These are the 5 things I wish I had known before becoming a landlord, and why learning these NOW can make you a better real estate investor in the long run. Enjoy! Add me on Instagram/Snapchat: GPStephan
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First, I wished I had treated it more like a business rather than a hobby.
When I first started, I was 21 years old. At this point, I had been working as a real estate agent for a little over 3.5 years and even though I had been doing a lot of rentals for OTHER PEOPLE, I had never done it for myself. All of a sudden you have a hard time thinking objectively, you throw your own emotions into the mix, you have self doubt, you worry if what you’re doing is right, and there’s a blurred line between running this like a business vs a hobby…and when I started, I ran it like a hobby. Don’t do that.
This brings me to my second point…keep things professional, and STICK TO THE CONTRACT.
In the beginning, I treated the contract more like a guide…as long as you roughly followed it, that was fine. No, NO, NO. Do NOT do this. Enforce the contract word for word. The contract is written for a reason - there should be no misinterpretation from what’s allowed and what’s agreed on. This clarifies everyone’s expectations for not only the tenant, but also for the landlord. When that contract is signed, all parties must abide by it.
The third thing I wish I knew was that I’d need to be on call 24/7.
If there’s ever an emergency, I have my phone on me to handle anything as it comes up. Most situations that come up, even though I’m technically “on call 24/7,” just aren’t that urgent; usually little minor things that are usually sent over email and you can handle them when you have the time.
The fourth thing I wish I knew is that anything that can possibly break, will break.
As a landlord, you walk into the brutal reality that most people simply don’t care about how they live or how delicate something is. Just like you baby proof a house, you will need to renter-proof your house. This means making things indestructible. If something is likely to break, make sure you don’t spend too much money on it. Just buy good quality DURABLE, not high end BREAKABLE. This will prevent you from fixing and buying new things after every tenant.
The fifth thing is that the biggest learning experience of all of them is simply dealing with people.
On a bigger picture, deeper down, you really have to learn to communicate effectively, be ok with saying no, be okay with standing your ground, while still being able to hear the other person out. You need to learn how to explain yourself in a way that makes sense to the other person, without coming off as insensitive or inattentive. The other person needs to be heard and their thoughts validated before you can say what you want. Just like anything else, people skills are incredibly important and can make a huge difference in whatever business your in.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 OFF + FREE Coaching Call FOR A LIMITED TIME: Code THANKYOU50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $120 million in sales: https://goo.gl/UFpi4c
First, I wished I had treated it more like a business rather than a hobby.
When I first started, I was 21 years old. At this point, I had been working as a real estate agent for a little over 3.5 years and even though I had been doing a lot of rentals for OTHER PEOPLE, I had never done it for myself. All of a sudden you have a hard time thinking objectively, you throw your own emotions into the mix, you have self doubt, you worry if what you’re doing is right, and there’s a blurred line between running this like a business vs a hobby…and when I started, I ran it like a hobby. Don’t do that.
This brings me to my second point…keep things professional, and STICK TO THE CONTRACT.
In the beginning, I treated the contract more like a guide…as long as you roughly followed it, that was fine. No, NO, NO. Do NOT do this. Enforce the contract word for word. The contract is written for a reason - there should be no misinterpretation from what’s allowed and what’s agreed on. This clarifies everyone’s expectations for not only the tenant, but also for the landlord. When that contract is signed, all parties must abide by it.
The third thing I wish I knew was that I’d need to be on call 24/7.
If there’s ever an emergency, I have my phone on me to handle anything as it comes up. Most situations that come up, even though I’m technically “on call 24/7,” just aren’t that urgent; usually little minor things that are usually sent over email and you can handle them when you have the time.
The fourth thing I wish I knew is that anything that can possibly break, will break.
As a landlord, you walk into the brutal reality that most people simply don’t care about how they live or how delicate something is. Just like you baby proof a house, you will need to renter-proof your house. This means making things indestructible. If something is likely to break, make sure you don’t spend too much money on it. Just buy good quality DURABLE, not high end BREAKABLE. This will prevent you from fixing and buying new things after every tenant.
