On this episode of The Most Dwanderful Real Estate Podcast Ever, Dwan discusses long term rentals. She specifically outlines the benefits of having tenants stay in your properties for more than 18 months, especially if they are good tenants and they are taking care of the house. She talks through exactly how to have this conversation with your tenants and offer them a discount on their monthly rent or to upgrade something in the house in exchange for a longer lease timeframe. While $25 per month might not be a big deal for you to discount, it can add up to be a big deal for the homeowners and it can save them from having to pack up and move every year.
Additionally, Dwan stresses the importance of you and your tenants being properly insured. While it might seem wasteful to “throw away” cash every month on every property, if something ever happens to one of your buildings, you will be so glad that you had been investing in making sure everything would turn out ok. You should run your business like you are always trying to avoid a lawsuit, and you probably will.
Time Stamped Show Notes
- 1:29 – This season is the rental road to riches.
- 2:25 – Dwan admits a couple of summer indulgences.
- 5:39 – Update on Dwan’s hair color.
- 8:56 – If you notice that Dwan’s hair turning more gray looks bad, find a nice way to let her know.
- 10:21 – We have been getting some good feedback on social media about this season so far.
- 11:56 – This week, Dwan will be talking about the rental agreement, so if you aren’t a member of the Dwanderful.com membership site, now is the time to join and download so many helpful documents.
- 13:29 – Dwan provides tips for the lease process based on her own experience.
- 19:07 – Commercial and apartment upgrades you can offer to do if tenants agree to sign a longer lease.
- 21:45 – Do nice things for people.
- 22:15 – Make sure your tenants get renter’s insurance and you’d better be sufficiently insured as well.
- 24:10 – Dwan always says that the more insurance you can get, the better.
- 26:07 – Dwan learned the hard way about this 20 years ago.
- 27:41 – People, especially in the US, are sue-happy.
- 29:17 – If you treat your business like you are trying to avoid a lawsuit, you will probably avoid a lawsuit.
- 29:53 – Ask for as long of a lease as you can, usually 18-24 months, but sometimes longer.
- 31:12 – Dwan reviews the topics covered on this episode.
- 31:34 – If you have learned even one thing from this podcast, please share the podcast on your social media pages, and leave 5-star reviews. If you haven’t yet, go to Dwanderful.com/lingo to download your free copy of the real estate investing lingo packet.
- 32:23 – Your assignment is to become a member of the Dwanderful.com site.