I Heard You Want to Be a Landlord, is That True????

In the continued spirit of my video posting I just completed a video yesterday of a walk through of one of my rental properties. Yes, I do have some rental properties and yes I have made some drastic mistakes in my nvesting business. Believe it or not the house you are about to see is one of my “good” rental properties if you want to call them that.

Funny thing is the video I forgot to close my car door. Good thing I had  my wife with me to close it!

Don’t get me wrong there is a time and a place for rental properties but if you are just starting out in the business it can ruin you! Literally one house can destroy your life! So don’t let that happen to you; I don’t want to see that happen to you. Your too cool for that đŸ™‚

Let me know what you think about this and if you have any “funny” rental property stories. Leave me a comment. Let  me know you are alive!

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  • Ana

    Hello Alex,

    That pool looks like a nightmare! I’ll heed your warning! Wholesaler not landlording!
    Question: I have done a direct mail piece and 90% of my callers want market value for their houses! I tell them in my postcard not to bother to call me if they are looking for retail value but call they do. This one guy called me today and says he has tons of equity in his house and he wants to sell. I looked up the tax records and yes! He bought for $75,000 in 2001 and comps are now $170,000! I call him and he is asking $182,000! Why did he tell me about all the equity as if it was a selling point for me?! If I want to pay full retail I could troll the MLS all day. He is also in the middle of renovating it.

    The other 10% do not have any equity and are non deals.
    Help. How do you find the MOTIVATED sellers who need to sell now at a discount? I know you have talked to sellers who say they want X and then once you meet with them they actually took your low ball offer. I’m frustrated.

  • admin

    Hello Ana thanks for checking out the blog! You know your situation is a very common situation. I am going to do a video post on this for you next week but here are a couple quick pointers. There are a couple of things that you need to check on. First you need to be sure that your mailing criteria are set right. Make sure you are sending to records that are old enough not just a general absentee list. Also, where are you getting your list from?
    Something else you have to understand is that the majority of sellers will not accept your first offer it takes work and follow up to get it to where you need it. That is why it is very important to build up a funnel or pipeline of deals and offers and to be continually adding to it. It takes work and consistency to get a low ball offer accepted with a seller. However, sometimes you can get lucky and have somebody accept it on the spot, you never know until you try! Stay tuned for my video post!