May 26, 2025 • 35 mins
In episode 13 of The Rent-ish Pod, things get personal as Zach and Patrick welcome a very special guest—producer Mose—to the mic for the first time ever. In this week’s My First Property segment, Mose shares the story of buying his very first home—a duplex that marked his debut as both a homeowner and real estate investor.
Then, in a new game segment we’re calling Term Roulette, Mose flips the script and challenges Zach and Patrick to guess real estate terms—with some questionable confidence and plenty of laughs.
Finally, all three tackle Listener Questions!
💬 From first-time buying nerves to real estate trivia and helpful Q&A, this episode has heart, humor, and more Mose than ever before.
🎧 Tune in now and play along with Term Roulette—you might just beat the hosts.
📩 Got a question or story for the pod? Email us at questions@therentishpod.com—we’d love to feature you!
Check Innago at https://innago.com/podcast/ to learn more.
Sponsors:
Innago is a free, online property management software designed for landlords, particularly those managing small to medium-sized portfolios. It offers a range of features to simplify tasks like rent collection, lease management, maintenance requests, and tenant screening.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_01 (00:00):
What's going on, everybody?
I'm Zach, and I'm here withPatrick.
What up?
We are your hosts for theRent-ish podcast, a podcast
that's kind of about rentalproperties and hosted by two
guys that work in the realestate industry and sort of know
what they're talking about.
But mostly we don't.
(00:21):
Catchphrase gold, man.
Yes, Patrick, mostly we don't,which is why you're gonna have
fun hearing us talk to experts,learning with us, or just
laughing along at how little weknow But I'm proud of our
growth.
I am very proud of our growth.
I feel like I have a much betterunderstanding of real estate
than I did the first episode,for example.
Yeah.
PhDs are coming.
(00:41):
You know what I mean?
Yeah.
I think we're only a couple ofepisodes away.
Just a couple.
Today, we've got a great episodefor you.
We're going to be talking abouta whole bunch of stuff.
We've got properties, somegames, some listener questions,
maybe a little bit of spice hereand there.
Okay.
You never know.
You never know what you're goingto get when you come into this
Podcast every week.
(01:02):
New episode of The Rentist.
You're like, what are thesenutjobs going to talk about?
I don't know.
What are they going to talkabout?
Patrick, how are you doingtoday?
I'm doing well.
I'm doing well.
Coffeed up, of course.
Yeah.
But I had a great night's sleep,actually.
I don't know if that was...
Yeah, you said that you gotscrewed over by the airline
industry the other night and itended up getting back.
Or no, daylight savings.
It was more like daylightsavings.
Yeah, because I was in Arizonaand they don't do daylight
(01:23):
savings there.
And so when I came back, I gothit by the two-hour time change
plus the extra hour fromdaylight savings I missed in
Arizona and then also got backfrom the airport or got landed
at like 1 a.m.
So yeah, it was just rough.
But yeah, we're well rested now.
I had some crazy dreams the pastcouple nights, you know, just
making out more.
I feel like I get crazierdreams, like vivid dreams when
(01:44):
I'm out like a light, you know?
I don't know if that's a normalthing.
No, that makes sense.
Can you share any dreams or arethey too wild for radio?
Dude, I don't think the RentishPod listeners are ready.
You don't think that'll getapproved by the content board?
That'll get it demonetized?
Okay.
Yeah.
All right, well, we don't haveto cover that, but I'm glad you
made it home safe and sound.
Glad you're energized and readyto roll.
(02:07):
We have a special guest.
Yes.
For this week's episode.
Before I talk about the topicsthat we're going to get into
really quickly, I want toofficially welcome our producer,
Moussey, to the podcast.
Moussey, what's going on, man?
SPEAKER_03 (02:19):
Hey, everyone.
I'm doing good.
Good.
Thanks for having me.
SPEAKER_01 (02:23):
Yeah, we're happy to have you.
Even though I'm
SPEAKER_03 (02:24):
the producer, thanks for having me.
SPEAKER_01 (02:27):
Well, having you as the producer and having you as a
voice is two very differentthings.
And we're glad to have you here.
Thank you.
Anytime you hear like faintchuckling in the background of a
Rentish episode, it's becausePatrick and I are probably
laughing at something Mousseydid or looked.
He has a distinct like lookwhenever something happens or we
say something specific thattickles his fancy.
We've been trying to get thisman a mic for a while.
(02:48):
Yeah, right.
Thank goodness the producersmade this happen.
Moussey, thank you for being onthe show today.
We've got a great episode.
Moussey is going to play a gamewith us.
He has not shared with us thedetails of said game, so we're
going to be surprised by thatbut i'm guessing it has to do
with property management realestate Does it?
Yes,
SPEAKER_00 (03:07):
it has to.
Anything else?
SPEAKER_01 (03:08):
And then we're also going to talk about your first
property sort of segment.
This is the Moussey episode.
We should just title this theMoussey episode because he's
like, he's captaining the shipand we're going to have a good
time.
Well, thank you.
I appreciate it.
Yeah.
All right.
Patrick.
Yes.
Are you ready to switch gearsfrom the goofiness and talk
about really serious propertymanagement?
(03:30):
So ready.
Yeah.
You ready?
You wore a polo today just forthe occasion.
Like an an actual button-upshirt.
First polo sighting since I wasprobably in second grade picture
days.
How many dress shirts do youown?
Dress shirts?
I have more complete button-downshirts.
A dressier shirt than a t-shirt.
Yeah, I've got...
I like Henleys a lot, and I likethe button-downs.
I don't love the polo look, butit was kind of slim pickings
(03:53):
this morning.
I haven't done laundry in aminute.
You haven't done laundry in aminute?
I did not have that manyoptions.
It was this or a Van Halen shirtthat's too small, so I
SPEAKER_02 (04:03):
landed on this.
SPEAKER_01 (04:04):
All right.
Moussey, my first property.
So I'm reading through the showdoc here.
We got my first property withMoussey.
You clarified that it was me onthe document.
So I'm glad about that.
So take it away, man.
SPEAKER_03 (04:19):
Yeah, this segment, we were thinking of just
explaining the basics of buyinga rental property.
I was in a situation where I wasfortunate enough to do that.
Me and my wife, we were lookingfor a property for a while and
we were able to find a duplex Sowe live in the bottom and then
we try to run out the top part.
SPEAKER_01 (04:38):
Did you know that that was like on your plan, like
your plan list for a while?
Is that like get a property andI want to, you're living in it
and you're renting it out.
So that was like, that waspurposeful, the whole thing?
SPEAKER_03 (04:49):
Yeah.
Before I was even dating andstuff, I always wanted to have
some type of real estateinvestment.
It didn't have to be like aduplex type of thing.
When we got married and stuff, Iwanted to still pursue this.
So we were just trying to findhow can we Pursue it in an
affordable way.
SPEAKER_02 (05:06):
Okay.
SPEAKER_03 (05:07):
So it wasn't easy, but I also think it's not as
hard as people make it seem tobe.
SPEAKER_01 (05:12):
We're going to be doing a bit of a deep dive into
Moussey's property buyingexperience, and it's a huge
milestone for anybody.
So obviously, congrats, Patrick.
Should we say congrats toMoussey?
Yes, congrats.
Yes.
I've seen it.
You've seen his house?
I have.
