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4 Tips for Finding World-Class Tenants for Your Rental

I once bought a rental house that came with an existing tenant. Things were fine for a few months — but then she started paying her rent late.

Then she stopped paying entirely.

She decided illegal drug use was more fun than paying rent!

Soon after, she was evicted — and she left me thousands of little cockroaches, a death threat note, and the worst smell you can imagine.

Sometimes being a landlord is such a joy.

On the other hand, I’ve had dozens of incredible tenants who pay rent on time, take great care of the property, and are helping me build wealth and financial freedom in a spectacular way.

So, how does someone find more of the great tenants and fewer of the bad ones?

If you want to succeed as a landlord, you must do just that. You must learn how to discern which are world-class tenants to avoid renting to scumbags.

How?

Well, today I want to share four tips for attracting word-class tenants.

4 Tips for Finding World-Class Tenants for Your Properties

1. Think like a funnel.

In business, a sales funnel is the idea that you want to get a lot of leads coming in, knowing that only a few will ever buy from you. For example, 1,000 people might see an ad for a pair of socks in the newspaper, but only a few dozen of those will go to the store, and maybe just a couple will buy a pair of socks. That’s a sales funnel, and it’s found in almost every industry — including landlording.

Your job as a landlord is to use this exact funnel to attract tenants — a lot of them.

Think of it this way — if you get just one person to call about your vacant property, what’s the chance they are going to be a great tenant? It’s kind of a gamble. But what if 1,000 people called about your property. Could you find one that is going to be perfect? I would hope so — or else you probably need to move towns.

The point is, the more people you can put in the top of your funnel, the more picky you can be to get the one ideal tenant at the bottom.

So how do you do this? You need to have an advertising system that’s going to bring you qualified leads. This could be Craigslist, Zillow, Postlets, the newspaper, a sign in the yard, a post on Facebook — or, if you are like us, you could do ALL of these. The more marketing we do for tenants, the greater chance we have of finding that needle in a haystack.

(Click to read on BiggerPockets…)

How to Become a Millionaire

So you want to learn how to become a millionaire.

Great. Good for you.

I want six pack abs.

I want an Oreo cookie right now.

I want my feet massaged each night by a female body builder. (What? They get sore!)

But it’s not enough to want something. As Michael Jordan says, “Some want it to happen, some wish it would happen, others make it happen.”

Wanting is never enough. Especially when you want to know how to become a millionaire.

A lot of people want to become millionaires. It’s the epitome of the American Dream. It’s a solid, tangible number that most people believe will classify them as “rich.”

Yet so few ever make it to that point in life. In fact, of the 7 billion people on earth, less than 20 million are millionaires. That’s far less than 1%.

This is absurd given one simple truth: Becoming a millionaire is simple. This article will prove that.

Becoming a Millionaire is… Simple?

Simple? Really?

Yes.

BUT… not easy.

There is a difference.

  • Running 50 miles is simple — but not easy.
  • Staying up for 60 hours is simple — but not easy.
  • Avoiding that chocolate cake is simple — but not easy.

Simple means there are not a lot of steps; it can be understood.

So becoming a millionaire is simple, not easy.

  • You don’t need an MBA.
  • You don’t need to go to Harvard.
  • You don’t need to come from a rich family.
  • You don’t have to be exceptionally smart.
  • You don’t have to know the right people.

So are you ready to learn how to become a millionaire?

Good — because I have one goal with this article:

I want you to read this and become a millionaire.

I want a million people to read this and have their lives rocked to the core.

I want a million people to share this post on Facebook with their family and friends — because this stuff changes lives.

This is about to change YOUR life, if you’ll allow it.

Becoming a Millionaire

The One Thing That Qualifies Me to Write This Post About Becoming a Millionaire

Now you might be wondering, “Why is this kid telling me how to become a millionaire? He looks like a bearded Justin Bieber.”

So besides my beard — why am I qualified to talk about this?

One reason:

Because I did it.

I don’t talk about my net worth very often, but I crossed the $1,000,000 net worth level about the same time I turned 30 years old.

Related: 4 Powerful Ways Real Estate Can Make You a Millionaire

I didn’t start out with a rich family. I never went to an Ivy League school. I didn’t win the lottery.

I simply (and correctly) used The Wealth Tripod.

If you want to learn how to become a millionaire — you, too, must correctly set up The Wealth Tripod.

The Wealth Tripod: 3 Things Needed From You to Become a Millionaire

In order to fully understand how to become a millionaire, you need to know what’s stopping you from achieving that status.

I know you are thinking, “Duh, Brandon! My lack of money is stopping me!”

False.

Your lack of money has NOTHING to do with you becoming a millionaire.

Sure, over the long run, if you never begin collecting money, you’ll never become a millionaire, but that’s not stopping you today.

It’s not the balance of your checking account that’s stopping you. Or the balance of your investment accounts. It’s not your heritage, your skin color, your location, your intelligence, your lack of innovative ideas, or your bad luck.

Want to know what’s really stopping you?

It’s you.

In order to become a millionaire, you must change who you are. As Les Brown said, “To achieve something you have never achieved before, you must become someone you have never been.”

