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The Landlord's Almanac - Landlord Conversations

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Landlords - Whether you own one rental property or hundreds, you want to run a profitable business because your future depends on it. Education is the key to opening the doors. Your success depends heavily on knowing and complying with dozens of rules while balancing the needs of a business for profit. This show lets you listen in on conversations that various landlords have regarding real-world stories that are posted on our forums. Now come join in on the conversations!www.TheLandlordsAlmanac.com
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Sometimes we look at management companies as an expensive line item on the budget. However - I need to ask you - Are they really that costly?Recorded:Recorded Jan 2 2021Host:Kassandra TaggartDave Stroh - KBYR RadioLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor:Real Property Management Last FrontierSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
In the world of being a Landlord, we get busy being in our worldview and tend to shy away from difficult conversations and/or accountability conversations all while trying to maintaining a solid professional relationship with tenants.  Some say "that's their job, I should not have to talk to them" whereas others will say "I want to be a nice landlord". In reality - we "The Landlords" are leaders of our rental properties and we must take appropriate actions in order for the property to hit its goals, otherwise, we are not leaders at all.Recorded:Recorded July 2020Host:Kassandra TaggartDubi RiveraLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor:Real Property Management Last FrontierSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Courts are starting to open for some and not for others, what happens next? Can landlords go to court now? What will it be like when we do go to court?  Everything is different now.Recorded:June 4, 2020Host:Kassandra TaggartDave Stohr Links:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierBad Brads Bed Bug Busters Show notes:[00:00:00] [00:00:00] David Strohr: Good Morning and Welcome. Kassandra Taggart is the president of Real Property Management Last Frontier, a property management company here in Anchorage. She is also the president of The Landlords Almanac. One of the largest landlord clubs in the country dedicated to networking, supporting, and training professional landlords.[00:00:15] And she is the author of the popular book, Pain or Profit secrets. profitable rental property investors.  Good morning, Kassandra. Well, in about two months, many Alaskans who rent will have to come up with thousands of dollars. It will be money that has to be repaid and back rent that could not be paid at the time.[00:00:34] It was due because of conditions created by the effects of the Coronavirus. But what happens to those renters in two months, if they are unable to come up with the necessary funds. To stay in their homes. That question is the topic of our first conversation this morning with Kassandra is the process of eviction, a real possibility for those unable to pay.[00:00:53] As we head towards July, August, and September, [00:00:58] Kassandra Taggart: It is a real concern and it is a [00:01:00] real possibility that eviction could happen to them. It really, um, all depends on the relationship between the landlord and the tenant because landlords have the opportunity to do a payment arrangement.[00:01:12]And, uh, my recommendation to tenants is to pay something rather than nothing to show that you're trying really hard, which may make it where the landlord will be more willing to give you time on the back amounts. Uh, to make it all good again.  [00:01:28] David Strohr: Has it been the SB 241 law that has given renders the grace period?[00:01:32] They need to acquire the funds to pay their rent. [00:01:35]Kassandra Taggart: The regulations have come in waves for various properties because we've got the court was closed until May 31st. They're open now, and cases are going forward. Then you've got the SB 241 law, which is the state law. And that one's enforced until June 30th, but that's only for particular tenants.[00:01:55] That's not for all tenants. Um, a lot of people have that kind of confusing cause you [Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
E21: Consequence of slow rent paymentsWe all want to be patient and find a way to help everyone being impacted by the pandemic. However, by allowing tenants a lot of time to pay their rent does have a consequence in the economy. Such as foreclosures might spike, rental applications need to be more strict, or those with cash will get a step up in the economic turn.Recorded:April 9, 2020  Host:Kassandra Taggart Dave Stohr  Links: The Landlord's Almanac Facebook PageWebsite Property Management Donations Sponsor the club Book: Pain or Profit Sponsor the next show: https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/view Sponsor:Real Property Management Last Frontier Bad Brads Bed Bug Busters Show notes:What happened on April 1 with the rents?There were many that paid. However, in certain industries that tend to rent certain properties did take a larger hit. At this moment, some landlords