How to be a landlord and manage your own real estate?
Are you afraid that being a landlord means dealing with crazy tenants and calls in the
middle of the night and broken toilets and sinks and you don't know what to do?
Well, there's a lot to learn about being a landlord but I can help you avoid all of that
craziness.
I'm going to tell you exactly how to be a good landlord and manage your own properties.
Let's go.
I'm going to share with you a very detailed guide on how to manage both single and multi-family
rental properties.
I'm going to share with you 3 important tips that I've learned over the past 10 years of
managing and owning rental properties.
I'm going to share with you the biggest lesson that I've learned on how to manage properties
without giving yourself a headache.
So, let's talk about being a landlord.
What it's really like.
As a real estate entrepreneur, you are going to have to manage properties at some point
if you really want to get good at and start making a lot of money because you need to
learn.
I know this is crazy.
And many people will tell you, you should probably just go out and get a property manager
and some of these other things.
And yes, to a certain extent, you will want to get a property manager.
But you are doing the most important thing possible.
You want to be a good landlord.
If you're going to be a real estate entrepreneur and you are in this for the long haul and
to make money doing this, you need to educate yourself.
Because there are so many benefits to being a real estate entrepreneur and to being a
landlord.
I make money every single month because of my rental properties.
I have very few problems with my tenants or with my properties because I am able to follow
certain steps and it has allowed me to have properties that have been increasing in value
that I can sell, make money off of even with tentans still living in them.
So, rental properties especially if you can have good tenants occupying your properties,
paying your rent are valuable.
So, so valuable, whether you want to keep them and keep the money or if you want to
sell them and cash out.
Having properties that are being managed well is the key to become a millionaire.
So, let's get to that.
So, let's talk about tenants before we get into how you will be a landlord.
There are 2 different types of tenants because you will have 2 different types of tenants
that you want.
You can have long-term tenants where they have rented a property.
It's completely unfurnished and they pay you on a monthly basis or you can have short-term
tenants.
Meaning, you can furnish those properties and put them on Airbnb.
And those tenants are not really tenants.
They are guests.
So, whichever way you decide, you're going to need to become knowledgeable.
But there are so many headaches on both sides.
I'm sure you've heard as a real estate entrepreneur as a landlord with long-term tenants, people
living there for years and years that they could destroy the property.
They could break the toilets and the sinks and keep calling you.
Or not pay their rent and never move out.
There's some horror stories that exists with long-term tenants.
On the other side with short-term rentals and Airbnbs.
I know you've heard those nightmares of people coming in and having parties and destroying
the property or stealing your TVs and just all of these horror stories that can be avoided.
So, before we get into how you avoid them, I want you to comment below and tell me what
is the worst story that you have heard about being a landlord?
Because there are so many.
And I want to tell you, you can avoid them.
But I need to know what's out there and I'll tell you how to stop that from happening or
how to mitigate your losses.
So, comment below and let me know.
There's 2 different types of tenant.
Tell me which type we're talking about and then tell me the horror story.
Long-term tenants are the tenants that most people go after.
When we're talking about being a landlord, this is usually what we are talking about.
Like I said if you're doing Airbnb, you're not necessarily a landlord because the people
that are staying in your property are not your tenants.
They are your guests.
So, we are talking about unfurnished homes, apartments or condos that you rent out for
a year or longer to someone.
You will check their credit, you will make sure they don't have any evictions.
And you will then approve them to stay in your home.
Now, many people say, "Well, what about that process?
How do I know that I am getting a good tenant?"
That is a very important question.
Before you ever want to talk about yourself as a landlord, you want to start off by finding
good tenants.
This is going to be the key because again, you don't necessarily know if someone's going
to be good or bad.
You know, there's people with great credit and great money that have destroyed properties.
And then there's been people with very poor credit and you know, not very much money that
has really cared for people's properties and done a great job by landlords.
So, you cannot necessarily tell if someone's going to destroy your property based on their
credit or if they've had evictions before.
But that is very important in the screening process.
You won't even touch someone or start dealing with someone that has had a lot of evictions
or even any evictions or poor credit when you first get started.
I just do not recommend this.
This is for a more advanced type of landlord that really knows what they're doing and can
really put the hammer down.
When you are first getting started, I completely would avoid anyone that I had to find on my
own through like a city or type of channels like Craigslist or some ad on Facebook.