Yeah, yeah.
My girlfriend and I, we went ona coffee double date sort of
situation at a coffee shop bythe house.
(05:35):
And, yeah, it was really cool.
Rate his house.
Oh, God.
It was really nice.
It was big.
Yeah, I was impressed.
Honestly, it was nicer than Iwas expecting.
Not that I felt like that was aninsult in and of itself.
No, it's not an insult.
Actually, I don't want to spoilanything, so that's all I'll say
for now.
We'll go right in.
(05:55):
All right, so the joke.
journey to buying your firstproperty.
Let's start at the beginning,right?
What inspired you to buy theproperty specifically?
Was it really just thatinvestment opportunity or was
there anything more than that?
SPEAKER_03 (06:07):
Well, my dad ran a couple of properties and I
always was like, okay, I feellike this should be easier than
he's making it out to be.
Like he's a very hustler minded.
And so I was like, this is agreat investment.
However, I want to make surelike, I think in the And I think
I can do just as good of a job.
(06:28):
That's what inspired me
SPEAKER_01 (06:30):
in the first place.
Cool.
That's awesome.
I saw that opportunity.
How did you decide when it wasthe right time to buy?
SPEAKER_03 (06:36):
We were renting out for like a couple years and we
were thinking, all right, ourlease is coming up.
And we were in a situation wherewe had to sign a new lease and
it would be like an 18 monthlease.
But that just seemed too far inadvance.
We have to either sign it againor we could use the same money
we were paying rent to find aproperty lo and behold our
(06:59):
timeline it was it was matchingthe time that we said you know
we want to only be renting forthis amount of years and i think
it was like two or three yearsat that time that's when we just
you just went for
SPEAKER_01 (07:10):
it yeah well tell me your sights on the specific not
that you have to describe yourperfect house like the house
that you have the property thatyou have but like what what were
you looking for when you wentout and started like shopping
around like did you have anyspecific like it's got to be
this it's got to have this didanything change along the way
SPEAKER_03 (07:26):
yeah a lot changed when you are putting your budget
together and then we we have arealtor he was my old landlord
and he was a great landlord um ireally liked the way they
communicated i really liked youknow how they did things and
he's also like a big realtor inthe area and so i hit him up and
him and his wife do this this uhstuff uh to find houses uh shout
(07:51):
out to brian and uh
SPEAKER_01 (07:52):
shout out to brian
SPEAKER_03 (07:54):
brian and sylvia nelson they're really i
recommend them to anyone.
And they made the process easierwhere we sat down with them.
They said, what do you guyswant?
They wrote all of it down.
They said, what's your budget?
And then they're like, okay,realistically, you're probably
not going to have this.
You're not going to have that.
They made a portal for us withthat portal, all these
properties that pop up that arenot technically on Zillow yet.
(08:17):
And so that really helped with
SPEAKER_01 (08:19):
the process.
SPEAKER_02 (08:19):
Cool.
SPEAKER_01 (08:20):
Yeah.
Can you give us a ballpark ofexactly how long it took from
the start process of looking tothe process of getting it.
How long did it take?
SPEAKER_03 (08:29):
Okay, so we started in April.
So April, May, June, July,
SPEAKER_01 (08:36):
August.
Mental math, everybody.
It takes effort.
SPEAKER_03 (08:38):
I think seven months.
SPEAKER_01 (08:40):
Seven months.
Okay.
That's a process.
Seven months is a long time.
You had a question, Pat?
Yeah.
At any point, did you considerlike, was the process looking
like maybe grim enough to whereyou wouldn't be able to do like
a duplex and you just have toget a single family house?
Like, was that at any point likea
SPEAKER_03 (08:54):
fear that you were having?
Yeah.
We were a day away from justsaying, screw this.
And looking through Zillow andthere was like properties that I
was looking at and I was like,oh, this looks good.
So I sent it to my realtor.
And usually what he does is whenI send them the property he just
goes and like okay I'mcontacting the people there so
they can show you it or I can Ican show you the place so that
(09:16):
made it really easy but the nextday I think we looked at it so
SPEAKER_01 (09:19):
the stars align basically that's is there
anything you wish you had knownbefore going into the whole home
buying process buying the houseand anything that you were like
if I could tell a couple yearold me something what would it
be
SPEAKER_03 (09:32):
I don't think there's a bad time I always was
fearful of like are we gonnaspend too much how are we gonna
make it happen but you'reconnected with a loan provider
the guy that was helping us hewas very knowledgeable and he
also had rental properties tooand he was telling me all these
situations so they gave youhypotheticals like if you wanted
(09:53):
to put 5% down 10% down or allthese different loans so in
reality you don't need too muchmoney to be honest to put a down
payment but that's the thing Inever knew until I was doing the
process that's what I would tellmy younger self
SPEAKER_02 (10:08):
okay
SPEAKER_01 (10:09):
according to Zillow They say that a typical down
payment on the house is between3% and 20% of the purchase
price.
So you think you get air on thesmaller side?
Yeah, I think we put only 5%down.
5% of the property?
Yeah.
That's what I'll tell my youngerself.
SPEAKER_02 (10:25):
Okay.
SPEAKER_01 (10:26):
Well, I'm younger than you, so I'm taking that
advice.
Thank you, Musse.
Oh, you're welcome.
I just love it.
You guys are so ginger with themicrophone.
You're just like, oh, thank youso much.
Pass it on over to the nextperson.
We're going to get Musse.
a proper microphone system,right, Pat?
We got the money to do that.
Yeah, for sure.
I think it's an essential atthis point.
(10:48):
We'll start a, like, you know, aswear jar.
It's like whenever you swear,you put like a dollar in the
thing.
We could do that, but like callit the movie jar.
It's like anytime someone bringsup movies or film or Letterboxd,
you gotta put a dollar in thejar.
We'll have that shit raised inlike a day.
So, okay.
What else?
Do you have any other questionsto ask Musae?
(11:09):
Do we have anything else to askhim about the home buying
process?
I didn't realize that you onlypaid 5%.
I think I'm one of those peoplewho assumed that a down payment
had to be 20%.
That's actually reallyreassuring to hear somebody that
I know recently bought the houseand you were able to do so
without totally breaking thebank.
The fact
SPEAKER_03 (11:28):
that you were able to afford it to begin with.
The interesting part, it wasn'ta FHA loan.
It was a conventional.
The guy was like, you can do afirst-time home owner loan and
there's different stipulations.
They bracket where you arefinancially.
And so obviously if you'remarried, it's a little bit
(11:50):
different.
And so with that, this loanworked better and there were
three other options.
So with this 5% loan, we couldtake a grant where they would
actually pay the whole downpayment where we won't have to
spend anything upfront, but youdo have to pay the grant back
later.
SPEAKER_01 (12:07):
Cool.
Are you planning on investing inmore properties in the future?
SPEAKER_03 (12:12):
Yes.
SPEAKER_01 (12:13):
However,
SPEAKER_03 (12:14):
because we're doing midterm rentals right now, and
it's been kind of hard to keep aconsistent person there.
I think if we go to long term, Idefinitely want to look for
more.
SPEAKER_01 (12:26):
Cool.
Well, I'd say we did a good jobhere interviewing our subject.
Yeah.
And we say thank you for sharingand congratulations again and
good luck in your futureinvestments.