The fifth thing is that the biggest learning experience of all of them is simply dealing with people.
On a bigger picture, deeper down, you really have to learn to communicate effectively, be ok with saying no, be okay with standing your ground, while still being able to hear the other person out. You need to learn how to explain yourself in a way that makes sense to the other person, without coming off as insensitive or inattentive. The other person needs to be heard and their thoughts validated before you can say what you want. Just like anything else, people skills are incredibly important and can make a huge difference in whatever business your in.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Graham Stephan do you have to buy a property before renting it out to a tenant or what’s the process because this is something I’d like to get into in the future bc I have a lot of plans for stuff in the future and if tenants purposely break your property would you have to pay for that to or can u take them to court and they then give u the money for how much whatever was broken also is there weekly rent or just monthly bc I live in Britain and sometimes rent is a week I think not a 100% sure on that but can there be weekly £ rent and also can u take all of ur property out and they pay for their own tv equipment utensils and fridges washing machines and stuff because obv u leave them with the stuff they need like carbon monoxide and fire alarms boilers shower sinks toilets baths and radiators those r what r essential for the tenants u don’t have to leave everything in the house right bc if all that breaks ud have to pay for it when If it’s their own stuff they bring u wouldn’t have to pay for that right and u only leave them the essential stuff like what I just mentioned sinks alarms toilets and the rest of it
My best success is renting a room in a house I live in and occupy. I keep up with the house, see what going on inside, much easier to evict if I have to, only had to once out of 14 years. My way of evicting is being as super annoying as I can be, something I'm good at, till their gone.
Hello! Where do I come up with a contract?
Good video!
landlords are parasites 🙂 kys❤️
I would just buy an apartment building and hire a property manager to deal with the dumb ass tenants.
What degree would be the best to be a landlord.
not hearing someone elses perspective and communicating like a regular person being compared to therapy
Beware of renting to Lewd Tennant Dan.
Lesson here. Rent should never be increased because the "market" is increasing. Gtfo.
Any advice when it comes to what terms to put into a rental agreement?
The renters don’t pay for the repair for something he/she breaks?
Is a single-wide good to start renting out as a landlord?
Very, very good advice.
agree managing rental property takes time. But its all worth in the end.
I thought your voice was annoying at first, but you hit on some very important stuff. VERY GOOD. Thank You
No amenities, no dishwasher, no ceiling fans, no security doors, just walls and floors. No friends and family. Eviction restriction in California plus Covid protection in some counties. Lot of restrictions but no relief on property taxes. California may have more renters than owners with liberal laws.
Thank you so soooooo much!!! 🙏🏾
Not even fancy robes…that sucks
great video, and Carnegie's book is a must read
That you, yes i am tooo lenient now is business to business thank you so much
So no financial freedom then?
fun thing this video is also 13 minutes of why I dont want any landlords
God bless everyone here! 🫶🏼
Requested to join fb. Thank you handsome.
Great lessons, Graham! It's true that experience is the best teacher. One thing I would like to add up here that is really a HUGE mistake newbie landlords commit is not performing background checks to prospect tenants. This is probably the worst mistake anyone could have. We've heard several stories from landlords wherein their properties got seized due to illegal activities conducted by the tenants in their rental properties. This is due to civil forfeiture, and there is absolutely a way you can prevent this from happening to you.
Landlords, take background checks seriously. Background checks can help you avoid losing any of your assets to those who might be using them for illegal activity.
I would maybe add make sure you properly screen all tenants and use a detailed state-specific lease.
Landlords are parasites and you should be ashamed of yourself 🙂
I only charge a 10.00 late fee for rent if it's not paid by the 10th. Most places only give you until the 5th. I hardly ever enforce the late fee payment.
Dont become landlord
Thank you!
get a job bro
ahhh hoarding basic human needs for business, what a hero!!!
All the tenants concern is to grab the keys and get into the apartment,