I would stay with people that have really good credit, that have no evictions that make
a lot of money.
And I would go with this clean-cut people as possible when I first got started.
Now, 10 years in, I take people with crappy credit, I do double and triple deposits.
I do lease to own and rent to own and those type of things.
That is because I am more advanced.
When you are first getting started though, do not touch this.
Stay cookie cutter.
Stay A1 credit.
This will help you avoid lots of headaches that many people deal with as landlords.
Number 2.
And this is super important about being a landlord, especially with long-term tenants.
You need to form a company.
You need to be a company.
You do not want to be a private landlord and you do not want your tenants to know that
you are both the owner and the landlord.
That is problematic.
Trust me.
Don't even go there.
You want to create a company.
Get an LLC, a C Corp or an S Corp and have a company name.
Get a professional phone number, professional email so that your tenants do not know that
you are the person behind the company.
You can make yourself look a lot bigger if you would establish a company.
Okay?
Your tenants will pay you better.
They will respect you more and you will not get those calls directly.
Most people do not call up large companies like Wells Fargo and Chase and large apartment
buildings and give them these onesies excuses.
People that they think are really big, they don't do that too.
So, if you present yourself as a small mom and pop landlord and you go up to them and
you collect their rent and you say "Hey, this is my house", you are setting yourself up
for failure and you are asking for headaches.
Don't let the tenant know that you are the owner.
Set up a company and become a professional.
Make your tenants pay your rent directly to your company and mail the checks.
Do not set up any type of craziness where you go pick up the rent, where they pay you
in cash, where they meet you somewhere, where they use all these things.
No.
Again, model what large apartment complexes do and act like a big company.
Large property management companies and large landlords do not drive around to their hundreds
of properties and collect rent from their tenants.
Who has time for that?
Who would even do that?
Do not deal with anyone and do not set up those as rules.
Your tenants need to mail their checks or they need to get on auto-draft.
They need to it from their account to your company business account.
Get a business checking account so the money and the company that they are paying is to
a company, not to you.
Again, if you separate yourself as the landlord, you will avoid all of those headaches because
most people won't even know that they can call you with that foolishness.
If they don't think that they can, then they won't.
But if they know and they know it's you then your phone and your cellphone might ring.
But if you give them a company phone number, a company email, a company mailing address
that they know there are checks to, they will respect you as a landlord and will make it
a lot easier, especially if they don't pay.
And you have to evict them.
Number 4, invest in learning.
There's no way to become a great landlord without learning.
You're on the right track by watching this video.
I'm giving you a lot of great tips.
And at the end, I'll have a great little surprise for you.
But you have to learn.
And I'm going to tell you why it is so important to learn.
It's not because, oh, you have to learn because you want to do it right.
I'm going to tell you of the money way as to why you want to learn.
Because then you can teach it.
I have a concept that I live in my life.
And it is a reason why I am a multi-millionaire.
I learn, do, teach.
I learn things, I do it and I teach it.
So, I'm constantly learning.
I'm always learning new things.
I'm learning about skyscrapers and large apartment complexes and how to manage these big massive
properties.
In the meantime, I'm doing it.
I'm buying large apartment complexes, I'm documenting when I'm doing it and then I'm
also teaching it.
So, if you learn how to be a landlord, then you become a landlord, you can then teach
other people how to be a landlord.
And again, make money at all 3 steps.
Many people are looking for information on how to become a landlord.
They're looking for classes and courses and mentors.
And unfortunately, that's not something I necessarily mentor in specifically.
But will be awesome if that was what you did because there is a ton of opportunity out
there for you to start learning doing and teaching on how to be a landlord.
So, get to it.
Okay.
So, if you want more information and if you're loving all this content, check out my free
book that I have created just for you that teaches you all about real estate from beginning
to end.
It is specifically for beginners.
The new book is called Real Estate Millionaire Secrets.
You can get this book absolutely free by visiting noellesfreebook.com.
Again, that's Noelle (N-O-E-L-L-E-S) NoellesFreeBook.com.
Again, it's absolutely free.
It is chock-full of information teaching you all about real estate and how you can become
successful in real estate step by step.
I want to make sure that you have all of the tools, all of the knowledge, and all of the
resources that you need to be successful.
This is Noelle.
To your success.