Passion of being a new landlord

Title:
E8: Passion of being a new landlord
Summary:
When the decision is made to become a landlord, there are millions of thoughts happening so fast. What to learn? Who to speak with? What to set up? and where to go? Trying to learn how to prioritize what needs to be done along with not letting the excitement blur the process is a difficult challenge.
Recorded:
November 10, 2019
Host:
Kassandra Taggart / Zach Young
Links:
The Landlord's Almanac
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Website
Property Management
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Show Notes: Introduction to Landlord Almanac

• Introduction to why having Zach on the podcast
• Tell me about your background in general.
• Real Estate Agent and Investment
• Seeing many properties through the first job allowed him to see the pros/cons
• All the books mention the positive not the risks
• What’s so special about real estate rather than stock?
• Zach did play in stock and open his eyes about control
• The idea of cash flow and leverage made real estate awesome.
• Real Estate is Tangible, and you can help it appreciate it.
• Real Estate has many ways to invest.
• What was the inspiration that got you to buy a rental?
• I wanted to grow as a person and not give up morals or ethics.
• Let your business buy your rentals.
• My dad bought a rental and why he wishes he didn’t sell it.
• Due to the accessibility of information – it’s endless knowledge now to learn.
• Get going – don’t sit on the couch
• Commercial
• Did you have any other inspiration besides the book/father?
• Missed Boat of Real Estate Stuck in my mind.
• As disclosures, the first property is with my dad as a partner, but at least I started.
• Hungry for Knowledge
• Do you live in my rental property?
• I wish I knew more about the Landlord-Tenant Act.
• It was more complicated than collect a rent check.
• You can’t learn it all from a textbook.
• Focused on strategies of how to handle tenants.
• There will be times where tenants are unhappy and can’t pay rent.
• What information do you think you needed before you closed?
• Many people are money-focused first but should be action based first.
• Be careful about utilities and security deposit transfers
• Communication with tenants is important to create a stable relationship.
• Hard to keep work and management of a rental balanced and organized.
• Certain systems were harder to set up than imagined.
• Systems solve problems if it can be seen.
• What is one fear you have with rental properties?
• Damages to the property and ability to repair.
• How much to put in reserves?
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