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Evicted Tenant Threatens Landlord With a Machete (Seriously)

TULSA, Oklahoma – It started with a tuxedo shop. Or at least that is what the tenant claimed when he moved in. But rather than tuxedos, the tenant allegedly moved in numerous wanted fugitives, crack pipes, syringes, and mountains of trash.

Webinar PNG(Hey… you… pardon this interruption, but I wanted to invite you to a special real estate webinar I’m doing THIS week for BiggerPockets titled “How a Newbie Can Start Building Wealth Through Real Estate.” If you can make it this Thursday, I’d love to see you there for this live, free training! Click here to register or learn more.Now… back to this crazy story!)

According to Channel 6 News in Tulsa, the tenants had just been evicted from the property when property manager “Carl” came to change the locks, as landlords do after an eviction. However, when he arrived at the property, the former tenants pulled up, jumped out of the car and threatened the landlord; one of those individuals was allegedly waving around a large machete.

Related: How to Evict a Tenant: The Definitive Step by Step Guide

Sam immediately called the police, who came to the property and arrested the ex-tenants.

In the video below (image will link to Channel 6’s news page), you can see Carl give the reporter a tour of the property, showing the vast devastation caused by the tenants. Rather than running a tuxedo shop, it appears the tenant instead moved in numerous individuals whom the police recognized as having warrants. You can see broken mirrors, large amounts of clothes strewn all over the building, and most of the doors and door jams ripped completely from the walls.

(click to continue reading on BiggerPockets)

Should You Hire a Property Manager For Your Rentals?

Congratulations!

You’ve navigated the confusing world of real estate to buy a rental property, and now you are the proud owner of an income producing asset.

However, all of that time, money, and work could be jeopardized if you don’t manage the property correctly. Therefore, an important question for any investor is: Should I take on this valuable role myself or hire a professional property manager to do it for me?

The response to this question is another one of those “there is no right answer, but there may be a right answer for you” kind of questions. Every person has different skills, personalities, and time availability. The purpose of this post is to help you make the best choice for you and your family.

Webinar PNGImportant Webinar Invitation:

Sorry to interrupt, but hey you! Yeah, you… at the computer. What are you doing Thursday night, June 11th? Cancel your plans. Because now you are coming to this week’s BiggerPockets Webinar! Click here to learn more and sign up for the LIVE event! Okay, back to the blog post!

Role of a Property Manager

First, let’s talk about what a property manager actually does. But even that is tough to give a straight answer about! You see, property managers do a wide variety of tasks depending on the manager and the owner they will be working with. However, most of the time a property manager will:

  • Advertise vacant units
  • Screen applicants
  • Approve tenants and sign leases
  • Handle phone calls from tenants
  • Schedule maintenance issues
  • Issue late notices
  • File eviction if needed
  • Keep a record of income and expenses
  • And possibly pay your property’s bills, depending on the manager

Related: The Big List of Roles Property Management Companies Need to Fill Expertly

property-management

In addition to these tasks, property managers also offer numerous other benefits:

  • A property manager can clear up your day, allowing you to spend more time with family, friends, or your day job.
  • A property management company will have the infrastructure in place to handle your rental, including office staff, paperwork, and signage.
  • A property manager will have a reliable set of contractors to work with and benefit from volume pricing.
  • A property manager will give you more time to look for other deals, helping you focus on just the tasks that bring in the most money for you.
  • A property manager will have a lead system in place for attracting potential tenants. People will know their name, recognize their signs, and call without them even needing to advertise your property.

Sounds like a dream, right?

(click to continue reading on BiggerPockets)

Perhaps the greatest decision I ever made was buying my 24-unit apartment complex.

That said, it wasn’t a hard decision to make. I knew apartment complex investing was going to be in my future, but at 24 years old, I didn’t realize I would have hit my goal so quickly. But I’m so glad I did! That 24 unit apartment complex has given me the opportunity to live an extraordinarily incredible life over the past five years, allowing me to quit my day job, travel often, volunteer at my church, and become a leader here at BiggerPockets.

Of course, it hasn’t always been easy, but it’s been worth it. I love my apartment and look forward to many more deals in my future.

If you are interested in apartments, great! If not, hopefully this post will convince you to at least take a look. The following are three reasons I love apartment complex investing.

And now, back to the post…

1.) Ability to Create Wealth

When’s the last time you built something out of thin air? It’s tough, right? But with apartment complexes, that’s exactly what you are able to do. Build something out of thin air: wealth.

(click to continue reading on BiggerPockets)

(I originally wrote this article a few weeks back for entrepreneur.com, and the awesome editors there allowed me to republish it there. To see the original post, click here.)

