Rental Prices Decreases…How to Cope as a Landlord
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 28 November 2024
⏱️ 57 minutes
🧾️ Download transcript
Summary
Ken and Danille McElroy dive into the challenges landlords are facing in today’s shifting rental market. From rent decreases and higher vacancies to tenant-friendly practices, they share practical tips and strategies to help landlords adapt and thrive in this evolving landscape.
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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Transcript
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| 0:00.0 | So a lot of landlords are stressing right now because there's some decreases in rent going on. |
| 0:07.3 | Yeah, well, it's about time. Like markets were hot before and everybody was anticipating that rents were going to go up year to year. |
| 0:14.6 | But now they're seeing that this new supply is evening things out. This is normal what we're experiencing now. This is when the decision is |
| 0:24.0 | do you have a good cash flowing deal that has multiple options? Do you have good property management? |
| 0:30.6 | Have you underwritten it well? Did you anticipate higher vacancy and flattening rents and |
| 0:37.2 | potentially even that they're, |
| 0:39.0 | that your tenant might have more choices. If they didn't, this is, this is why they're in trouble. |
| 0:44.4 | Well, and, you know, we talk about that on this show. You know, whenever somebody tells me they're |
| 0:48.2 | making two or three hundred a month cash flow, you know, I tell them you're basically breaking even |
| 0:53.5 | because you have to anticipate |
| 0:54.9 | for vacancy and anticipate for maintenance issues and anticipate for rents going down. And |
| 1:00.3 | honestly, as my last, you know, eight years as a landlord, this is the first time I've had |
| 1:05.7 | rent decreases and I am seeing it. You know, they're not super significant, but they're there. |
| 1:11.4 | How does it feel, by the way? |
| 1:13.0 | Thank God, are you finally have this? |
| 1:14.9 | My little career has been this. |
| 1:16.5 | I hate it. |
| 1:17.6 | I'm like. |
| 1:18.0 | Welcome. |
| 1:19.0 | Welcome to the way the world's supposed to be. |
| 1:21.4 | Well, I. |
| 1:21.8 | You guys are so spoiled. |
... |
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