reported 45% non-payers.Our local RPM office is mid-market, which at this time didn’t have a large job loss, so the majority did pay.What will happen in May, June, July?The real question is how fast the city will turn back on, when will assistance funds be received, and how willing are tenants in swiping credit cards and using savings to pay rent.How am I dealing with this as an investor and as a business owner?As a business owner, we still have to work even though we can’t collect revenue that we use to have to pay for the jobs that do collections.As an investor, I’m proud that we own middle-market properties. Kassandra explains why she enjoys being in the middle market rentals.Vetting tenants prior to letting them move into a property?Kassandra explains what a tenant hopper is and why it is important to watch out for them right now.As a company, we are being stricter on the requirements to enter a property.Review the mortgage requirements, they also have increased the requirements.Landlords that have savings will be fine.Did RPM have something in place to help in this environment?We are already digital and it was tested during the 2018 earthquake in Anchorage.Kassandra gives an example of how 450 landlords/tenants received calls within 48 hours and created priority lists for maintenance.There is a lot of dialog in the community about landlords should forego or reduce rent. There is the business answer vs the reality of America right now.Landlords should have already had reserves that allow options.Many landlords are low on reserves due to winter and earthquakes.So, let’s start conversations with how to engage tenants and help them find resources to get the rent paid.What do you tell tenants about paying rent or immediate expenses?Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
Summary:We are all in unchartered waters when it comes to the COVID-19 impacts.  The rules are changing daily at the Federal, State, and Local levels. This is causing landlords to reconsider what processes should be adjusted to accommodate tenants. In addition, how will this impact the rents, cash flow, and the market?  All is unknown, but one thing is for sure – We are in this together and this is the time to be a community and use communication to find solutions.Recorded:March 26, 2020Host:Kassandra TaggartDave StrohLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierTCM RestorationShow Notes:IntroductionWhat is your advice about moving right now?Many tenants are reconsidering moving out.Advice to landlords is to clean before the tenant moves in.Tenants about to move into the property.Cleaning around the turnover process.Virtual Showings.Status of moving.Vendors being held to standards to avoid the spread.Working with connecting tenants to resources.The process of asking questions to keep vendors safe.Should landlords serve notice right now?Rent is still due. Some landlords can help, and others can not.What if a tenant gets the virus?We can’t ask or force tenants to provide medical information.Should a tenant disclose, we can take further measures to help avoid the spread.A landlord cannot evict a tenant for becoming Ill.Federal Rules, State Rules, and the judges all have different rules around evictions.Should a landlord’s offer rent reductions during this time?Our answers are no, unless if the answer has a lot of reserves.Landlords are also losing their jobs.  Landlords also have bills.Landlords might have some help with a mortgage delay, however, there are consequences.All the bills are still due.What is your biggest fear during the property managerBeing able to stay open to still help the community.   20min markWhat do you see the rental market being in the near future?It varies and depends on the price points of the rental. They all were impacted in different ways.How fast can tenants get back to work Tenants are signing lease renewals to lock in the price.More tenants might stay in place and not move, impacting supply.The real estate sales might slow down, which could add to the supply.However, if people continue to leave the state, this will impact supply.At this moment, I’m not seeing a significate price drop in rents.Do you see this as a shaking out period with properties?Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
Reserves, Savings, Cash Flow, NOI……so many buzz words that landlords don’t know what reserves really are and how not understanding it can get you into a large number of financial troubles.Recorded:March 26, 2020 Host:Kassandra Taggart Patrick Dailey Links:The Landlord's Almanac Facebook PageWebsite Property Management Donations Sponsor the club Book: Pain or Profit Sponsor the next show: https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/view Sponsor:Real Property Management Last Frontier Bad Brads Bed Bug Busters Show notes:Landlords! Today we will have an in-depth conversation about reserves.  Reserves is one of those things that aren’t interesting and easily forgotten.  However, it is vital and one part to a financial picture of Residential or Commercial property.  It has also become a “buzz word” and is not being confused with cash flow or maintenance expenditures thus getting many landlords into trouble.Patrick has been a property manager for almost 2 decades for Residential and Commercial Property Management and he is also an investor.  