
The definition of manage
23:31
Example of a football player building from high school to NFL.
25:27
Episode starting againt
25:43
It is more important to ask questions or set goals?
25:48
It is more important to understand the goal and then ask the questions on how to get there.
28:51
Buying the wrong property for your goals and skill set will hurt your financial plan.
30:03
Buying for long term not short term
32:03
Real Estate similar to HGTV shows
33:24
Owning rentals have many disciplines
34:11
Understand your strength and weakness
34:53
How well do you sleep at night with this amount of stress
35:37
Commercial
36:34
Reserve Balances
37:43
Can HUD fines pass to landlords as well?
38:00
If you can answer this question, then it’s okay to be a DIY lanldord
43:24
Closing Statement
43:25
Thanks for listening
The Landlord's Almanac - Landlord Conversations
Landlord Habits
Nov 07, 2019 Season 1 Episode 2
Kassandra Taggart / Dave Stroh

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
Property Management
Donations
Sponsor the club
Book: Pain or Profit
Sponsor the next show:
https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/view
Sponsor:
Pioneer Floorcare
Real Property Management Last Frontier

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 whe

Support the show (https://www.thelandlordsalmanac.com/clients/donations/)

Show Notes Chapter Markers

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
Property Management
Donations
Sponsor the club
Book: Pain or Profit
Sponsor the next show:
https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/view
Sponsor:
Pioneer Floorcare
Real Property Management Last Frontier

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 whe

Support the show (https://www.thelandlordsalmanac.com/clients/donations/)

Introduction
Introduction by Dave Stohr
Habit number one: Take Total Responsibility
How do you describe a relentless attitude?
Habit number two: Know your Numbers
-Knowing numbers helps you make a building operational.
Habit number 3: Read something new every day
Habit number 4: Regular assessments
-How does landlord unsettle their tenants?
Habit number 5: Never give up
What kind of skill set is needed to manage a large amount of properties?
I don’t know why everyone thinks they have to make a lease when other people have already made a lease.
The definition of manage
Example of a football player building from high school to NFL.
Episode starting againt
It is more important to ask questions or set goals?
It is more important to understand the goal and then ask the questions on how to get there.
Buying the wrong property for your goals and skill set will hurt your financial plan.
Buying for long term not short term
Real Estate similar to HGTV shows
Owning rentals have many disciplines
Understand your strength and weakness
How well do you sleep at night with this amount of stress
Reserve Balances
Can HUD fines pass to landlords as well?
If you can answer this question, then it’s okay to be a DIY lanldord
Closing Statement
Thanks for listening