Specifically, there are three things about you that you must change if you want to become a millionaire. I call this “The Wealth Tripod” because without all three, you’ll never become wealthy. All three steps are required if you want to build and maintain wealth. Like a camera tripod — if one of the legs is broken, the entire tripod will fall down.

So, what are the three legs of The Wealth Tripod?

  1. You must believe wealth is actually possible for you.
  2. You must learn how wealth is built.
  3. You must live out the steps needed to make it happen.

Let’s spend a few minutes and talk about each of these to make sure you fully understand the importance of mastering each.

1. You must believe wealth is possible for you.

A friend of mine recently remarked, “God must have known I would be bad with wealth, which is why He never saw fit to give me any.”

While I don’t believe every person should become a millionaire (money often causes more problems than it fixes), I do believe every person has the ability to become a millionaire. This is especially true if you live in a capitalist society where the government doesn’t dictate how high you can rise.

As I said earlier, it has nothing to do with your skin color, intelligence, location, or any other excuse you might have for not building wealth.

Like my friend’s comment suggested, many people believe that because they do not currently have wealth, they do not have the ability to gain wealth.

The fault in this thinking, however, is made clear in this simple quote:

Who you are today is the sum of all the choices you have made up until this moment. 

Think about that for a second. Reread it a couple times. Everything you have, everything you believe, and everything you are is a result of the decisions and actions you’ve made previously.

  • If you are overweight, it’s because you made poor food or exercise choices.
  • If you are too busy, it’s because you took on too many commitments
  • If you are broke, it’s because you spent more money than you earned.

While that might sound depressing, that’s actually some of the best news in the world! Because although this principle reveals the source of all negative aspects of our life, it also reveals the positive changes that can happen if we only change our choices going forward.

Think about it:

  • If you are overweight because of poor food choices, you can choose RIGHT NOW to change your diet and exercise.
  • If you are too busy, you can choose RIGHT NOW to say no to things that monopolize your time.
  • If you are broke, you can choose RIGHT NOW to change your earning and spending habits.

A total life transformation won’t happen overnight, but it will start to slowly take shape with each choice.

Think of a rocket blasting off into space. A course correction of a single degree can mean the difference between landing at the International Space Station and colliding with the sun. In the same way, a course correction in your life, starting today, can result in a massively different future than before.

Therefore, understand that just because you aren’t a millionaire yet doesn’t not mean you can never become one.

Because…

(Click to read on BiggerPockets…)

Earnest Money

When you join the mob, they likely will ask you to kill someone, just to make sure are serious and not wasting their time.

In real estate, people also hate to have their time wasted. Lucky for us, though, murder isn’t required to prove our sincerity.

Instead, we rely on the earnest money deposit.

The earnest money deposit, also known as a good faith deposit or simply earnest money, is money provided by the buyer when an offer is submitted as a way of showing the seriousness of the offer. This deposit is essentially the buyer saying, “Look, I really want to buy this property, and I’m putting my money where my mouth is.”

The earnest money is pledged, and should the buyer not fulfill his end of the contract, the seller can keep the money. So yes, you can lose your earnest money! However, there are certain conditions that allow you to back out without losing it, which we’ll talk about.

But first, let’s talk about how much the earnest money deposit is.

https://www.youtube.com/watch?v=b3o4ll8Jh20

(Click to read on BiggerPockets…)

When I was a child, every Saturday morning was the same: Wake up early, pile into the minivan with my mom and three siblings and start looking for . . . garage sales! Yes. I was raised by a “garage sale mom.”

Because we didn’t have a lot of money, we bought nearly all of our clothes, furniture, toys and pretty much everything else from someone who no longer wanted those items. And, let me tell you — my mom was the master at those sales. She knew how to find the coolest gadgets, toys, games and appliances for pennies on the dollar. She could negotiate a 50-cent t-shirt down to 10 cents, and regularly did. She would even buy far more than we needed, just so she could resell those items at her own garage sales and make a profit to fund our family vacations.

Today, I do far less garage-sale shopping than my mom, but the lessons I learned from her haven’t changed. I still want to find a great deal. Today, however, instead of 50-cent t-shirts, I spend much of my time hunting down great real estate deals, because I’m a real estate investor.

Whether I plan to flip that house, hold the property as a rental or go for something entirely different: Everything begins with a great deal. Here are four simple tips you too can use to find better deals on your own real estate, whether you’re looking for an investment, a property for your business or simply a home for your family.

1. Consider buying a bank-foreclosed property.

When someone fails to pay a mortgage payment for an extended period of time, the lender will ultimately repossess the home and remove the occupants. Once the home is empty, the lender generally lists the house for sale on the market, using a local real estate to list it.

While the foreclosure, in itself, is of course sad (no one rejoices when someone loses a home), once the deed has been done, these properties can be some of the best deals you’ll find in real estate. Banks want to be in the business of lending money, not managing property, so they are often quick to offer large discounts just to get the deal off their books. Translation: You can get a great deal on foreclosed properties, if you know how to buy foreclosures right.

(Click to read on BiggerPockets…)

Flipping houses is just as fun and easy as it looks on TV, right? WRONG. Learn what you're up against by reading this eye-opening article.