Patrick works with investors day in and day out and has the ability to understand the fears, accomplishments, and goal and to bring it into a clear action plan that’s do-able. He is one of the most patient person I know, which is what’s required in management.Question: Everyone seems to have different definitions of Reserves. What Is your definition of reserves and what is it for and what are the different types of property reserves systems?Patrick gives a definition of reserves.Patrick provides information about how it can create a cushion for challenging times.If you don’t have a reserve, start making one ASAP.You can use bank setup like operating, trusts, and savings to separate the fund to avoid spending the reserves.Being organized and creating separation is needed for being organized and avoid the commingling of funds.Question- How does reserves vs personal savings differ? Why do you need each?Savings and reserves operate as the same, set aside money.  The difference is the purpose and how it is calculated and spent.Generally, savings is personal, like saving for your next purchase.Reserves funds for investors is savings for operations of the building.Properly planning the funds will make taxes easier.Property reserves can be calculated by looking at large expenses and determining how much and when to save for those items.Question. What forms might a reserves system take?The two main systems that I've seen used are planned and unplanned expense reserves.  Or do you truly wish for the account to operate as a rainy day fund, helping you when you need it most?  The best investors I've everSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Money While you Sleep

Money While you Sleep

2020-03-1342:58

What appetite do you really have? How much time do you really have? What is your skill set do you REALLY have? These are valuable questions to ask yourself to determine where to start, go, and end up in the rental property game.Recorded:March 12, 2020Host:Kassandra TaggartDave StohrMargaret Nelson http://www.denalirealestate.com/ Links:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierBad Brads Bed Bug BustersShow notes:It takes steps to make money in your sleep.Definition of Passive vs making money while you sleep. Running numbers on rentals.Use a team that works with rentalsMatch risk, lifestyle, and time to the investor so it is more passive.Is buying rentals just a short term or long-term investment.It depends on what you want/need. Let’s start with a foundation.Look for wealth – money, not a sanctuary.  Asking a lot of questions from a team of experts and you need a good team around you that can work together to solve problems.How do you find a property? By starting with the goals that fit the strategy and but first define what the strategy is.Appreciation, Equity, Tax, CashflowTime of ownership.What do you have the stomach “risk” to handle and be sure to factor that in.Time is another factor to consider because you might have the time for certain rentals vs others.What do you say to a person that owns a house and now wants a rental property?There is something called leverage.What is an “ideal” passive income?An idea of how to grow the portfolio over time.You don’t want to be in the mindset of doing everything yourself.You make more studying and watching for opportunities.You have to respect leverage time and money in order to grow faster, or you get stopped in your tracks.Be aware of the location of purchasing a property.You make your money when you buy, not really afterward. The research upfront is needed.Great investments allow for early retirements, however, when we love our jobs we just keep going and don’t plan to stop working.Can investors replace their income? It can diversify and protect during harder times.Is Alaska the best place to invest? Anywhere is okay to invest. A good investor knows how to play in any market.It starts with getting to the point of making a decision, buys something, and just start.Are their hidden secret areas to find “Deals”Ground rules on your strategy.Odd floor layouts.Cookie cutters that properties forSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Quote From the book: Pain or Profit “Big problems are avoided in life and your rentals, when you pay attention to small details”Today let’s talk about when doing a turnover, what small steps can be done to avoid larger headaches later. This is key to being able to self-manage a rental property while working a busy day job.Recorded:Feb 19, 2020Host:Kassandra TaggartKurtis TaggartLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierBad Brads Bed Bug BustersShow Notes:IntroductionKurtis just had a tenant up and left the property and tells the story about them leaving.How did you start prioritizing the turnover process?Have a plan of what I’m willing to do based on upgrades accordingly to the budget before walking into the property.The landlords that decline every work order or use cheap shady vendors, the tenant tends to always move out.Mismatch, specialized parts get replaced all the way to be able to turn off the water when needed.Problems that happen when you can’t turn off the water.What type of flooring do you use in your rentals and how does it help with turnovers?Timing of when a tenant vacates can impact being back on the market when the majority of tenants are shopping.Paint the whole wall rather than doing touch-ups.Dark paint is difficult to manage.The kitchen you did repairs, bathrooms you did a cabinet replacement, what were your intentions of this?Saw yellow stain and determined it was a toilet leak. Due to the set up around the area, helped find the leak before it damaged the sheetrock.How long does it take to get a property turned over and re-rented?Out of all the years, in 2020 it was the hardest.Do you outsource in to do all the repairs yourself? How do you decide this?As I get older, it isn’t as fun to do it all myself.  