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Rental Income Podcast With Dan Lane

Buying A Property In Bad Shape And Fixing It Up With Jeff Steinmann (Ep 34)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Investing, Entrepreneurship, Business

4.8835 Ratings

🗓️ 5 May 2015

⏱️ 19 minutes

🧾️ Download transcript

Summary

Jeff found a really good deal on a run down and neglected property.  On this episode he tells us how he got rid of his tenants, fixed up the property and was able to increase the rent and turn it into a really good cash flowing rental.

Transcript

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0:00.0

This is the Rental Income Podcast, where we talk to owners of rental properties and give you actionable tips and advice that would help you make more money while dealing with less hassle.

0:10.9

And now your host, Dan Lane.

0:13.0

I put together a list of seven things I wish I knew earlier about renting properties.

0:18.2

And you can download your free copy.

0:20.8

Just go to my website, free landlordgift.com.

0:25.1

Joining me on the show today is Jeff Steinman and Jeff found a really good deal on a

0:30.6

fourplex.

0:31.8

The only problem is it was in really, really bad shape.

0:35.3

It needed a lot of work and it had some tenants in there that weren't the world's greatest tenants.

0:40.1

They weren't paying rent.

0:41.6

They weren't taking care of the place.

0:43.2

So he needed to get rid of the tenants.

0:45.1

So he had to evict a few.

0:46.6

Some of them just left.

0:48.2

And then he had to put some money into fixing the property up.

0:51.6

Today, he has a really nice property that has great tenants and it's cash

0:57.0

flowing great. So I want to find out exactly how he did this. I think this is a good strategy

1:01.9

for buying rental properties. Jeff, before we get into the interview, what made you want to

1:07.1

buy a fourplex as opposed to just doing the same thing with a single family

1:11.9

house?

1:13.1

You know, I think the biggest thing for me, Dan, on that was when a single family is not occupied,

1:22.0

when you don't have a tenant in it, you ain't got no income.

...

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