When I first decided to flip houses, I was a bit arrogant.

I thought, “How hard could this really be? I mean, it’s just like the TV shows, right?”

Wrong.

I’ve spent the last decade buying both rental properties and doing house flipping, and I’ve learned a LOT. Sometimes I wish I could go back and give myself some advice. But I can’t. However, I can do the next best thing: I can share that advice with you.

Therefore, in this post I give you seven things I desperately wish I had known when I started flipping houses.

1. The Flip Doesn’t Begin When You Buy It

The first thing I wish I had known when I started flipping houses is that work doesn’t begin when you buy the property. It actually starts before that.

No, I’m not talking about breaking into the house and removing walls.

I’m talking about the prep work.

You see, what most people do (and I did for many years) is wait until the day after closing and then start planning for the flip.

Sure, that works, but you are missing out on some valuable time that could help your entire flip move faster!

During this “due diligence process,” you can use the time to line up contractors, create an incredibly detailed scope of work, open up a checking account for the property, pick out materials (though I would wait to actually buy them until closing), and more.

house-flipping-report-1

2. The Scope of Work is Unbelievably Important

Perhaps the most important document you’ll use during the entire flip process is known as the “scope of work.”

Essentially, this is a detailed list of every single item that needs to be rehabbed in the home.

When I started flipping houses, I would jot down some notes as to what needed to be done — but it was far from complete.

I figured, “Eh, what’s the purpose of getting too detailed? Whatever problems we find are going to come up anyway, and I’ll just have to fix them. So who cares if they are written down? It’s not a big deal, right?”

Wrong! It’s a huge deal!

Because the more detailed your scope of work is, the more smooth and on-budget your entire flip will be. When you know everything about the property, you can get more accurate estimates from contractors, schedule people at the right times, reduce the number of “change orders” the contractors will try to charge you for, and reduce your stress considerably.

The scope of work is like a road map — it’s easier to follow when it’s detailed.

(Click to read on BiggerPockets…)

How Much Money Does it Take to Invest in Real Estate

How much money does it really take to invest in real estate?

Can you invest if you don’t have a lot of cash?

Isn’t that a big scam?

Well my name is Brandon Turner, author of The Book on Rental Property Investing and The Book on Investing in Real Estate with No (and Low) Money Down, and today I want to share with you the truth about no (and low) money down investing.

So let’s do this thing.

So first of all, let me tell you a story of a 21-year-old kid.

This kid decided that real estate investing was going to be his ticket to avoiding a life of slaving away at a nine-to-five job.

But he had one problem:

He had no money.

He worked a dead-end job, didn’t have great credit, and had no experience whatsoever.

But this kid didn’t let that stop him. He figured out a way to make it happen.

He used a variety of different strategies to acquire more than $2 million of real estate in the next several years, including a 24-unit apartment complex purchased with practically no cash out of pocket.

Well, if you haven’t realized it yet — that kid grew up some, grew a beard, and turned into… me.

Yes, that’s my story.

In fact, of the more than 40 units and dozens of transactions I’ve done in my life, I’ve hardly ever used my own money.

Related: When the Bank Cut Me Off, I Had to Get Creative With Financing: Here’s What I Learned

So to give a broad answer to the question of whether it’s possible:

Yes, you can invest in real estate if you don’t have a lot of cash. 

But should you invest in real estate with no money?

Should You Invest in Real Estate with No Money Down?

Well, that’s a more difficult question.

For me, it’s not as much about the amount of money I put down as it is about the kind of deal I can get.

If you think back to 2008, a lot of people lost their homes because they obtained no or low money down loans on properties, and then when the values dropped, they owed more than the house was worth — so they gave up.

I don’t believe in putting oneself in a risky situation like that.

Instead, I want to hustle to find a deal so good that I can use creative strategies to buy it and still have a ton of breathing room for security.

Here’s an example of what I mean.

Let’s say there was a house worth $200,000, and you used your own money and put a $50,000 down payment on that property, so you have a loan for $150,000. Nothing wrong with that — and that’s what most people do.

But now, what if I hustled and was able to buy that same $200,000 property for only $150,000 and I used a no or low money down strategy to buy it?

At that point, both you and I would have a house worth $200,000 and a loan for $150,000. But you put $50,000 of your own money into it, and I put nothing.

So who’s at greater risk?

I would argue we are both at the exact same level of risk, but you actually have a lot more to lose if something terrible happened because you have so much of your own, hard-earned money into the deal.

This is why I value getting a good deal far above the question of “how much should I put down?”

If you want to buy a deal with a large down payment, more power to you.

Just understand that it’s not the only way.

Next, understand that investing with no money down is NOT about being broke.

You see, if you are flat broke and hoping that some quick and easy no money down way to build wealth is going to be your financial salvation, think again.

Creative investing is about leveraging other people’s money so you can do bigger deals.

The irony is, for many investors, the more experience they gain and the richer they become, the less money they put into their deals.

So creative investing is for anyone, no matter how much money you have in your checking account.

Creative investing truly is a mindset.

(Click to read on BiggerPockets…)

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