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Feeling like you’re in uncharted territory as a landlord? You’re in good company! Today’s show walks you through how to ethically and profitably manage rentals through the COVID-19 outbreak and beyond. Brandon and David sit down with Mike Butler, acclaimed author of Landlording on Autopilot; Chris Clothier, partner at REI Nation (formerly Memphis Invest); and Dave Poeppelmeier, owner of eight houses in Toledo, Ohio
Unless you have had training or years of experience inspecting homes, I would highly recommend having an inspection completed on a property—even if you're buying from someone who you know and trust. And although you can’t assume that you will be able to find out every nitty gritty detail about a property from an inspection, it can help you avoid particularly costly repairs. As much as we like to see a transaction be a win-win for both sides, remember that the seller is likely offloading the property because there is a problem. Whether it’s a money problem, a structural problem, or a relationship problem, it’s still a problem.
Experienced real estate pros know that late spring and summer is the busiest time of year in the business. If you were putting in 30 offers a month on listed properties, now is the time to put in 60 offers a month. For others, summer is the time to travel and check out new real estate markets to invest in. Still, whether you’ll be out in the sun rehabbing houses or getting a tan laying on an exotic beach while checking your investment portfolio on your phone, do schedule dedicated time off to have fun and really engage in being present for some quality time with those you love.
She wasn’t pleased (understatement of the year), the inspector’s language did not help, and we were in a bad position to explain how we screwed up doing what we say we do a really great job at. One of the things we do really well as a company is define the type of renovation that will happen, plan the scope of work, share it with the client, and have a clear picture of what is happening with the rehab. We will also start sending our inspector out after the rehab is complete for an internal check first to clear issues prior to the client’s inspection and appraisal. But I wanted to make sure we are clear—things happen in EVERY rehab project that are unexpected.