248: Why Property Managers Are Heroes with GRE's John Collins
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 8 July 2019
⏱️ 42 minutes
🧾️ Download transcript
Summary
Property management is the glue that makes your investment stick together. But it’s a tough job.
GRE’s own John Collins has done management consulting on a project of 159 single-family rental homes.
Problems he encountered:
- 30% pay rent late or not at all
- Arson
- Unassigned parking spaces
- Domestic violence
- Abandoned car
- Condensation
- Pets and pests
- “Jerry Springer Show” in leasing office
- Unwanted boyfriend that wouldn’t leave
- Syringes found in home
- Daylight coming in through baseboard
Upgrading tenants from C-Class to B-Class.
Raising the rent attracted better tenants.
With just a $3 monthly rent increase per unit at a 6% cap rate, the project value increases $100,000. We break down the math.
What gets measured gets improved.
Maintenance issues occur with a property about quarterly.
Practicing “tactical empathy”.
To contact John, e-mail [email protected] with “For John Collins” in the subject line.
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host, Keith Weinhold. Property managers are real estate |
| 0:06.7 | heroes. They're the glue that makes your investments stick together. And on a personal note, |
| 0:11.9 | we're going to learn about it with my best friend. It's the long-awaited return of Get Rich Education's |
| 0:16.6 | zone, John Collins, today on Get Rich Education. |
| 0:27.9 | Countless property investors get killed with maintenance costs, but that's far less likely when you buy brand new construction. Let me tell you about JWB real estate capital in |
| 0:33.2 | Jacksonville, Florida. They pioneered the build-to-rent model where you can invest in new construction |
| 0:38.9 | turnkey rental properties. That's why JWB was featured on the front page of the Wall Street |
| 0:43.8 | Journal. To learn more and see Inventory, go to new construction turnkey.com. Finally, total control financial gives you checkbook control of your 401k and IRA money to invest in real estate. |
| 1:01.9 | It's time to get your retirement money into your own checking account, but you've got to avoid the little-known tax that you'll pay with any self-directed IRA. |
| 1:10.4 | Instead, it's time for the |
| 1:12.0 | QRP. Learn more and get your free copy of the QRP book by text messaging, QRP in all capital |
| 1:19.9 | letters to 72,000. |
| 1:26.4 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:33.7 | This is Get Rich Education. |
| 1:36.8 | Thank you. Welcome to Get Rich Education, episode 248. You are back for that weekly slice of abundance. This is where, financially free, beats debt-free. On the past few episodes, we've been talking about some |
| 2:02.3 | of the worst situations conceivable for real estate investors, recession, depression, |
| 2:08.6 | loss of real estate value, loss of rent income, ending up in foreclosure, and today we're talking |
| 2:14.6 | about property management nightmares. Now, we're not always so gloomy here. |
| 2:19.2 | In fact, real estate investing has made more ordinary people wealthy than anything else, |
| 2:23.8 | but problems in how you deal with them are where so many great lessons come from, |
| 2:28.8 | and you're going to get a lot of those today. One way to understand real estate is learning it |
| 2:33.3 | from the inside out. Managing tenants is really |
... |
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