I'm sure we'll chronicle them aswe're...
chronicling this show, TheRentish Pod.
So we'll have to keep you comingback and giving us updates on
your investments and when youbuy that palatial estate and all
(12:50):
that stuff.
Yeah, yeah.
Where can listeners follow andconnect with you if you're an
expert?
Do you want to plug anything?
SPEAKER_00 (12:57):
I don't want to plug anything except The Rentish
Podcast.
There you
SPEAKER_03 (13:01):
go.
Follow us here.
A lot of the things are derivedfrom ideas that our whole team
has.
Yep.
SPEAKER_01 (13:06):
And yeah.
Cool.
And reminder, if you have anyquestions for Musée or for the
show in general, always feelfree to email questions at
therentishpod.com.
Okay.
You still doing okay, Patrick?
How's the energy level?
I'm thriving.
Thriving?
Yeah.
All right.
Are we going to keep Mousseyaround for a little bit longer?
(13:28):
I think he's got a game that hewants us to play.
Yeah.
I want to play the game.
Before you tell us what we'redoing, because we don't know.
Patrick and I don't know what'shappening.
I truly have no idea what gamethis is.
I want to know if this is a gameyou invented or if we're playing
a game game.
SPEAKER_03 (13:41):
Oh, it's a game that you guys played before.
You just have to guess theacronym, and then you also have
to guess the definition.
All right.
Let's do it.
Hit me.
All right.
All right.
So let me hit you, Patrick.
So this acronym, you hear it alot.
All right.
It's three letter acronym.
The first one is P.
(14:04):
The second letter is M.
Third letter is I.
SPEAKER_01 (14:07):
PMI.
Property Money Investment.
Oh, sorry.
Not yet.
UNKNOWN (14:14):
Yeah.
SPEAKER_01 (14:16):
I don't think so.
Hold on.
If that's a real term, I'mtaking very close consideration.
It might be a mine.
Property money investment.
SPEAKER_03 (14:32):
Yeah, when I was first making this game...
I thought, you know, it'd be funif I gave you, instead of, you
know, three options, let me giveyou four options that you have
to
SPEAKER_01 (14:42):
sift through.
Okay, got
SPEAKER_03 (14:43):
it, got it.
What you think the term,actually, the acronym stands
for.
Okay.
This is PMI, not BMI.
The first acronym, is itProperty Management Index?
Is it Personal MortgageInvestment?
Is it private mortgage insuranceor is it private money
insurance?
Ooh, okay.
SPEAKER_01 (15:03):
Well, it's hard because we don't have any
context.
So it's like, have you heardthat abbreviation in a sentence?
No, it sounded familiar.
But then when you said BMI, I'mlike, oh, that's why it sounds
familiar.
Like the body mass index.
I don't think it's the last two.
They just didn't sound right.
The last one definitely didn'tsound right.
Because the last one was my BSone, right?
(15:23):
Wasn't that what I said?
What was the last one?
The
SPEAKER_03 (15:26):
private money
SPEAKER_01 (15:26):
insurance.
Oh, private money insurance.
I just don't think money soundslike a professional term.
It would be like funds.
Finance or funds, yeah.
What was the first one again?
Property Management Index.
That was the only one of thosewhen he was reading them through
where I was like, that soundskind of legit.
Read them all though.
I thought it
SPEAKER_03 (15:44):
was the second one.
SPEAKER_01 (15:44):
The second
SPEAKER_03 (15:45):
one?
Yeah, so first one, PropertyManagement Index.
Second one, Personal MortgageInvestment.
Third one, Private MortgageInsurance.
And then fourth one, PrivateMoney Insurance.
SPEAKER_01 (15:56):
You want to Lock in number two.
Do you think it's number two ornumber one?
My gut was saying number one atfirst, but if you have a strong
feeling about two, I'd say welock it in.
Personal mortgage investment.
Personal mortgage investment.
Property management index.
No, you're getting that mixed upwith the BMI again.
The first one was propertymanagement index, right?
Yeah.
Yeah, so property managementindex.
Maybe that's why I'm getting itconfused too is that that sounds
(16:19):
legit because it also soundslike BMI.
Personal mortgage investment.
Private mortgage insurance.
PMI, private mortgage insurance.
Which could be that, maybe,actually.
But it's definitely not thelast.
Okay, do you want to lock intwo?
Let's just lock in two.
We've locked in number two.
SPEAKER_03 (16:33):
Okay, so you're saying it's personal mortgage
investment.
SPEAKER_01 (16:38):
Personal mortgage investment.
SPEAKER_03 (16:39):
Yes, and according to my sources, according to what
I've been through and what Isee, it is not number two.
Oh, shit.
It is private mortgageinsurance.
SPEAKER_01 (16:52):
Oh, really?
So it's number three.
Number three.
All right.
Oh, we should have done thatlike ACT tactic where like his
private was the first word usedtwice.
Mortgage was used twice, youknow.
All right.
So do you want to give us alittle explanation?
Yeah.
Yeah.
SPEAKER_03 (17:07):
And I mean, I didn't I didn't really understand it
before I brought up property.
So I think it's fine if you guysdon't.
SPEAKER_01 (17:14):
I thought you meant before the show.
All right.
Go ahead.
What is it?
SPEAKER_03 (17:18):
So now I'm going to have you guys guess the
definition.
OK, so there's threedefinitions.
Oh, man.
And you guys just have to guessit.
So the first definition, PMI isinsurance that protects the
lender if a borrower defaults ona mortgage typically required
when the down payment is lessthan 20%.
Number two, PMI is a fee paid byhomeowners to insure their
(17:42):
property against damages likefire, theft, and natural
disasters.
I don't think it's that one.
No.
The first one sounded superright, but...
And then the third one, PMI is atype of loan program designed to
help first-time homebuyersqualify for lower interest
rates.
I'm ready to lock in number one
SPEAKER_01 (17:59):
if you want.
Yeah, let's lock in number one.
SPEAKER_03 (18:00):
Ding, ding,
SPEAKER_01 (18:01):
ding, ding, ding.
He's a soundboard.
That is correct.
SPEAKER_03 (18:06):
So...
A lot of times, essentially whatI look at it as, a middleman
almost.
It's exactly like if I was like,hey, Patrick, you need$100,000.
Okay, I'm going to give you$100,000.
But you have to pay me.
If your down payment is lessthan 20%, you have to pay me
(18:28):
maybe$200 a month.
Because I want to make sure thatif you default, if you can't pay
the mortgage loan that I gaveyou, that I have at least money.
Essentially, I don't want to beliable for your mistakes, sir.
And so...
SPEAKER_01 (18:44):
So it's kind of like, you know, it's insurance
in a way.
It's like making sure thatyou've locked that down and that
there's not going to be any kindof funny business.
Right.
Got it.
So what?
One for one, I guess, on thatone?
We got the definition.
One for two.
Yeah.
Or, yeah, one for two.
Yeah.
Half, 50%.
50%.
Correct.
(19:05):
ACT, fail.
Fail.
Well...
Technically fail.
Is that the only term that wehad to guess today?
Yeah.
Oh, no.
All right.
Well, we're going to have toredeem ourselves on the next
episode, man.
Sounds good.
Yeah, good.
We learned something today.
I did.
Learned two things.
What was the second thing?
Well, what the PMI acronym was.
(19:27):
Yeah.
