Graham Stephan Channel
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Here is my advice for anyone interested in real estate investing – and for those who want to get into the the rental property business. Enjoy! Add me on Instagram: GPStephan
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First, if you want to be a successful Real Estate Investor…you MUST TREAT it like a business.
The ONLY way around this is to be fair, but FIRM – you must learn to stand your ground, and as weird as it is to say – your tenants will actually RESPECT you for that. There won’t be any miscommunications, expectations will be managed, and the entire framework of your lease will not only give your tenants a great place to live…BUT YOU the compensation you need to stay in business. Ideally, this should be a win-win for everyone involved – and your tenants will know EXACTLY what to expect, and what you must give THEM in return for renting your home.
Second, another HUGE mistake I see so many landlords make is by NOT properly screening your tenants.
To start, it’s really important that you always TRUST – BUT VERIFY EVERYTHING THAT THE TENANTS SAY. For me, I begin by having my tenants use the website MySmartMove.com – which gives me a complete background profile of their credit report, score, as well as a residential and criminal background history. If they pass that, I’ll then verify their employment status. I’ll do the same with their residence history. Remember: It’s BETTER to leave your home UNRENTED for an extra month or two, than it is to get a sub-par tenant.
Third, you must ALWAYS abide by the contract.
There really shouldn’t be ANY misunderstandings or unusual interpretations when it comes to a real estate contract, as long as you use a thorough lease agreement for your state…and really, from there…all YOU need to do, as a Landlord, is FOLLOW IT! It sounds so simple, but that 8-10 page contract lays the entire foundation of your job and duties as a property owner – and you’ll be an incredible investor if you just pay attention to what’s written, and stick with it.
Fourth, you will be on call 24/7.
You have to be prepared to get calls and texts at the most random hours for the most random things…and sometimes, that will require you to stop what you’re doing and attend to whatever issue comes up.
Fifth: if something CAN break…it WILL break.
And always make sure you buy high quality, durable materials…rather than cheap, easily breakable materials…because if you don’t do that, you’ll waste a lot of money replacing things that shouldn’t have needed to be replaced, because the tenants will NOT care for it like it’s their own.
Sixth: Real estate is a people business.
Owning rental property is also just as much about effectively communicating with people, learning how to say no, being able to stand your ground, and articulate the details of the contract. AND…at the same time as doing all of that…you need to LISTEN to the other persons concerns and address whatever comes up.
Real estate investing can be absolutely AMAZING for the people who are willing to put in the work and take it seriously…after all, it’s basically what I owe nearly everything to, and what I throw all of my money in each year. But, it isn’t without some growing pains – and these are issues every landlord has to go through at some point or another. But if, at the very least, you can learn from my experiences and not make the same mistakes I did…then at least, my mistakes were not made in vain, and can hopefully save you money…so you’ll have more left over to smash the like button for the algorithm.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]