Secrets of a Seasoned Landlord: 6 Expert Tips
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 29 August 2023
⏱️ 54 minutes
🧾️ Download transcript
Summary
Ken and Danille are seasoned landlords who have navigated the ins and outs of property management for years.
Here are the key points and action items from the podcast:
Key Points:
• They are on the road in Franklin, Tennessee and staying in an Airbnb.
• Danielle has an upcoming free webinar on Wednesday about real estate investing tips learned from their travels. Sign up at KenMcElroy.com/webinar.
• They discussed Twitter questions about investing during inflation - networking and building connections was one tip. Gold and silver was another tip Ken recommends.
• Ken emphasized the importance of owning physical gold/silver, not just paper/ETFs. Gold is universal money that holds value.
The main topic was 6 tips from experienced landlords:
1. Don't treat rentals like your personal home when making purchasing decisions. Tenants won't treat it as nicely or care as much about high-end finishes.
2. Take ample security deposits using move-in/move-out checklist. Deposits protect against damages.
3. Structure lease terms favorably for you and when makes sense for turnover.
4. Allow pets selectively - screen tenants, charge pet deposits, use hard flooring.
5. Don't neglect maintenance issues - stay on top of repairs and vendors.
6. Thoroughly vet and screen tenants with credit/background checks to avoid problems.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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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.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast, where we host in-depth conversations on everything |
| 0:07.8 | real estate with the industry's biggest movers and shakers. I'm your host, Ken McElroy, joined by my |
| 0:13.9 | co-host, Danielle. Let's get right into this episode. Hey, everybody. Welcome to the Kennavore show. |
| 0:20.5 | I'm your host, Danielle, here with Ken. |
| 0:22.6 | Hey guys. What's happening? We're on the road. We're in Franklin, Tennessee. Let's jump into the |
| 0:28.5 | topic. So today we're going to be talking about six tips from experienced landlord. So these |
| 0:32.9 | tips are not ones that you've probably heard before or if they are, they're in much more |
| 0:37.3 | detailed than you've heard before. You know they are, they're in much more detail |
| 0:37.7 | than you've heard before. |
| 0:39.4 | You know, we see a lot of people getting into real estate and sometimes even people |
| 0:43.4 | that have been in real estate a long time and they do a lot of things wrong. |
| 0:48.0 | And we want to make sure that you don't make those same mistakes or if you are, you know, |
| 0:53.3 | you're able to correct them. Because |
| 0:55.0 | the biggest thing that we see, I think, is people, they start to get into real estate and they make |
| 0:59.2 | these mistakes and then they say, real estate sucks. I hate it. I hate dealing with tenants. I'm done, |
| 1:04.6 | right? And the reason I think for that a lot of the time is because they just didn't do, you know, |
| 1:10.1 | they didn't do it right. Well, could be. I think a lot of the time is because they just didn't do you know they didn't do it right well could be |
| 1:12.3 | i think a lot of times people think that real estate is not a business you know it's like buying a stock |
| 1:18.8 | or buying a shirt you know like it's a business it's there's actual real people involved there's |
| 1:25.6 | real agreements like you know there's real things that involved, there's real agreements, you know, there's real things |
| 1:28.5 | that come up, people, hardships, and real maintenance and real vendors and all that kind of stuff. |
| 1:35.4 | So if you don't have the appetite for it and, you know, you just want somebody to manage your |
... |
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