The Landlord's Almanac - Landlord Conversations

Money While you Sleep

March 12, 2020 Season 2 Episode 24
The Landlord's Almanac - Landlord Conversations
Money While you Sleep
Show Notes

What appetite do you really have? How much time do you really have? What is your skill set do you REALLY have? These are valuable questions to ask yourself to determine where to start, go, and end up in the rental property game.
March 12, 2020

Kassandra Taggart
Dave Stohr
Margaret Nelson

The Landlord's Almanac
Facebook Page
Property Management
Sponsor the club
Book: Pain or Profit
Sponsor the next show:
Real Property Management Last Frontier
Bad Brads Bed Bug Busters

Show notes:
It takes steps to make money in your sleep.

Definition of Passive vs making money while you sleep. 

Running numbers on rentals.

Use a team that works with rentals

Match risk, lifestyle, and time to the investor so it is more passive.

Is buying rentals just a short term or long-term investment.

It depends on what you want/need. Let’s start with a foundation.

Look for wealth – money, not a sanctuary.  

Asking a lot of questions from a team of experts and you need a good team around you that can work together to solve problems.

How do you find a property? 

By starting with the goals that fit the strategy and but first define what the strategy is.

Appreciation, Equity, Tax, Cashflow

Time of ownership.

What do you have the stomach “risk” to handle and be sure to factor that in.

Time is another factor to consider because you might have the time for certain rentals vs others.

What do you say to a person that owns a house and now wants a rental property?

There is something called leverage.

What is an “ideal” passive income?

An idea of how to grow the portfolio over time.

You don’t want to be in the mindset of doing everything yourself.

You make more studying and watching for opportunities.

You have to respect leverage time and money in order to grow faster, or you get stopped in your tracks.

Be aware of the location of purchasing a property.

You make your money when you buy, not really afterward. 

The research upfront is needed.

Great investments allow for early retirements, however, when we love our jobs we just keep going and don’t plan to stop working.

Can investors replace their income? It can diversify and protect during harder times.

Is Alaska the best place to invest? Anywhere is okay to invest. A good investor knows how to play in any market.

It starts with getting to the point of making a decision, buys something, and just start.

Are their hidden secret areas to find “Deals”

Ground rules on your strategy.

Odd floor layouts.

Cookie cutters that properties for the mass.

Have a plan to fix if you buy a flip deal.

Support the show