It’s time for some honesty. Think back to the past week. When have you used the words “I can’t?” When have you shut your brain off? When have you let an attitude of failure, rather than an attitude of success, rule in your life? Transform these statements:

  • Instead of “I can’t raise money for my business,” try “How can I raise money for my business?”
  • Instead of “I can’t get 1,000,000 users on my app,” try “How can I get 1,000,000 users on my app?”
  • Instead of “I can’t buy a rental property,” try “How can I buy a rental property?”
  • Instead of “I can’t get Christopher Walken to sing karaoke at my birthday party,” try “How can I get Christopher Walken to sing karaoke at my birthday party?! (I’m still working on this one …)”

You get the picture.

Make it your goal this week to eliminate the words “I can’t” from your vocabulary. You don’t need ’em! Embrace the advice your mom gave you as a child and realize it isn’t cliche.

You can do anything you put your mind to.

“Don’t stare at the sun too long.” “Eat your dinner before dessert.” “If you keep making that face, it’ll stick.”

We’ve all heard them — those cliché pieces of advice that parents give their kids. And for the most part, we follow their advice. I eat my dinner first. I don’t stare at the sun. And now it’s my wife who tells me to stop making funny faces in public (sorry, hun!).

But there is one piece of advice perhaps told more often than anything else:

You can do anything you want if you put your mind to it.

But that’s BS, right?

Related: 5 Words Successful (and Happy) People Never Use

There are limitations. There are conditions. There are rules. There are impossibilities.

Or are there?

What if the simple answer to achieving massive success in your business was staring at you in the face all along. What if you really could do anything you put your mind to?

What if your mom was right?

The truth is, everything is possible, and if you want to achieve success in your business and in your life, you need to believe that.
Let me teach you a simple exercise. I want you to eliminate two simple words from your vocabulary and see how your business grows.

What are those words?

(click to continue reading on BiggerPockets)

How to Evict a Tenant

All of my hopes and dreams began to crash down around me with one simple question from my parents:

Well, Brandon, what are you going to do if your tenants don’t pay rent?”

I had no idea.

Make them?” I thought, naively.

Go bankrupt?” I feared, unnecessarily.

Kick them out?” I hoped.

You see, nearly ten years ago, I decided that rental properties were going to be my ticket to financial freedom. I was bitten by the bug and could think of very little else until that simple question stopped me in my tracks.

What would I do if a tenant didn’t pay rent? 

This is how I first discovered BiggerPockets.com almost a decade ago. I used a search engine online and typed in those words, “What to do if tenants don’t pay rent?” and what I discovered was a community of others who have “been there, done that” and had answers.

I find it incredibly rewarding that today I am able to repay that favor by explaining to you exactly what to do when tenants don’t pay rent. Of course, there are a lot of other reasons you may want to evict a tenant (usually for lease violations or they’ve stayed longer than they were supposed to), and this guide will help you as well.

This post is going to cover exactly how to evict a tenant, but it’s going to go even deeper. We’re going to explore some ways that you as the landlord can navigate these muddy waters and maybe solve the problem without needing to go the “eviction” route.

(click to continue reading on BiggerPockets)

The Ultimate Guide to Real Estate Investment Tax Benefits

I have a good friend I would like to introduce you to.

His name is Sam, but most people know him by “Uncle Sam.”

That’s right, Uncle Sam — the good ‘ol U.S.A. Now, most people don’t think of the US Government as their friend, but most people are not real estate investors. If you are, and you know how to treat Uncle Sam right, he’s got some pretty terrific benefits in store for you.

This post is going to dive deep (and I mean DEEP… with over 3,000 words) into the tax benefits of being a real estate investor. But first, the obligatory disclaimer:

I am not a CPA. I’m also not a lawyer, doctor, or your mother. I’m a monkey in a room, frantically typing out words on a keyboard trying to produce Shakespeare. This information, while I’ve spent hours and hours researching, is still just my opinion on what I’ve learned. Please consult with a qualified (and real estate-savvy) accountant before making any decisions.

logo440aThat said, I did work with Amanda Han from Keystone CPA (my own amazing real estate-friendly CPA) on this article to make sure everything was legit. If you need a CPA for your business, I highly recommend Keystone CPA. They do all my taxes, and my tax-life has become 1,000x easier since I hired them.

Now that we’ve got that out of the way, let’s get into this beast-of-a-post. Extra brownie points for those who make it through the whole thing. And to help, I’ve hidden a secret message in the text that will lead you to my buried treasure on a Caribbean island.

(Okay, that’s a lie. But for those who seek to truly understand these benefits, incredible treasures ARE in store for your future because they won’t be in Uncle Sam’s pocket.) 

Let’s get to the list, and we’ll start out with the most obvious one: deductions.

(Click to read on BiggerPockets…)

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