Knowing the prices, help me know when I should outsource it.Got to find a balance with time and determine how much you are worth.Balance what you are capable of and have training for and know how long it takes to get something done.Using a warranty to help get work done correctly the first time.Discussion on when to hire a professional vs doing it yourself.Kurtis tells a story about a repair vs replacing with an AC unit.Kurtis tells another story about a garage door repairs and a tenant inappropriately using the garage door.Kassandra talks about the yearly budget of maintenance to determine repair vs replace.Kurtis then talks about having reserves and not using the income as a paycheck today because rentals are for a paycheck in Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
Title:Consistently Receiving Rent PaymentsSummary:Cash is king and it is the air that properties need to survive and give returns. One of the best ways to assure that is by doing things that allows consistency in collecting rent payments.Recorded:Feb 13, 2020Host:Kassandra TaggartLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierPioneer FloorcareTCM Restoration Show Notes:IntroductionCash is king, Cashflow is the air for a property.You're not able to pull your money forward then you’ll die in debt.Credit tells the story of a person.Are tenant surprised you run a credit check?What do you tell a person learning to enter the rental market for the first time?What does poor credit tell about a tenant?Can an excellent credit score be misleading?Setting Tenant ExpectationsProviding grace in property managementGrace can be in the form of just having hard conversationsThe whole conversation about how to handle a tenant wanting to move out.Do you encourage tenants to pay shelter over other bills?The shelter is an amenity, not a requirement these daysCommunicating clear rules avoids conflicts in many casesWhen do you start the eviction process?CommercialLining up the notice for non-payment and turning on/off the bank depositsTenant NSF – How do you handle87% of our tenants pay online nowCash payments concerns with the tenantAccepting credit card paymentCommercialQuestions and Answers from the ForumHow do you serve a tenant?Zillow now charging for listings.Can we require tenants to clean prior to the show?What technique do you use to know what to rent your property for?Do you provide a receipt for the rent?Can you charge pet rent?Tenant breaks a lease; can you keep the deposit?What online program should a landlord use?The tenant brought a toxic material in the house?How much should the balance be before we file an eviction?CommercialReview of the Landlord Habits Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
The market is whatever the market is.  We can put our blood, sweat, and tears into a property and it not do anything differently. In order to play the rental game, you must understand the market trends in order to make a profit.Recorded:Recorded January 30 2020Host:Kassandra TaggartDave StohrLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor:Real Property Management Last FrontierSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Summary:Pests are annoying! They kill profits, upset tenants, and take our time.  However, learning more about the pests will help reduce costs.  Listen in with Brad and I as we talk about bed bugs, ants, wasps, and ticks.Host:Kassandra TaggartBrad Campbell with Brad Bad Beg Bug BustersRecorded:Jan  22, 2020 Links:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierTCM RestorationShow Notes:IntroductionBad Brad Beg Bug BustersThere is a great amount of fear of bugs.Occupants care about the vehicle having logos or not.Brad talks about Bed Bugs and Roaches and how one could get it either by the environment or a person brought it in.Wasps have been a growing concern in Alaska.A story about getting into a motorcycle gear to attack wasps.Let's talk about the process of handling bed bugsAnchorage Municipality code regarding pestsHeat Treatments vs Pesticide TreatmentsHow invasive the process is to the resident.Some landlords pay to move tenants to a hotelSome landlords are quick to pay the billSome landlords say no, and bill the tenant.Most landlords have it in their budget.How are the bed bugs traveling?Hotel, Movies, Airplane, Stores….Just being in the world you can get itAir B&B has it as a big concern.Bed Bugs are around where people are, bed, couch, chairs.Location of various other pestsCarpenter ants, clear away debris away from the house.A story about ants going in through a bedroomCommercial – TCM RestorationMice – ShrewsTicks, Fleas are now in Alaska Why use Brad over other companies.Customer