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is that it is always better to have the house on rented for an extra month or two then pick a bad tenant up front if you just enjoy so do you know how many Starbucks that could buy how many $0.20 iced coffees that goodbye what No Oh what's up everybody no idea the camera was there or on and rolling but anyway see this empty spot right there the sign fell down and broke kind of sucks but what doesn't suck is the reaction video that we're about to do to a video that Graham Steffen posted that is right up my alley like literally right up my alley as a real estate investor property manager a real estate person who basically makes real estate videos on a daily basis showing you the ins and outs and the ups and downs of making money through investing in real estate this could not be a better more anticipated reaction so let's just get to it you're gonna go ahead and pop these in here get these as a gift a warning for landlords expectation versus reality well let's watch what's up guys it's Graham here so we gotta have a serious sit-down conversation today and talk about the business of investing in real estate owning rental property and more specifically becoming a landlord because I'll admit it's easy to glamorize the lifestyle of buying properties just chilling on some beach somewhere relaxing and then collecting rental checks every month I mean laughing because it's like the opposite if you just read the thumbnails on my channel you will never think that it's true in fact a lot of people tell me I'm overly negative about real estate by showing too much reality Oh so here's Graham's first suggestion harsh as it is to say running a rental property like a business is so vitally important because guess what it's a business first rental property I was 21 years old and it was renting the property to someone who was significantly older than me and to be honest I felt intimidated by telling someone else older than me what to do and what was and was not allowed in my property but ended up happening is that because I was too nice I ended up enforcing a late fee so even though the rent was a week late I thought I would be more likely to get paid on time in the future if I were that cool landlord who didn't have to cost a tenant more than I had to then when the tenant went and brought animals in the property that were not on the lease I let it go because I was too afraid to tell the tenant otherwise so here's a ridiculously easy hack for you we just saw a gram as saying you got to treat a rental property like a business totally agree my man and look it's good to be affirmed but you want a really easy hack so you don't have to worry about being intimidated you don't have to worry about being perfectly firm yourself you don't tell the tenants you're the owner I've talked about that a million times before on this channel I talk about it in the links below I talk about it everywhere like a vomits don't tell the tenants you're the owner and this is very simple this isn't lying to the tenants you're just simply saying I'm just the property manager there are other people involved and the other people involved could be me you could leave me a comment on my public discourse annal and the general chat hey Kevin what do you think about this tenant problem I think it's a problem all right Kevin's involved there you go you don't have to lie and say you're not the owner you just simply say I'm the property manager there are a lot of other people involved guess what happens now you can easily say the tenant you know what totally sucks that you got to pay rent late this month I hear you man you got problems this is an issue that's an issue what I'll do though is I'll put a request in to the owner to see if they'll waive that late fee this time but hey you know I'm just following the rules man I'm just doing my job I'm so sorry you're in that situation though now you're able to empathize with the tenant and then hey owner do we want to waive the late fee sometimes it is actually okay to waive the late fee especially when a tenants a newer tenant if they haven't set up their auto pay yet and paid electronically like I always require my tenants to pay then we'll actually waive the late fee and we'll call it sort of a one-time waiver but if it happens let's say a second time hey owner tenants are late again do we want to waive the late fee nope hey mr.
mrs. tenant I'm so sorry the owners requiring that the late fee be paid because it's already been waived once before I'm so sorry would you mind mailing that with your payment in full this is just a really quick trick quick hack to eliminate a lot of what Graham is talking about here because Graham's talking about the feelings of being intimidated the feeling of having to be firm the concerns that are associated with with being a landlord and by taking advantage of a principle known as third partying you don't have to deal with that I just do want to mention that if you like this kind of information you like this quality of knowledge do check out the links below there's a Valentine's Day coupon that you could take advantage of that expires on the 15th but I do have a lot of information for you on how to make money in real estate in a real estate investing course so if you're getting started you don't know anything yet or you already own a few rental properties and you're looking to scale to the next level and that program is for you if you own rental property and you want to learn how to be an excellent property manager and increase your cash flow check out the do yourself property management