Ep 149 “What Does It Mean to Be a Landlord?”

Welcome back everyone to “The Really REAL Real Estate Podcast!” As we wrap up the first week of April, it’s time to start a new mini-series here at “The Really REAL Real Estate Podcast.” This month, we are focusing on the different facets of being a landlord and owning income-producing properties. Today, we start with the basic concept of what it really means to be a landlord. Many people love the idea of owning income-producing properties and collecting the monthly rent checks. However, when the reality of owning rental units sets in, many “landlords” loathe the idea of dealing with the difficulties that come with selecting tenants and managing their own rental properties. Today, we talk about some of the key points that need to be given serious consideration before getting into the rental business. TALKING POINTS (3-5): - Introduction ***FIRST DISCLAIMER – WE ARE ONLY DISCUSSING INCOMING PRODUCING PROPERTIES WITH THIS MINI-SERIES, NOT FLIPS!*** ***SECOND DISCLAIMER – THIS IS A GREAT BUSINESS TO MAKE MONEY IN, BUT ONLY IF YOU PUT THE TIME AND EFFORT INTO RUNNING THE BUSINESS!*** - Do you understand that owning income-producing property is a business and you need to make sure the business is profitable? - The job is more than collecting rent checks each month. - Rent is considered income, which means you must declare it on your taxes. - Issues WILL arise (whether you are managing the properties yourself or if you have hired a property management company to do it for you)! - The previous bullet points leads to the question of “how will I make a profit each month?” - What are your qualifications going to be when it comes to selecting tenants? - Decisions MUST be based on numbers and facts ALONE! - Your qualifications must be consistent across the board. - The perfect tenant DOES NOT exist! - You CANNOT be worried about what the neighbors think! - Are you prepared to handle the legal side of owning income-producing properties? - Non-payment of rents - Non-payment of the utilities - Significant damage to the property - Illegal substances found in the home - Evictions - Read Floor collapse at off-campus apartment building near IUP campus – WTAE app - Final thoughts HASH TAGS: #landlord #rental #incomeproducingproperties LINKS: JASON: https://jasonwilcox.cbintouch.com/ https://www.zillow.com/profile/jasonwilcox1987/ https://www.youtube.com/c