Service matters when being faced with something so invasive.This is why tenants renew or not on leases, is how good is your service.Brad ends with – Good to you, Bad for the bugsSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Title:Strategy for Renting RentalsSummary:In this episode, we discuss the different strategies and the why behind those actions that would help obtain the ultimate goal of "consistent rent". Finding the right person and match it to the right rental for the right price is key to having consistent rent payments and therefore PROFIT.Host:Kassandra Taggart / Dave StohrRecorded:Jan 10, 2020Links:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierShow Notes:Getting into the details of finding tenants IntroductionGet your home rented quicklyWhat is a property management top priority?Consistently receiving the rent.When renting your home quickly how important is consistency?A landlord must have discipline or things will slide.Who determines the rent price?The market expects the wall to be painted, they don’t care how much work it took you.What are circumstances in the market that would change the rental market?Supply and Demand will changeDoes timing play into pricing?Timing Lease renewals based on property typeWhere do you go to find quality tenants vs just tenants?Today we are in a different world which is digitalZillow now chargesMiddle market tenants care about speed, convenienceThe C,D, tenants tend to be on billboards. What are the tendencies of quality tenants?Many tenants have lower credit scores. Watching the behaviors of how money is spent is the key.The truth of today’s reality with rentalsAre people surprised that you check the credit?5-10 years ago it was difficult to run background checks but now we have the technologyMost DIY landlord – 80% don’t run background checksDo you have to be a “tough” person to run background checks?We are human and want everything to be great.Do you respond saying why you accepted or declined a person?There are federal rules on how you process background and credit checks.You can’t use “feeling” to approve a person because we all need to follow Fair Housing RulesWhat are you an expert at when you are trying to max rent price and keep costs down?Being trained, using facts, and have experience makes the difference.RPM completed over 950 applications, as a result you can see trends.What happens when the rental rate is to high?What If your qualifications are to low?Everything will cost moreWhat is your overall experience with high risk tenants?There is many problems, and there are tenants that went through rough patch and their background shows it. So they might be worth the risk.<Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
Title:E9: Interviewing Property ManagersSummary:Interviewing property managers is a skill that every landlord needs to have.  The property manager can make or break an investment property from making profits. As a result, there are many deeper questions a landlord can ask and understand what they mean when with their answers. As the saying goes, "You pay for what you get" and a property manager is way more than a "line item on a budget".Recorded:Jan 16, 2020Host:Kassandra Taggart, Eik Boltman, & Dave StrohLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierShow Notes:IntroductionHiring the right manager is the key to being profitable.Asking many questions about their “why” will help differentiate the different professionals.How do you know if the property manager is impacting your profits in a negative way?Story of a property manager being overworked and cost the landlord money.Does reputation matter in the market place?Check reputation by what others say, not just what the property manager says.The words behind what tenants and owners say on google reviews.How needs to have a higher bar?The property manager needs to have systems in place to be consistent.How many references do you ask for?  We like 5, you can obtain it from the title, inspectors, other landlords, Facebook, and more.What does success look like with a property manager if you can define it?You shouldn’t hear from your property manager because they got everything in control where it is smooth.Does property management have to have their finances in order?Yes, there are a lot of regulations on how the money must be managed.  A management company can outsource their books or have it done in house.Example of replacing a refrigerator. How do you classify it so the Tax professional can review it?Does the number of rentals they manage matter?Hiring a property manager that’s to small can be split focus with another line of business.An example of keeping up with the laws can financially hurt the landlord.Do you like property managers to have investments?Yes, in fact, ½ of our company has employees that own rentals. This helps the team understand fears, budgets, and market trends.Does a professional property manager know how to market your rental property?Yes, knowing how to market your type of rental is key to renting it faster.Compare small or large companies vs companies that have solid systems in place.Do you expect a pitch on the marketing plan to rent your unit?Yes, every property is a type and should have a parSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