And then what the definition ofthat is.
Oh, okay.
The two separate things.
Because we had two parts of thegame.
I got it.
Yeah, okay.
Fair enough.
You know, you challenged me, andI appreciate that.
Thank you.
I think it's time to turn to themailbox.
(19:47):
What do you guys think?
Let's do it.
All right, mailbox here.
Welcome back to another round oflistener-submitted real estate
questions, which have been sentto questions at
therentishpod.com.
As always, we're here to help,but remember, consult the pros
before making any big moves.
Yeah, make sure you consult aprofessional.
Like me say.
Yeah, like me say.
(20:07):
Yeah, me say.
Take these.
Let's jump into this week'squirky, thought-provoking, and
downright entertaining questionsfrom listeners all over the
world.
I love the copy there.
Okay, Patrick, you want to readfirst?
You want me to read first?
I can go first.
Should we say read a question?
We got four questions, the threeof us.
(20:28):
I can read the first one if thathelps.
Kelsey from Los Angeles says,I've heard different opinions
about rental property securitydeposits.
Some landlords refund them fullywhile others take deductions for
even minor things.
What's your take on securitydeposit best practices?
Should landlords provide adetailed breakdown of charges to
tenants?
(20:48):
Security deposits.
Interesting.
Okay.
Yeah.
Cool.
Well, here's what I'll say.
I can really only answer this inthe form of a tenant opinion
since I don't own property andhow security deposits have been
for me over the years with allmy various landlords that I've
had.
I'd be curious to hear Musee'sopinion on this because I'm
guessing that you took asecurity deposit from your
(21:10):
tenants, right?
UNKNOWN (21:11):
Yeah.
SPEAKER_03 (21:12):
Yeah.
So take the security deposit.
You list if it's refundable ornon-refundable.
Where do you list that?
You mean in the terms of yourlease?
UNKNOWN (21:21):
Yeah.
SPEAKER_03 (21:21):
In the terms of your lease or like, for example,
since we do midterm, we put ourlisting on Furnished Finder.
And so there's an option whereyou can do refundable or
non-refundable.
Ours was, yeah, you're going toget it refunded back.
And usually you list it on yourlease specifically.
And then when they sign thelease, it should also say when
they're getting the depositback.
(21:44):
And usually it's a 30-day noticeuntil you get your deposit back.
SPEAKER_01 (21:48):
Gotcha.
What about you, man?
What about your opinion on that?
My opinion on security depositrefunds?
Just on the deposits.
Well, she's Kelsey from LosAngeles just kind of says,
what's your take on securitydeposit best practices?
My take is from what Iunderstand, a lot of states have
specific legislation on term interms of how to refund it.
Right.
And what it can be refunded to.
(22:09):
And I think my take as a tenantis I think some landlords will
take advantage of people notknowing the specific ways
security deposits can berefunded or have to be refunded
legally for the state or likewhat kinds of things can like I
think normal wear and tear in alot of times can't be you know
you can't take out of a securitydeposit but like obviously
larger damages can i think mytake would be as as a renter
(22:33):
knowing the tenant rights withsecurity deposit refunds because
i think some landlords will takeadvantage of people not knowing
yeah um but and at the same timeas a landlord like you know it's
probably important to know likewhat you can you know what you
can take out of it too so yeahyeah you stole the words out of
my mouth i mean i was basicallygoing to say the exact same
thing I did but I definitelyagree in terms of like having a
(22:56):
detailed breakdown of the ofthose charges like if you are
going to take a security depositas a landlord and then refund it
with like deductions making surethat those are detailed down so
like there's a chance that it'slike in writing that's not just
like some arbitrary like oh wellI collected$1,500 from you and
I'm not gonna I'm gonna return$100 of it because of damages to
(23:17):
the property without likeitemizing it and like making
sure that it's clearlycommunicated to the to the
tenant right some stats that Ifound online that are really
fascinating I think 59% ofrenters don't expect to get a
full refund back according tosome sites that's crazy so like
just in the United States alone59% of tenants that go into a
lease agreement with a landlordthat go to rent property don't
(23:41):
believe that they're going toget a full refund back Does that
number seem high to you?
That seems very high.
SPEAKER_03 (23:45):
That seems high from my renting experience.
I think something that youmentioned earlier, the lease,
you should also put if this isdamaged, how much everything
will cost because then whenyou're out looking up When
you're looking at your property,you're like, hey, this guy
jammed his car into my house.
That's definitely more than thesecurity deposit.
(24:08):
Sure, right.
Or if somebody took a hammer andthen accidentally put a hole
through the wall when they wereputting up a painting, that's
like$30 or something.
I don't know.
But it also is helpful becausethen you can refer to that with
the tenant.
But I didn't know 59% of peopledon't think they're going to get
their deposit back.
That's kind of wild.
SPEAKER_01 (24:29):
I lean in that camp.
That's the interesting thing.
I think that number's high, butI've had landlords totally jerk
me out of deposits before.
Maybe it's just because I'vebeen gullible and I've not
really been...
in the property management fieldfor that long.
But yeah, I've definitely hadlandlords withhold more than I
felt like they should have fromthe security deposit.
I put up a fight before with oneof my college housing stuff.
(24:52):
I was not backing down.
I was like, I need itemizerspeed, da-da-da-da-da, all this
stuff.
Sure, yeah.
Very frustrating.
Maybe I'm just a pushover.
All right, I'll take the nextone.
Listener Jordan from Austin.
I'm guessing that's Austin,Texas wrote in.
I've recently been consideringrenting out a unit in my home,
but I'm a little hesitant aboutthe potential for problems with
(25:13):
tenants.
This kind of goes hand in handwith what we were just talking
about.
What's the most unexpectedchallenge you faced as a
first-time landlord and how didyou handle it?
So it's kind of perfect that wegot Musee on the episode because
Jordan wants to know how you'vehandled an unexpected challenge
with a tenant.
SPEAKER_03 (25:30):
That's a good question.
So I think a lot of things inlife is like it deals with
communication and being able tojust communicate what you want
and also like communicating in away where it's not disrespectful
it's you know for me whenrunning the properties like i'm
not doing it just for like themoney i'm doing it also so that
(25:54):
there's somebody living here andyou want to make sure that it's
also fitting for them so one ofthe challenges we had was uh
this guy he kept leaving all thelights on And let me, like, this
is a fully furnished place.
The only thing he's paying foris rent.
So he's not paying utilities.
And he works like third shift.
The thing I did was I justtexted him, hey, can you make
(26:14):
sure the lights are off?
He said, yeah, my bad.
Next day, the lights are onagain.
And then I'm like, maybe he justforgot.
Lights are on again.
And then...
I just said, hey, can I go inthere and turn it off for you?
And he's like, yeah, totally.
So when the light like then itstopped happening less and less.
But I think that challenge wasweird because I was like, you
(26:35):
know, I expect people like ifyou're leaving your home, you
turn off the lights or leavinglike, you know, Airbnb or
whatever.
hotel like i wouldn't think likeeveryone just like leaves their
lights on and then just
SPEAKER_01 (26:46):
so elaborate not to get into the specifics but when
you say all the lights youliterally mean like every
overhead light in every roomevery lamp every everything like
how many lights are we talkinghere
SPEAKER_02 (26:58):
okay
SPEAKER_01 (26:58):
because like when there are some lights that i
don't know how you guys feelabout this but there are some
lights that i just purposefullyleave on in the house especially
when like I'm not home.