course iOS keep going is by not properly screening your tenants in a weird way when it signs on these it's almost as though they're signing into a contractual relationship with you for a few years or more and you have to think to yourself is this the type of person that I want to be contractually married to for the time that they're living in my home that's a good point if somebody is a meanie head you don't have to rent to them if you don't like how somebody communicates with you and somebody's rude to you before we even talked about like screening and credit and all that stuff you don't have to rent to mean people it's not a protected class for me I begin by having my tenants use the website my smart move comm which gives me a complete background profile of their credit reports score as well as a residential and criminal background history if they yes this is a great website to use very important disclaimer here though I've been using my smart move and recommending them on this channel for years but something you have to know about my smart move is it only works through TransUnion and not all credit cards also report to TransUnion so I also recommend you looking into Experian credit screening which you could do by googling Experian landlord check at following some of the other tips I've outlined before on this channel then Graham talks about the rental reference from their prior landlord so my way of checking on this is to look up the property owner's name on public record and see if that name matches what the tenant says if not I will find out about that discrepancy usually by going and tracking down the owners actual information now this is good like the idea of going through the tenants chain of where they've lived but there's another thing that's really important to consider I'm telling you I could talk about property management for hours okay I've chock-full of ideas like this here's the thing if this is your house and the tenants are giving you a history saying well I've lived at this property this property and this property it's fine to look up the address for this owner and find out who that person is and and to call them to get a rental reference but I think it's worthless if these tenants aren't paying rent and this is jaded hate to say it but if these tenants are not paying rent and this landlord is very upset and you come in on your unicorn going I want to check to make sure the tenants are great tenants wait who are you well they want to rent my property wait what you're saying is they want to leave my house and go to your house well geez that just made me really happy you know what these tenants are freaking awesome so this is not a good one in terms of rental references these are the good ones but you can follow that same advice that Graham outlined here of looking at the property owner and making sure that the phone number you get is not their friend or their girlfriend or whatever and actually do your investigating so you know you're talking to somebody legitimate besides screening a tenant very thoroughly and verifying all the information yourself is that it is always better to have the house on rented for an extra month or two then pick a bad tenant up front if you just enjoyed it so what did you just say dude do you know how many Starbucks that could buy how many $0.20 iced coffees that goodbye what No hold the phone hold the air pods no no no no no no leaving a property vacant for an extra month or two is never ever the answer all right let me first say I know where Graham is coming from here and I appreciate where he's coming from what he's saying is placing a bad tenant is very bad and he's right about that placing a bad tenant is terrible and it will cost you way more than keeping a place vacant for a month or two so gram is correct in that statement that he made but in my opinion it sends the wrong signal that it's okay to leave the property vacant for a month or two now I'm not trying to you know mince words here what I mean to say is this if you are getting nothing but unqualified applicants calling you on your rental ad this is a telltale sign that your price is too high so if you're trying to rent out an apartment building and one of your units goes vacant you've got a four unit apartment building that you bought with three and a half percent down you know your been mulling it or your wedge lifing it or whatever all tips I give you in my real estate investing course however you got into it you've got an apartment that's for rent for let's say $1,800 a month and you're getting 30 40 calls which is not uncommon but literally all of them are either unqualified they don't have the income they don't have the proof of funds they don't have the credit they don't have anything then the first thing that you should do is consider it will crap maybe my place is not worth $1,800 to a qualified applicant that's a very big distinction that you have to make is how can I get this property rented to a qualified applicant not to anyone I'll pay you $2,000 per month for your rental unit and then not pay you see what I mean like it's easy to hear neighboring owners go well I got 2,000 for my unit and then three months later they're dealing with an eviction that sucks that's stupid on that hand I agree with Graham but the statement that it's okay to leave a place vacant for a month or two is bad instead it's much better to say wait I'm at 1,800 bucks I'm getting nothing but low quality applicants for two weeks or even seven days like my preferred rule drop the price to 1695 and all of a sudden there comes a point where all of a sudden instead