There are many tricks that can be done to maximize your profits. To name a few is the management of time, systems, and how you look at money.Recorded:Jan 2, 2020Host:Kassandra TaggartDave StrohrLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierBad Brads Bed Bug BustersShow Notes:Secrets to Maximizing your ProfitsAsk, Receive, Apply.IntroductionAsk, Receive, and Apply.You have to understand you won’t know everything, you need to ask.Surrounding yourself with other experienced people. Ask many questions, those that have, have a better plan and profits than others.Story about a landlord who followed a plan.Would an initiative investor learn from those doing well and those not doing well.Sometimes you must know both to see the difference to make your own decision.Extract secrets on marketing and time.Time is money.So if you don’t maximize your efforts, your values on your time will decrease.Those that focus on how many people they can help tend to make moreFocus on the time it takes and values.The vacancy is the #1 cost.When trying to fill rental properties with qualified renters.Spend some time on building a good marketing ad. Thinks about area features, like a park or trail.Majority of Alaskans voted that trails are the biggest Next having a system before you start accepting applications will avoid emotional turmoil.Being available for showing when people are shopping. They shop at all hours.Turning around a property fast makes it breaks profit that year.Process of manual ads vs paid adsLet's talk about how people and the way they respond to money, impact managing a rental.There are different types of landlords and some make decisions based on budget, some make a decision based on a budget whereas others make decisions based on fears.Making certain decisions causes poor decisions such as putting something on the market that isn’t fully ready.  Then this causes a snowball effect of a series of painful problems.Landlords that approve inspections were more prepared for the damages rather than landlord fearful of spending money and didn’t do inspections and was even more shocked.How do emotions work for or against landlords?Well one has to break down the emotional portions before solving the rental issue.A story about an owner not wanting to do an eviction because they were scared of someone being homeless.Is greed an emotion that landlords/tenants have?Yes, how they price a property typically is from greeSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Doing proactive maintenance for $1,500 a year is way cheaper than 1 fire, 1 flood, 1 tenant turnover, and stress.Recorded:December 19, 2019Host:Kassandra TaggartDave Stohr Links:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierBad Brads Bed Bug Busters Show notes:IntroductionToday, secrets around the maintenance of a property that can help save money.Does pay now or pay later apply to maintenance?Yes, a $2 issue can become a $2,000 issue. Example of a turn valve for plumbing.Should every landlord make a maintenance checklist?We ask when is everything due to keep up it maintenance to avoid headaches.When it isn’t done, other things can happen that is more costly.Having tenants be upset over maintenance causes liability risks.If left unattended, like gutters, what can happen?Mold, flood, ice dams, insurance doesn’t cover.Now we had to end the lease and it became very costly.You’ll want vendors to be licensed and insured and for that work.Grading of the landscape does matter.If water flows to the house and not the street, it can cause leaks in the house.This isn’t covered by insuranceThere isn’t a school for this knowledge.I have 20 years of experience, and lots of properties, which allows you to see trends and solve them.A story about not having any no heat calls.Servicing the heating systemsDifferent types of customers.It is best to do it yearly. Those that don’t get it done, tend to have a harder time keeping tenants in the property.When you maintain, then the life of it will last longer.Do properties need AC in AlaskaTenants are looking for it.Filters can be costly if not repaired.A story about the failure of a furnace filter during a cold month.Carpets without pads can keep things more affordable.The trend of hardwood floors vs carpet. It depends on the maintenance, budget, type of building.Curb appeals matters.I wish more landlords in anchorage care about curb appeals. Because when this done, I get better tenants, better rents, and rents faster.Maintain around the dumpster.Locks on the dumpster.Make a budget for trash.Dumpsters can have different plans.Type of appliances used in the properties.Stories about challenges in finding partsTime to fix things is theft of time, value for a  tenant, and money.How many times do you do assessments?I do them 4 times a year, most in our customers do it every 6 months. <Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