You know, or whatever.
But it's like, it's not like,like my front patio light,
always on.
My back patio light, always on.
I usually leave one lamp on inthe living room as well.
(27:19):
And that's just to like showthat there's light inside the
house as well.
Maybe that's just a paranoiathing from my perspective.
But it's like, was this guy,this guy was just like full like
turn every power switch up to11.
SPEAKER_03 (27:30):
Yeah, like I don't know what was going on because
every like room had the lighton.
And the worst thing is thoselights that are not like, uh,
They're not recessed like this.
They're more like a bulb.
They can overheat and cause afire.
And so he would just have it on.
I'm like, dude, and the bathroomlight on, kitchen light on,
bedroom light on.
I was like, damn, man.
SPEAKER_01 (27:51):
Is that the worst thing?
When I asked you for a challengewith a tenant, is that the worst
challenge you faced with atenant?
Not that you have to shareanother one, but I'm just
saying.
SPEAKER_03 (28:03):
Okay, the challenge I'm having right now is I
already gave him the depositback because I was like, I
looked up there and I was like,oh, this is good.
He didn't get the deposit back.
I gave it to him in like a week.
I was that gullible.
Right now, I'm having an issuewith the toilet.
The toilet is dark.
What?
(28:24):
The challenge is I got to go toHome Depot and get some cleaning
stone thing.
Apparently, this is a normalthing.
We had the toilet before hemoved in.
It was clean, but then...
I went in one day to just turnoff the lights and I, you know,
I went in the bathroom and Ilooked at the toilet and I was
like, man, this guy, I don'tknow what he did to the toilet.
(28:45):
And I was like, I'm sure he'sgoing to like scrub it off.
And weeks later when he movesout, I'm like, man, it's still
here.
So I try scrubbing it off andit's like, sorry guys.
So cover your ears.
But like,
SPEAKER_01 (28:58):
it's like brown,
SPEAKER_03 (28:59):
the whole, the whole toilet bowl is brown and I
can't, I can't stop.
SPEAKER_01 (29:04):
The inside of the
SPEAKER_03 (29:05):
toilet bowl.
The toilet bowl is brown.
Is it sediment?
It's not poop anymore.
It's sediment.
I think what happens if you peeand you just leave it there.
SPEAKER_01 (29:14):
Got it.
Dirty toilet bowl.
Love it.
That was a challenge.
Definitely a challenge.
Who wants to take the nextquestion?
SPEAKER_03 (29:23):
Patrick, you can take it.
SPEAKER_01 (29:30):
Tyler from Denver asks, as a landlord, how do you
feel about short-term rentalslike Airbnb?
Is it something you'veconsidered?
Do you prefer the stability oflong-term tenants?
What are the pros and cons inyour experience?
We talked about this in aprevious episode.
I'm kind of leaning away towardwanting to ever do Airbnb,
honestly.
I just think the stability oflong-term tenants, if you find a
good tenant, it's a well-oiledmachine, honestly.
(29:52):
Versus Airbnb, there's a lot ofwork and also a lot of, if you
don't get a tenant, likeconsistently, you know, you
might end up losing money in thelong term over over a easier to
deal with long term tenant.
Also, I just kind of went tosome like hotels and motels on
my trip to Arizona.
And it's really convenient.
I think I prefer going to hotelsover Airbnb as a traveler, I
(30:16):
guess.
So I would personally lean awayfrom Airbnb.
But that's just me.
Yeah.
Yeah, I feel you there.
I mean, as a landlord, it wouldbe hard, like owning a property
and renting out a room in anAirbnb sort of vacation home
kind of style, fashion.
Seems a bit difficult for me tograsp.
I mean, as a person, justgeneral person using hotels and
Airbnbs, I typically go with thecheapest option and Airbnb is
(30:39):
quickly becoming not thecheapest option.
So that's my stance on it rightnow.
When Airbnbs become costaffordable again, that's when
I'll start using them morefrequently.
I feel like it also depends onlocation too.
Some places, Airbnbs, the move.
And who you're traveling with.
This year, I've had to book alot of Airbnbs with a bunch of
(30:59):
people that I'm traveling with,like a group of friends.
And Airbnbs are way moreconvenient for that because then
you pay one static price andjust split it among those people
and you have a bigger space.
Hotel, renting out blocks ofhotel rooms or like back-to-back
rooms, that can get expensiveand difficult to manage really
quickly.
For sure, for sure.
Your opinions, Musae, would youever rent out a, would you ever
(31:21):
do an Airbnb if you had like abeach vacation villa you want to
rent out for an Airbnb orsomething?
On the Ohio River.
SPEAKER_03 (31:28):
Like you guys, I agree.
I feel like if you're doingAirbnb, it has to be in a good
area where you get a lot oftraction and you have to be kind
of near the area because you'vegot to constantly do the turning
over.
SPEAKER_01 (31:40):
One of these days we should do a segment where we
talk about– we've got to talkabout our favorite hotel stories
or the best hotel experiences.
Yeah.
Oh, man.
I love hotels.
There's something so cozy abouta hotel.
It's really cool.
Okay.
One more question.
Moussey, you want to take thisone?
SPEAKER_03 (31:56):
Why not?
Eduardo from Santa Monica lovesyou guys.
I know you guys primarily focuson property management topics,
but you did say in a recentepisode that you could ask
anything we wanted.
I'm taking that to heart, hesays, and I'd like to ask you
guys how to handle healthmanagement.
How do you stay fit and active?
And do you meal prep or diet?
(32:16):
I heard Patrick say on a recentepisode he's on a health kick,
and I I'd like to know more.
Cheers from the West Coast.
SPEAKER_01 (32:21):
So, you know, property management, and he's
talking about health management,right?
So he's like kind of crossingthe streams there.
There are so manyhealth-oriented podcasts, and
this is not where you should begetting this answer.
With that said, you know, myhealth kick, I feel like I'm
just always on a health kick.
(32:42):
And, you know, rarely am I doingwell with it.
But I guess my most recenthealth kick is I cut out soda,
except for once a week, I think.
I have a soda pop once a week.
And then I also have been eatingavocado turkey sandwiches for
lunch.
Oh, wow.
Yeah, with some sriracha.
What kind of bread?
Are you using wheat bread?
(33:02):
I found this sourdough fromKroger.
It's called Ace Bistro sourdoughbread or something.
I think the brand is Ace.
Not a sponsor.
Okay.
but yeah, it's really good.
So a lot of it for you has justbeen like cutting back on some
sugary foods and bad foods andlike take out food.
I'm trying to take, I'm tryingto eat like less processed
foods.
Like, and I snack, I startedsnacking on like, you know,
(33:24):
talkies or like chips orwhatever.
I'm trying to do pistachios.
Oh, um, and just try to eat likea little bit like less processed
foods, like making sure I don'tlike, cause I could just like
eat forever.
Right.
It's just, just trying to likemake sure my portion sizes are
less, less American.
I could eat forever is great.