of getting 30 to 40 unqualified calls you're getting twenty on qualified calls and five high-quality calls and now you have a pic of the letter so to speak if you do this in the FIR we core to what happens while you just rented the place for $100 less which you would have probably never gotten anyway so $100 less times 12 is $1200 for an entire year an entire contract term you're renting the place out for $1200 less where if you leave the place empty for a month to two months at $1,800 that's 1,800 to $3,600 that it's costing you for the hope of getting somebody at an inflated rent this is why rent reductions and getting a place rented faster to a quality tenant way better than ever leaving a place empty next Graham talks about following the contract he must always abide by the contract as a landlord your number one goal is to get something known as tenant leverage and I know sometimes people hear that they're like oh my gosh you want leverage over tenant that's mean no no no I'm not trying to establish something evil here think about it this way when a tenant takes keys to your rental property they're in possession they have the most legal rights you're screwed if they decide not to pay rent you got a victim it's a court process you got to get the sheriff to vault it's hard so when you start a rental relationship even with the contract realize your leverage is down here and the tenants leverage is up here because they're in control of the property so you have to figure out how can you increase your leverage against that tenant but proper screening is one of the biggest along with many others but I don't want to go into all that detail in this video because we got a video to react to here of course you guessed it this is another one of my rookie mistakes that I made all too often when I first started investing in real estate and the mistake I see a lot of people end up making and I know this sounds kind of common sense but the contract is a contract for a reason and it must be followed down to a tee without any deviation what so the other thing to know is contracts are meaningless unless you have leverage what I always explain is the only way you can negotiate is if you have a information and be leverage if you don't have information you can't negotiate if you don't have leverage you don't you can't negotiate you can't win the same thing is true with a tenant you have a contract with a tenant you can have a beautifully written contract with the denim but if you don't have leverage over the tenant enforcing a contract becomes nearly impossible important to realize that as a landlord you're gonna be on call 24/7 now that's not to say that you're gonna need to work your entire schedule around being available 24/7 because that's not the case but you will need to be prepared to get calls and texts at the most random times of the day for the most random things and sometimes it's gonna require you to stop whatever you're doing and attend to whatever issue comes up for example okay that's that's fair that's totally true yeah you're gonna get texts and emails and calls all the time but I was actually talking with the buddy of mine in Ohio he's a property manager out there and he is a really good philosophy for this he says that every tenant costs you one minute per day that's it and to me I'm like dang this is why I like the real estate side hustle because I immediately started talking about all of the tenants that Lauren and I deal with and I'm like one minute per tenant per day averaged out over years weasal right on if anything it might be generous like it just doesn't take that much time to solve issues on rental properties especially if your rental properties are equipped with what I call the uniform the uniform is the condition that you get the property in before you ever rent it out and there are a lot of sort of headache mitigating things that you could do up front to eliminate having to deal with problems with tenants and an upset tenant throughout their tenancy I give my tenants the number directly to the handyman and that way if anything comes up they could call him instead of calling me I also just automatically authorize the handyman to fix any small issues whenever they come up without having to call or ask my permission for me it's oh I don't know I don't know about that like I get this so something that we do is if a tenant calls us and says hey you know we just moved in it looks like the drain by the bathroom isn't draining appropriately and we look and we go well we did just retile that bathroom we're thinking to ourselves it is possible that's some construction debris got in that line the tenants just moved in we can't necessarily say it's tenants fault so in all fairness we'll go ahead and do a courtesy snaking of the entire property so we as the landlord will pay to snake the entire property and we tell the ten of this we say hey by the way we'll go ahead and snake the entire property distant but now it should be clear any other issues that come up it is possible they could be because you know things are being put down the drains that are not supposed to be put down the drains like Thomas the Train like these are the things that I've seen in drains that don't belong injury okay so what I'll do at that point is all call the plumber and say hey you've got the green light to go snake this property would you mind coordinating with the tenant at that point I marry the tenant and the plumber the plumbers authorized to go do the snaking and good but I don't know that I would greenlight anything to my handy mittens discretion mostly because I worry that