Landlord Habits

The Landlord's Almanac - Landlord Conversations

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:
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Website
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Book: Pain or Profit
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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 when other people have already made a lease.

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章

1. Landlord Habits (00:00:00)

2. Introduction (00:00:01)

3. Introduction by Dave Stohr (00:00:34)

4. Habit number one: Take Total Responsibility (00:01:31)

5. How do you describe a relentless attitude? (00:03:09)

6. Habit number two: Know your Numbers (00:04:13)

7. -Knowing numbers helps you make a building operational. (00:05:19)

8. Habit number 3: Read something new every day (00:07:02)

9. Habit number 4: Regular assessments (00:11:06)

10. -How does landlord unsettle their tenants? (00:12:20)

11. Habit number 5: Never give up (00:16:13)

12. What kind of skill set is needed to manage a large amount of properties? (00:17:27)

13. I don’t know why everyone thinks they have to make a lease when other people have already made a lease. (00:17:48)

14. The definition of manage (00:21:13)

15. Example of a football player building from high school to NFL. (00:23:31)

16. Episode starting againt (00:25:27)

17. It is more important to ask questions or set goals? (00:25:43)

18. It is more important to understand the goal and then ask the questions on how to get there. (00:25:48)

19. Buying the wrong property for your goals and skill set will hurt your financial plan. (00:28:51)

20. Buying for long term not short term (00:30:03)

21. Real Estate similar to HGTV shows (00:32:03)

22. Owning rentals have many disciplines (00:33:24)

23. Understand your strength and weakness (00:34:11)

24. How well do you sleep at night with this amount of stress (00:34:53)

25. Commercial (00:35:37)

26. Reserve Balances (00:36:34)

27. Can HUD fines pass to landlords as well? (00:37:43)

28. If you can answer this question, then it’s okay to be a DIY lanldord (00:38:00)

29. Closing Statement (00:43:24)

30. Thanks for listening (00:43:25)