Thanks for this, uh, forlistening and for writing in
(33:45):
Eduardo we appreciate it maybeif we have any health tips we'll
sprinkle them in on the podcaston a later day talk about
calorie smart hot dogs and stuffalright thanks for listening to
another episode of the Rentishpodcast we really appreciate
everyone for tuning in andhanging out with us it's been a
fun show it's been entertainingit's good to have Moussey here
we only had to censor one thingand that's great my name is Zach
(34:08):
that's Patrick Moussey there youcan follow the Rentish pod on
many different places justonline you can hit the
notification bell to make surethat you're notified when new
episodes go live.
You can comment, you can give usa five-star rating, or whatever
the equivalent 10 out of 10,five out of five is on the
podcast platform of choice foryou.
And if you have any questions,topic suggestions for the show,
(34:29):
any real estate, propertymanagement things, or fun games,
or anything that you want us toplay, feel free to email
questions at therentishpod.com.
That's another episode of theshow, and we'll see you guys
later.
What's going on, everybody?
I'm Zach, and I'm here withPatrick.
What up?
We are your hosts for theRent-ish podcast, a podcast
that's kind of about rentalproperties and hosted by two
guys that work in the realestate industry and sort of know
what they're talking about.
But mostly we don't.
(00:21):
Catchphrase gold, man.
Yes, Patrick, mostly we don't,which is why you're gonna have
fun hearing us talk to experts,learning with us, or just
laughing along at how little weknow But I'm proud of our
growth.
I am very proud of our growth.
I feel like I have a much betterunderstanding of real estate
than I did the first episode,for example.
Yeah.
PhDs are coming.
(00:41):
You know what I mean?
Yeah.
I think we're only a couple ofepisodes away.
Just a couple.
Today, we've got a great episodefor you.
We're going to be talking abouta whole bunch of stuff.
We've got properties, somegames, some listener questions,
maybe a little bit of spice hereand there.
Okay.
You never know.
You never know what you're goingto get when you come into this
Podcast every week.
(01:02):
New episode of The Rentist.
You're like, what are thesenutjobs going to talk about?
I don't know.
What are they going to talkabout?
Patrick, how are you doingtoday?
I'm doing well.
I'm doing well.
Coffeed up, of course.
Yeah.
But I had a great night's sleep,actually.
I don't know if that was...
Yeah, you said that you gotscrewed over by the airline
industry the other night and itended up getting back.
Or no, daylight savings.
It was more like daylightsavings.
Yeah, because I was in Arizonaand they don't do daylight
(01:23):
savings there.
And so when I came back, I gothit by the two-hour time change
plus the extra hour fromdaylight savings I missed in
Arizona and then also got backfrom the airport or got landed
at like 1 a.m.
So yeah, it was just rough.
But yeah, we're well rested now.
I had some crazy dreams the pastcouple nights, you know, just
making out more.
I feel like I get crazierdreams, like vivid dreams when
(01:44):
I'm out like a light, you know?
I don't know if that's a normalthing.
No, that makes sense.
Can you share any dreams or arethey too wild for radio?
Dude, I don't think the RentishPod listeners are ready.
You don't think that'll getapproved by the content board?
That'll get it demonetized?
Okay.
Yeah.
All right, well, we don't haveto cover that, but I'm glad you
made it home safe and sound.
Glad you're energized and readyto roll.
(02:07):
We have a special guest.
Yes.
For this week's episode.
Before I talk about the topicsthat we're going to get into
really quickly, I want toofficially welcome our producer,
Moussey, to the podcast.
Moussey, what's going on, man?
SPEAKER_03 (02:19):
Hey, everyone.
I'm doing good.
Good.
Thanks for having me.
SPEAKER_01 (02:23):
Yeah, we're happy to have you.
Even though I'm
SPEAKER_03 (02:24):
the producer, thanks for having me.
SPEAKER_01 (02:27):
Well, having you as the producer and having you as a
voice is two very differentthings.
And we're glad to have you here.
Thank you.
Anytime you hear like faintchuckling in the background of a
Rentish episode, it's becausePatrick and I are probably
laughing at something Mousseydid or looked.
He has a distinct like lookwhenever something happens or we
say something specific thattickles his fancy.
We've been trying to get thisman a mic for a while.
(02:48):
Yeah, right.
Thank goodness the producersmade this happen.
Moussey, thank you for being onthe show today.
We've got a great episode.
Moussey is going to play a gamewith us.
He has not shared with us thedetails of said game, so we're
going to be surprised by thatbut i'm guessing it has to do
with property management realestate Does it?
Yes,
SPEAKER_00 (03:07):
it has to.
Anything else?
SPEAKER_01 (03:08):
And then we're also going to talk about your first
property sort of segment.
This is the Moussey episode.
We should just title this theMoussey episode because he's
like, he's captaining the shipand we're going to have a good
time.
Well, thank you.
I appreciate it.
Yeah.
All right.
Patrick.
Yes.
Are you ready to switch gearsfrom the goofiness and talk
about really serious propertymanagement?
(03:30):
So ready.
Yeah.
You ready?
You wore a polo today just forthe occasion.
Like an an actual button-upshirt.
First polo sighting since I wasprobably in second grade picture
days.
How many dress shirts do youown?
Dress shirts?
I have more complete button-downshirts.
A dressier shirt than a t-shirt.
Yeah, I've got...
I like Henleys a lot, and I likethe button-downs.
I don't love the polo look, butit was kind of slim pickings
(03:53):
this morning.
I haven't done laundry in aminute.
You haven't done laundry in aminute?
I did not have that manyoptions.
It was this or a Van Halen shirtthat's too small, so I
SPEAKER_02 (04:03):
landed on this.
SPEAKER_01 (04:04):
All right.
Moussey, my first property.
So I'm reading through the showdoc here.
We got my first property withMoussey.
You clarified that it was me onthe document.
So I'm glad about that.
So take it away, man.
SPEAKER_03 (04:19):
Yeah, this segment, we were thinking of just
explaining the basics of buyinga rental property.
I was in a situation where I wasfortunate enough to do that.
Me and my wife, we were lookingfor a property for a while and
we were able to find a duplex Sowe live in the bottom and then
we try to run out the top part.
SPEAKER_01 (04:38):
Did you know that that was like on your plan, like
your plan list for a while?
Is that like get a property andI want to, you're living in it
and you're renting it out.
So that was like, that waspurposeful, the whole thing?
SPEAKER_03 (04:49):
Yeah.
Before I was even dating andstuff, I always wanted to have
some type of real estateinvestment.
It didn't have to be like aduplex type of thing.
When we got married and stuff, Iwanted to still pursue this.
So we were just trying to findhow can we Pursue it in an
affordable way.
SPEAKER_02 (05:06):
Okay.
SPEAKER_03 (05:07):
So it wasn't easy, but I also think it's not as
hard as people make it seem tobe.
SPEAKER_01 (05:12):
We're going to be doing a bit of a deep dive into
Moussey's property buyingexperience, and it's a huge
milestone for anybody.
So obviously, congrats, Patrick.
Should we say congrats toMoussey?
Yes, congrats.
Yes.
I've seen it.
You've seen his house?
I have.
Yeah, yeah.
My girlfriend and I, we went ona coffee double date sort of
situation at a coffee shop bythe house.
(05:35):
And, yeah, it was really cool.
Rate his house.
Oh, God.
It was really nice.
It was big.
Yeah, I was impressed.
Honestly, it was nicer than Iwas expecting.
Not that I felt like that was aninsult in and of itself.