could be taken advantage of I've just found that it's very common for tenants to accidentally break a faucet and then call in going oh the faucet broke well why did your child yank on it all the way and why is the hose completely out of the hose bib and you got three kids around and oh there's Jimmy right now hanging on the door handle yanking on it like there are definitely ways you could get taken advantage of here now I think for Graham this is totally okay because let's be real a hundred bucks here or there isn't gonna make a difference it could be peace of mind and stress mitigation and if that's what you want fine and you know what if you have really high quality tenants the odds are that's probably not gonna get abused anyway so I get that totally see it me I personally believe for most landlords that's very risky because I think it's a blank check it's worth the peace of mind and I know the time where you have to wait for anything to be fixed because I could just call him and he'll come right out although my experience is that overall most issues that come up are usually not that urgent most of the time you're just gonna get a friendly text or email and then you could choose to address it when you have the time usually within 24 to 72 hours this is very true - with the exception of like the place is on fire or there's a big leak or flood or something happening like a water line burst in the Attic and also for my experience the only major issue that will need to be addressed 24/7 as soon as it comes up that requires you to drop everything to go and attend to it is leek but even for me that's pretty rare and in the last eight years I've only had that happen maybe just a few times rule of thumb here's the guide to pretty much everything in terms of this if something can break it will now all admit I don't know how this happens because both unlike pair I that's a jaded POV because I don't think everything I give my tenants comes back broken I mean certainly they don't maintain things the way an owner does say for example this is a good one I've had this happen before a little kid a tenant is chopping right on the Formica countertop their tomato is all the time and all of a sudden they're a bunch of cuts in the countertop that weren't there before the tenant has to pay for that now obviously there's a balance and this is the professional thing that you always have to figure out the balance between well is the carpet wearing just normal wear and tear or is the dog pee-stain above and beyond ordinary wear and tear and now the tenants have to pay for it right so you have to make that judgment call but generally I I don't know I've never been afraid of anything will break let let's see what grabs us errands for renters I grew up in rental properties nothing ever broke they took amazing care of everywhere that we've lived so I just assumed that I you know everyone would just take care of where they live you would think so but it's not the case as a landlord you'll see the brutal reality that some tenants just don't care at all about where they live and they will break whatever they can from improper usage just because it's not theirs I know it doesn't make any sense to normal sane people like you and I but I promise you here in the business long enough you'll encounter this type of tenant and it's mind-boggling the amount of damage they could do like okay I think what he's saying is if you don't have a high-quality tenant because maybe for some reason you place somebody that didn't meet all of your screening criteria there's a greater chance that you're going to get a tenant that cares less than normal people like us and cause more damage they're still equally responsible for the damage they caused but I get it it can be frustrating oh and also make sure the bathroom ceiling fan turns on automatically when they turn on the bathroom light that way you won't get a buildup of moist I I know where he's going with this but I don't know about you I personally hate when those loud rickety ding Kitty fans come on with the light because you go in the bathroom and it's the middle of night you just want to you know go to the toilet and that fan always comes on me I have two better solutions to this one you could use something called a humidistat which comes on when the humidity is at a higher level and then automatically turns on so this way if a tenant just goes to the toilet it doesn't come on unless they're sensed humidity humidistat look into this they're amazing the other option is get a more quiet vent I like to get those combo lights and vents and I try to get one that has a better sound rating so rather than spending like ninety nine dollars for cheap one I'll try to get like a 200 or $250 one just also to encourage the tenant to actually use it but forcing the turn on at the same time you have to be careful especially with the older ones it could make your tenant not want to live there long which is bad turnover is the most expensive thing in property management by the way so not bad I'd say overall this is really good startup advice if you're interested in getting into real estate or the landlording business obviously things can go a lot deeper there's a lot more information to be learned there's a whole lot more that I want to say and there's a whole lot of this video that got cut out that honestly I just can't make this video too long because if I do I start getting a bunch of comments going Gavin your videos they're too long I can't get to the end of them I may as well minimize the length of this video
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