Title: Scale & Leasing Processes to ConsiderSummary:In order to be a larger investor, you'll need to understand how to scale early on. Then once you scale, you'll take basic situations and make a process for it. Such as how to accept the first rent payment and decline a tenant.Recorded:October 1, 2019Host:Kassandra Taggart / Erik BoltmanLinks:Facebook PageWebsiteProperty ManagementDonationsSponsor the clubSponsor:Pioneer FloorcareReal Property Management Last FrontierShow Notes:Erik IntroductionErik's Job positionDifference between The Landlord's Almanac  and Real Property Management Last FrontierDiscussion about "scale" as a business owner vs a landlordDiscussion on creating processes for scaleUsing the process of cleaning gutters and how a DIY landlord will look at the process vs a good property managerIt is a slim chance you'll remember to do certain activities for management unless if you can organize a calendar of schedule and follow it.Apply the goal with the process and scaleThe guy who can scale will make more money than the guy who can' scale.Where do you want to put your brain bites? Balancing your time.Tell a story a memorable experience helping others on "The Landlord's Almanac"Discussion about the last two events and what was discussed.Forum Question about how much to collect for a first months rentThe process of collecting 30 days of rent along with the reason behind collecting the All about risk vs rewardDiscussion about accepting checks, cash, and or verified funds from tenants on the first payment.Establish a presence about being professional.Screening is more important for DIY landlords because bad tenants do target DIY landlords.There are programs now available to help with the tacking of the income and payments to leverage time and scale.Question about declining a tenant for lieingTenants might bully for the declineWe had such a good chat that this will be 2 episodesKassandra Taggart - Alaska Real Estate Broker - Real Property ManagementSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Common Mistakes Made

Common Mistakes Made

2019-11-2144:16

Title: Common Mistakes Made by LandlordsSummary:In this episode, the many different options on how to solve flooring problems.  Many landlords forget that good vendors do refer to other good vendors in order to solve the vast array of flooring issues that landlords face daily.  Knowing the options will help Landlords be more profitable!Recorded:November 21, 2019Host:Kassandra Taggart / Dave StohrLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Pioneer FloorcareReal Property Management Last FrontierShow Notes:Cost of vacancyStress from turning a unit causing emotional response rather than a business decision.Every day it is vacated it costs money. Calculate vacancy isn't just a percent of the rent. Easy to miscalculate the total cost of a vacancy.Cost can go $1,500 to $5,000 easy.The #1 cost in being a landlord is a vacancy.An example of a landlord that had a turnover Story about being comfortable with the process of doing a turnover.2 - Landlords overprice the rental properties.A math example of if you overprice the rental vs price it right. You'll actually make more money if you price it correctly and fast.Make the decision on what to price a rental based on yearly budget, not the monthly budget.3- Having proven systemsThe system is key to making profits.Having a checklist will help you find why something is happening4 - Property Walkthrough is very important.A story about a landlord not doing a property inspection caused the maintenance bill to be much higher than if he had done the inspections.Sometimes landlords have to hit the wall to understand they are making an emotional decision. What do we look for in a property inspection?Spy on the tenants. Inspections should be more than just spying on tenants.You'll want to check the smoke detectors for insurance reasonsDiscussion about fire extinguishers.The right quiet enjoyment. Anchorage Municipality has rules regarding sounds and quiet hours.Tenants are expecting to rent a space and be in peace and not constantly bothered by the landlord or neighbors. Landlords entering for emergency repairs all the time. Landlords will have new costs that need to be factored into vacancy.Landlords will save money by having long term tenants. Retention is the cheapest thing ever.Landlords that give gifts have been able to retain tenants for 4 years. That's a $20,000 benefit to this landlord for keeping tenants happy.Can the property Support the show (https://www.thelandlordsalmanac.com/clients/donations/)
Landlord Habits

Landlord Habits

2019-11-0743:09

Title: Habits of Profitable InvestorsSummary:In this episode, we discuss the 5 habits listed in Kassandra's book called Pain or Profit.  These are fundamental habits that separate the profitable landlords vs those that have costly mistakes.Recorded:November 7, 2019Host:Kassandra Taggart / Dave StohrLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Pioneer FloorcareReal Property Management Last FrontierShow Notes:Introduction to podcastIntroduction by Dave Stohr: RadioHabit number one: Take Total Responsibility-How do you describe a relentless attitude?- Have a solid goal in mind that gets you through the hard challenges.Habit number two: Know your Numbers-Everyone can learn numbers once you understand the concepts of how the numbers work.-Mixing Security Deposits with Operations rather than keeping it in a trust account.-Concepts of budgets-Knowing numbers helps you make a building operational.- Why did the water bill increase this month?Habit number 3: Read something new every day-If you stop learning you’ll stop growing.-What did the latest company or government section change that might impact our business?