No, it's not an insult.
Actually, I don't want to spoilanything, so that's all I'll say
for now.
We'll go right in.
(05:55):
All right, so the joke.
journey to buying your firstproperty.
Let's start at the beginning,right?
What inspired you to buy theproperty specifically?
Was it really just thatinvestment opportunity or was
there anything more than that?
SPEAKER_03 (06:07):
Well, my dad ran a couple of properties and I
always was like, okay, I feellike this should be easier than
he's making it out to be.
Like he's a very hustler minded.
And so I was like, this is agreat investment.
However, I want to make surelike, I think in the And I think
I can do just as good of a job.
(06:28):
That's what inspired me
SPEAKER_01 (06:30):
in the first place.
Cool.
That's awesome.
I saw that opportunity.
How did you decide when it wasthe right time to buy?
SPEAKER_03 (06:36):
We were renting out for like a couple years and we
were thinking, all right, ourlease is coming up.
And we were in a situation wherewe had to sign a new lease and
it would be like an 18 monthlease.
But that just seemed too far inadvance.
We have to either sign it againor we could use the same money
we were paying rent to find aproperty lo and behold our
(06:59):
timeline it was it was matchingthe time that we said you know
we want to only be renting forthis amount of years and i think
it was like two or three yearsat that time that's when we just
you just went for
SPEAKER_01 (07:10):
it yeah well tell me your sights on the specific not
that you have to describe yourperfect house like the house
that you have the property thatyou have but like what what were
you looking for when you wentout and started like shopping
around like did you have anyspecific like it's got to be
this it's got to have this didanything change along the way
SPEAKER_03 (07:26):
yeah a lot changed when you are putting your budget
together and then we we have arealtor he was my old landlord
and he was a great landlord um ireally liked the way they
communicated i really liked youknow how they did things and
he's also like a big realtor inthe area and so i hit him up and
him and his wife do this this uhstuff uh to find houses uh shout
(07:51):
out to brian and uh
SPEAKER_01 (07:52):
shout out to brian
SPEAKER_03 (07:54):
brian and sylvia nelson they're really i
recommend them to anyone.
And they made the process easierwhere we sat down with them.
They said, what do you guyswant?
They wrote all of it down.
They said, what's your budget?
And then they're like, okay,realistically, you're probably
not going to have this.
You're not going to have that.
They made a portal for us withthat portal, all these
properties that pop up that arenot technically on Zillow yet.
(08:17):
And so that really helped with
SPEAKER_01 (08:19):
the process.
SPEAKER_02 (08:19):
Cool.
SPEAKER_01 (08:20):
Yeah.
Can you give us a ballpark ofexactly how long it took from
the start process of looking tothe process of getting it.
How long did it take?
SPEAKER_03 (08:29):
Okay, so we started in April.
So April, May, June, July,
SPEAKER_01 (08:36):
August.
Mental math, everybody.
It takes effort.
SPEAKER_03 (08:38):
I think seven months.
SPEAKER_01 (08:40):
Seven months.
Okay.
That's a process.
Seven months is a long time.
You had a question, Pat?
Yeah.
At any point, did you considerlike, was the process looking
like maybe grim enough to whereyou wouldn't be able to do like
a duplex and you just have toget a single family house?
Like, was that at any point likea
SPEAKER_03 (08:54):
fear that you were having?
Yeah.
We were a day away from justsaying, screw this.
And looking through Zillow andthere was like properties that I
was looking at and I was like,oh, this looks good.
So I sent it to my realtor.
And usually what he does is whenI send them the property he just
goes and like okay I'mcontacting the people there so
they can show you it or I can Ican show you the place so that
(09:16):
made it really easy but the nextday I think we looked at it so
SPEAKER_01 (09:19):
the stars align basically that's is there
anything you wish you had knownbefore going into the whole home
buying process buying the houseand anything that you were like
if I could tell a couple yearold me something what would it
be
SPEAKER_03 (09:32):
I don't think there's a bad time I always was
fearful of like are we gonnaspend too much how are we gonna
make it happen but you'reconnected with a loan provider
the guy that was helping us hewas very knowledgeable and he
also had rental properties tooand he was telling me all these
situations so they gave youhypotheticals like if you wanted
(09:53):
to put 5% down 10% down or allthese different loans so in
reality you don't need too muchmoney to be honest to put a down
payment but that's the thing Inever knew until I was doing the
process that's what I would tellmy younger self
SPEAKER_02 (10:08):
okay
SPEAKER_01 (10:09):
according to Zillow They say that a typical down
payment on the house is between3% and 20% of the purchase
price.
So you think you get air on thesmaller side?
Yeah, I think we put only 5%down.
5% of the property?
Yeah.
That's what I'll tell my youngerself.
SPEAKER_02 (10:25):
Okay.
SPEAKER_01 (10:26):
Well, I'm younger than you, so I'm taking that
advice.
Thank you, Musse.
Oh, you're welcome.
I just love it.
You guys are so ginger with themicrophone.
You're just like, oh, thank youso much.
Pass it on over to the nextperson.
We're going to get Musse.
a proper microphone system,right, Pat?
We got the money to do that.
Yeah, for sure.
I think it's an essential atthis point.
(10:48):
We'll start a, like, you know, aswear jar.
It's like whenever you swear,you put like a dollar in the
thing.
We could do that, but like callit the movie jar.
It's like anytime someone bringsup movies or film or Letterboxd,
you gotta put a dollar in thejar.
We'll have that shit raised inlike a day.
So, okay.
What else?
Do you have any other questionsto ask Musae?
(11:09):
Do we have anything else to askhim about the home buying
process?
I didn't realize that you onlypaid 5%.
I think I'm one of those peoplewho assumed that a down payment
had to be 20%.
That's actually reallyreassuring to hear somebody that
I know recently bought the houseand you were able to do so
without totally breaking thebank.
The fact
SPEAKER_03 (11:28):
that you were able to afford it to begin with.
The interesting part, it wasn'ta FHA loan.
It was a conventional.
The guy was like, you can do afirst-time home owner loan and
there's different stipulations.
They bracket where you arefinancially.
And so obviously if you'remarried, it's a little bit
(11:50):
different.
And so with that, this loanworked better and there were
three other options.
So with this 5% loan, we couldtake a grant where they would
actually pay the whole downpayment where we won't have to
spend anything upfront, but youdo have to pay the grant back
later.
SPEAKER_01 (12:07):
Cool.
Are you planning on investing inmore properties in the future?
SPEAKER_03 (12:12):
Yes.
SPEAKER_01 (12:13):
However,
SPEAKER_03 (12:14):
because we're doing midterm rentals right now, and
it's been kind of hard to keep aconsistent person there.
I think if we go to long term, Idefinitely want to look for
more.
SPEAKER_01 (12:26):
Cool.
Well, I'd say we did a good jobhere interviewing our subject.
Yeah.
And we say thank you for sharingand congratulations again and
good luck in your futureinvestments.
I'm sure we'll chronicle them aswe're...
chronicling this show, TheRentish Pod.
So we'll have to keep you comingback and giving us updates on
your investments and when youbuy that palatial estate and all
(12:50):
that stuff.
Yeah, yeah.
Where can listeners follow andconnect with you if you're an
expert?
Do you want to plug anything?
