Mastering the Art of Landlord Diplomacy: Navigating Non-Paying Tenants Towards Win-Win Solutions with Austin Yeh Ep. 140

Meet Austin Yeh, a 26-year-old real estate entrepreneur and co-owner of Ontario Property Deals, scaled his wholesaling company to over $1 million in revenue within its first year, while also founding RISE Network, a thriving Ontario Real Estate Community, and hosting the successful RISE Real Estate Investing Podcast with over 100,000 downloads in its debut year.In this episode, Austin shares about:Property management challenges and strategies for dealing with difficult tenants, focusing on mitigating risks and minimizing losses.Emphasizing consequences to tenants who fail to pay rent, such as potential damage to credit scores and difficulties in finding future housing or loans.Strategies for reaching non-responsive tenants include using various communication channels like phone calls, emails, handwritten letters, and even property manager visits with 24-hour notices.How tenant screening is crucial, utilizing resources like OpenRoom and Front Lobby to check tenant histories and preferences for younger, ambitious tenants with stable incomes or cosigners.Negotiating payment plans or lease terminations with incentives like covering moving costs to facilitate smoother exits for struggling tenants.A nightmare scenario involving an arson incident highlights the importance of thorough due diligence, proper insurance coverage, and realistic expectations in real estate investing.About AustinAustin Yeh is a 26-year real estate entrepreneur who was able to leave his finance career to pursue real estate full-time in February 2021. Currently, Austin is a full-time real estate wholesaler, co-owning the wholesaling company Ontario Property Deals, and BRRRR investor with over 40 real estate units. With his partner, Austin was able to scale his wholesaling company to over $1mil in revenue within the 1st year of operations and is now focusing on growing his portfolio to over 100 units in 2022 with joint venture partners. Austin is also the founder and co-operator of RISE Network, one of the largest and fastest growing Ontario Real Estate Communities with close to 6,000 members on Facebook, as well as the host of RISE Real Estate Investing Podcast which has hit over 100,000 downloads within its first year.Connect with AustinInstagram - https://www.instagram.com/austinyeh6/?hl=enFacebook - https://www.facebook.com/profile.php?id=100063777601127Connect with Danielle ChiassonWebsite: https://strategicsuccessconsulting.comLinkedIn: https://www.linkedin.com/in/daniellechiasson/Facebook: https://www.facebook.com/DaniChiassonInstagram: https://www.instagram.com/letsgetrealTikTok: https://www.tiktok.com/@danichiassonBook in a call: https://calendly.com/strategicsuccess/lets-get-real-estate-20-min-chat Listen in and subscribe for more.You can also leave us a review and of course, don’t forget to share. I’m sure there are real people in your network who can take advantage of what they’re going to learn from the show.Interested in becoming a guest on the show? Email [email protected] with the Subject: I want to be a guest! OR simply fill out: https://letsgetrealestatepodcast.com/be-a-guest/.