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.