Episode 388 - My Experiences With Rental Properties

Today by request of the chatter over in our MeWe group, I will share with you my perspective as a landlord of 20 years, tell you the story of how I got started and what brought me to this point, as talk about some best practices I have put in place to support by growing business.

This is not investment, legal or real estate advice - rather I will share my personal journey.

Save the date: Rogue Food conference, June 5 in Tennessee - more details as things develop at https://roguefoodconference.com/.

The Greater Reset starts tonight at 6pm Central and sessions will stream here: https://thegreaterreset.org/. 

Today’s topic: The Agora. 

Tomorrow at 6: Take Control of Your Health and Education

Tales from the Prepper Pantry

• Crawling through the food and buying lots of fresh - will adjust grocery list for next month
• Fresh salad update (video coming out this week)
• Monthly grocery update: $260 excluding feed and including all non food replenishings
• Duck Fat Roasted Cauliflower with Truffled Parmesan - a recipe

Featured Forage: Update

• tubers: sassafrass, jerusalem artichoke and dandelion

Operation Independence

• Event Chair Score
• Focus on Taxes 

Main topic of the Show: My Experiences With Rental Properties

How I became a landlord:

• Childhood, father, and first job
• Starter Home Purchase and Renting Rooms
• Assisting a friend with managing and maintaining their 5 rental properties
• Cross-country move
  • PDX Rental and lessons learned
    • Long distance management is tough
    • Drugs and other crimes
    • Property managers
  • Moving to the country - Nashville Experience
    • More troubles with late rent/damages
    • Being Nice
    • The full eviction process
    • Recouping damages
    • Background checks
• Renting for property appreciation vs Cashflow vs vacation rentals
• My current strategy: Cashflow
• Best Practices
  • Background checks
  • Rent slowly, evict quickly
  • Digital payments (I use Cozi.co)
  • Bank Account Discipline
  • Tracking Miles Driven - what did and did not work for me)
  • Choosing paint and fixtures
  • Strictly by the book on contractual items
  • Showing kindness to your clients (AKA renters)
  • Outsourcing Maintenance (Look at the ROI)
  • Landlord Associations
  • Find Mentors

Purposefully did not talk about rental laws, business structure and liability protections because this is very specific to your location, where your rentals are, and what your long term plans are with the properties. 

Make it a great week!

GUYS! Don’t forget about the cookbook, Cook With What You Have by Nicole Sauce and Mama Sauce. 

Community

• Mewe Group: https://mewe.com/join/lftn
• Telegram Group: https://t.me/LFTNGroup
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Advisory Board

• The Booze Whisperer
• The Tactical Redneck
• Chef Brett
• Samantha the Savings Ninja

Resources

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