#37 Rental Road To Riches

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Summary

To kick off the new season of The Most Dwanderful Real Estate Podcast Ever, Dwan overviews the topics to be covered on rentals and brings in some illustrations from her own experience. The type of rentals Dwan is talking about this season are ones where the investor is trying to build up a rental portfolio rather than specifically helping homeowners in distress, but it is very likely that there will be some crossover.

From the paperwork to selecting the right tenants to working towards owning all of your rentals outright, Dwan will be walking you through the steps you should take to become a successful real estate investor with rentals. Many people encourage investors to leverage their rentals against each other rather than owning them all for cash, but those are the investors who lost everything during the Recession, while Dwan and her students were on firm footing.

Dwan shares her #1 tip for rentals: no matter what, always make an unannounced visit at 8:00pm to the house where your potential tenants are living now. It will be awkward and they will be embarrassed to show you their house, but if you only judge them by their meeting with you, you will never really know how well they are going to take care of your house.

Time Stamped Show Notes

  • 1:34 – It’s a new season! We will be talking about rentals.
  • 6:10 – We will be talking about people who want to build up their rental portfolios, rather than investors looking to help homeowners in distress. Topics will include having all of your rentals paid for, qualifying the tenants, Section 8, deposits, land trusts, and so much more.
  • 7:34 – Previously, Dwan has sold off all of her rentals on two separate occasions due to tenant problems, but she learned some excellent tips from Nick Sidoti, which she will be sharing with you along with the power of 13 rentals in giving you total financial freedom.
  • 11:56 – Additional topics will be finding the right houses to rent, dealing with the bank, owning all of your rentals for cash, and recession-proof strategies for lasting wealth.
  • 14:51 – Remember that all of these rentals don’t have to be in your backyard – you can have rentals all over the country thanks to property managers.
  • 17:47 – Dwan is here to save you the aggravation and stress that she had to endure before she figured out the right way to do rentals.
  • 20:31 – Dwan’s best tip for rentals, which has eliminated the need for her to evict people without fail is: no matter what, always make an unannounced visit at 8:00pm to the house where your potential tenants are living now. Before she started doing this, she had so many problems with tenants breaking the rules and leaving the place dirty when they move out. Tell them that this is the final step of the application process and see how much they take care of the house.
  • 30:47 – The way they have treated their current house is how they will treat your house, so this is a deal breaker if you are not satisfied.
  • 32:03 – Dwan gives an example.
  • 34:24 – Doing rentals gives you great experience in learning how to be a landlord and build your rental portfolio.
  • 36:10 – Your assignment is to binge listen to the podcast if you need to catch up, to share the podcast on social media, to join the membership site for FREE, and to download your lingo packet at Dwanderful.com/lingo.

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