E14: The cost of overlooked details
Summary:
Details are boring but needed for profits. It is easy to get busy in life and forget them or get tired and not want to pay attention to them anymore. However, it is one of the keys needed to make a profit on rentals.
Recorded:
Dec 15, 2019
Host:
Kassandra Taggart
Dave Stroh
Links:
The Landlord's Almanac
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Website
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Sponsor:
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Show Notes:
Introduction-Radio
Introduction to RPM
The cost of overlooked details.
Record keeping will assist in legal protection
A host of common mistakes that add up.
Clear communications set up for success.
Electronic Signing of Leases and documents
Verbal Leases vs Written Lease
Texting war with tenants.
Risk mitigation can happen through clear communication
Bankruptcy can be okay, but you really need to understand them to avoid jeopardizing future rents.
Systems for dealing with the drama of tenants.
Having a system helps the tenant naturally be accountable
Systems keep you accountable and focused on business vs emotions.
Understanding the laws will help you know what to do.
A story about a tenant having a repair issue and thought she could just move out.
Tenants that make threats can be scary when you as a landlord don’t know your rights.
How many property managers are paid to support landlords?
We had a kitchen fire, we already knew what to do. That knowledge is worth a property manager being paid $1,200 a year.
Property Management takes time.
You need to service your tenants well, or they will leave.
RPM Ad
Habitability definitions.
Federal, State, and City all have different levels.
Fair Housing is also at all different levels.
Examples of what isn’t allowed.
Insurance is something that will help landlords mitigate risks.
Umbrella Insurance
Group Insurance discounts
Comingle of business vs personal
Guarantee insurance for non-payment of rent
Can go broke on insurance
TCM Restoration Ad
Habit #1 Take Responsibility
A story about gutters backing up.
Habit #2 Know your Numbers
Habit #3 Read something new
Habit #4 Regular assessments
Habit #5 Have a goal in mind
You can get tired as a landlord, and it will cost you money.
A story about a guy with 23 rentals.
Questions and Answers from the Forums
Are there cheap property managers vs expensive?