-Think outside of the box on what you are reading.- Robert Kiyosaki – Rich Dad Poor Dad- Tom Wheelwright – Tax Management- Read, Read, Read, Read, Read - Find your own voice in landlording that works for you- Knowing your voice, goals, and strategy, will help you find a team to put together to make it all happen.Habit number 4: Regular assessments-Review everything – your skills, your current properties, policy and procedures, and etc-Story- Be a landlord that door knocks for collecting rent vs using a program.-How does landlord unsettle their tenants?-Some landlords are to mean, and others are to nice. There are pros / cons to the strategy.-Keeping tenants happy is key to avoiding retaliation from tenants.-Balance the people to manage the profits-How often should a landlord visit their property?-Story of a landlord that had 50 rental units and what happened by not visiting the property.Habit number 5: Never give up-Relentless landlords tend to be more successful than those that are not.-When something bad happens, they still keep going even when it is hard.What kind of skill set is needed to manage a large amount of properties?A team is needed.-You don’t have to know it all to be in real estate.-I don’t know why everyone thinks they have to make a lease wheSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Title:E7: Foundations of Profitable LandlordsSummary:To understand why certain landlords make it and others don't, is to understand what are the foundations and differences between those that make it and those that don't.  We will explore the stories of the landlords that make a profit compared to those that don't and explain why.Recorded:October 24, 2019Host:Kassandra Taggart / David StohrLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierShow Notes:The Landlord's Almanac IntroductionDave Stroh Introduction to the showWould you describe yourself as fearlessHow did Kassandra get started?The foundation was from things I learned from the farm.Kassandra's first rental.Facts and research is the foundations to decisions.Rentals is a business.If you understood business, you understood rentals.Being a landlord is like making soup.Fear is a big issue.What survey says about what their fear.Fear makes people make the wrong decisions.Fear to overcome - the zeroes.Manage their expectations - need to be realistic.Buy what you are capable of.Even to this day, I bring a lawyer because they are the professionals in court.A team is strong then ISome are landlords who are accidental or on purpose.Be self-awareHow you treat people, How you behave, will happenIn stressful times, how you respond defines your character.Lack of fundamentals can make a person go astray.Example of HighSchool DaysExample of a guy with 80 unitsAt an event and who's who in that roomFree Advice is Bad AdviceIn landlording, everyone has an opinion.Everyone's position and advice will be different.What does being vs experience investors realizeExperienced investors look at it like science, not math.4 Reasons why you make money on rentalsExperience investors have a strategy planned outThe long game is the word you use in investing.The newbie investor is first to max out the government loansBrag doesn't matter, it matters if you made a profit and if it fits the goalsProfitable investors educate themselves like crazy.Why the landlord club is so powerful.How does a person join the clubIs being a landlord the same thing as being a small business owner?What's your policy and proceduresWhat if they break their lease and they are militaryDo you have a plan?The people with a plan can do jump up.Those that have a plan are proacSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
Title:Happy LandlordingSummary:In this episode, we talk about how we created the club to now a podcast. We just want to help thousands of Landlord be profitable.Recorded:November 7, 2019Host:Kassandra TaggartLinks:The Landlord's AlmanacFacebook PageWebsiteProperty ManagementDonationsSponsor the clubBook: Pain or ProfitSponsor the next show:https://drive.google.com/file/d/1x1VXOZPOYBXzA3hTvA0h5WjdiCrLpKuM/viewSponsor:Real Property Management Last FrontierShow Keynotes:Being a landlord is a tough business but it has many rewards.We enter the landlording business either by force or by choice.I've been a landlord for 2 decades and have scary stories as well.A story about a house fire.A story about a rehabbed property that went from a rent to own that went to a hoarder situation to multiple fines and then back to profit.Landlording is a business and also a science.   Have a melting pot of water mix together Local Laws, Federal Laws, People, Tenants, Vendors, Neighbors, Professionals, maintenance, Insurance, Tax, and Lawyers...then sprinkle in experience and education to make a profitable soup that many will enjoy and be happy with.Property Management is now a degree for a reason.Network with other landlords so you can be profitable and successful together.Disclosure, I'm not a lawyer and not a tax person. I'm just another landlord wanting to have a conversation.Come join in on the conversation at www.TheLandlordsAlmanac.com.Kassandra Taggart - Alaska Real Estate Broker - Real Property ManagementSupport the show (https://www.thelandlordsalmanac.com/clients/donations/)
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