SPEAKER_00 (12:57):
I don't want to plug anything except The Rentish
Podcast.
There you
SPEAKER_03 (13:01):
go.
Follow us here.
A lot of the things are derivedfrom ideas that our whole team
has.
Yep.
SPEAKER_01 (13:06):
And yeah.
Cool.
And reminder, if you have anyquestions for Musée or for the
show in general, always feelfree to email questions at
therentishpod.com.
Okay.
You still doing okay, Patrick?
How's the energy level?
I'm thriving.
Thriving?
Yeah.
All right.
Are we going to keep Mousseyaround for a little bit longer?
(13:28):
I think he's got a game that hewants us to play.
Yeah.
I want to play the game.
Before you tell us what we'redoing, because we don't know.
Patrick and I don't know what'shappening.
I truly have no idea what gamethis is.
I want to know if this is a gameyou invented or if we're playing
a game game.
SPEAKER_03 (13:41):
Oh, it's a game that you guys played before.
You just have to guess theacronym, and then you also have
to guess the definition.
All right.
Let's do it.
Hit me.
All right.
All right.
So let me hit you, Patrick.
So this acronym, you hear it alot.
All right.
It's three letter acronym.
The first one is P.
(14:04):
The second letter is M.
Third letter is I.
SPEAKER_01 (14:07):
PMI.
Property Money Investment.
Oh, sorry.
Not yet.
UNKNOWN (14:14):
Yeah.
SPEAKER_01 (14:16):
I don't think so.
Hold on.
If that's a real term, I'mtaking very close consideration.
It might be a mine.
Property money investment.
SPEAKER_03 (14:32):
Yeah, when I was first making this game...
I thought, you know, it'd be funif I gave you, instead of, you
know, three options, let me giveyou four options that you have
to
SPEAKER_01 (14:42):
sift through.
Okay, got
SPEAKER_03 (14:43):
it, got it.
What you think the term,actually, the acronym stands
for.
Okay.
This is PMI, not BMI.
The first acronym, is itProperty Management Index?
Is it Personal MortgageInvestment?
Is it private mortgage insuranceor is it private money
insurance?
Ooh, okay.
SPEAKER_01 (15:03):
Well, it's hard because we don't have any
context.
So it's like, have you heardthat abbreviation in a sentence?
No, it sounded familiar.
But then when you said BMI, I'mlike, oh, that's why it sounds
familiar.
Like the body mass index.
I don't think it's the last two.
They just didn't sound right.
The last one definitely didn'tsound right.
Because the last one was my BSone, right?
(15:23):
Wasn't that what I said?
What was the last one?
The
SPEAKER_03 (15:26):
private money
SPEAKER_01 (15:26):
insurance.
Oh, private money insurance.
I just don't think money soundslike a professional term.
It would be like funds.
Finance or funds, yeah.
What was the first one again?
Property Management Index.
That was the only one of thosewhen he was reading them through
where I was like, that soundskind of legit.
Read them all though.
I thought it
SPEAKER_03 (15:44):
was the second one.
SPEAKER_01 (15:44):
The second
SPEAKER_03 (15:45):
one?
Yeah, so first one, PropertyManagement Index.
Second one, Personal MortgageInvestment.
Third one, Private MortgageInsurance.
And then fourth one, PrivateMoney Insurance.
SPEAKER_01 (15:56):
You want to Lock in number two.
Do you think it's number two ornumber one?
My gut was saying number one atfirst, but if you have a strong
feeling about two, I'd say welock it in.
Personal mortgage investment.
Personal mortgage investment.
Property management index.
No, you're getting that mixed upwith the BMI again.
The first one was propertymanagement index, right?
Yeah.
Yeah, so property managementindex.
Maybe that's why I'm getting itconfused too is that that sounds
(16:19):
legit because it also soundslike BMI.
Personal mortgage investment.
Private mortgage insurance.
PMI, private mortgage insurance.
Which could be that, maybe,actually.
But it's definitely not thelast.
Okay, do you want to lock intwo?
Let's just lock in two.
We've locked in number two.
SPEAKER_03 (16:33):
Okay, so you're saying it's personal mortgage
investment.
SPEAKER_01 (16:38):
Personal mortgage investment.
SPEAKER_03 (16:39):
Yes, and according to my sources, according to what
I've been through and what Isee, it is not number two.
Oh, shit.
It is private mortgageinsurance.
SPEAKER_01 (16:52):
Oh, really?
So it's number three.
Number three.
All right.
Oh, we should have done thatlike ACT tactic where like his
private was the first word usedtwice.
Mortgage was used twice, youknow.
All right.
So do you want to give us alittle explanation?
Yeah.
Yeah.
SPEAKER_03 (17:07):
And I mean, I didn't I didn't really understand it
before I brought up property.
So I think it's fine if you guysdon't.
SPEAKER_01 (17:14):
I thought you meant before the show.
All right.
Go ahead.
What is it?
SPEAKER_03 (17:18):
So now I'm going to have you guys guess the
definition.
OK, so there's threedefinitions.
Oh, man.
And you guys just have to guessit.
So the first definition, PMI isinsurance that protects the
lender if a borrower defaults ona mortgage typically required
when the down payment is lessthan 20%.
Number two, PMI is a fee paid byhomeowners to insure their
(17:42):
property against damages likefire, theft, and natural
disasters.
I don't think it's that one.
No.
The first one sounded superright, but...
And then the third one, PMI is atype of loan program designed to
help first-time homebuyersqualify for lower interest
rates.
I'm ready to lock in number one
SPEAKER_01 (17:59):
if you want.
Yeah, let's lock in number one.
SPEAKER_03 (18:00):
Ding, ding,
SPEAKER_01 (18:01):
ding, ding, ding.
He's a soundboard.
That is correct.
SPEAKER_03 (18:06):
So...
A lot of times, essentially whatI look at it as, a middleman
almost.
It's exactly like if I was like,hey, Patrick, you need$100,000.
Okay, I'm going to give you$100,000.
But you have to pay me.
If your down payment is lessthan 20%, you have to pay me
(18:28):
maybe$200 a month.
Because I want to make sure thatif you default, if you can't pay
the mortgage loan that I gaveyou, that I have at least money.
Essentially, I don't want to beliable for your mistakes, sir.
And so...
SPEAKER_01 (18:44):
So it's kind of like, you know, it's insurance
in a way.
It's like making sure thatyou've locked that down and that
there's not going to be any kindof funny business.
Right.
Got it.
So what?
One for one, I guess, on thatone?
We got the definition.
One for two.
Yeah.
Or, yeah, one for two.
Yeah.
Half, 50%.
50%.
Correct.
(19:05):
ACT, fail.
Fail.
Well...
Technically fail.
Is that the only term that wehad to guess today?
Yeah.
Oh, no.
All right.
Well, we're going to have toredeem ourselves on the next
episode, man.
Sounds good.
Yeah, good.
We learned something today.
I did.
Learned two things.
What was the second thing?
Well, what the PMI acronym was.
(19:27):
Yeah.
And then what the definition ofthat is.
Oh, okay.
The two separate things.
Because we had two parts of thegame.
I got it.
Yeah, okay.
Fair enough.
You know, you challenged me, andI appreciate that.
Thank you.
I think it's time to turn to themailbox.
(19:47):
What do you guys think?
Let's do it.
All right, mailbox here.
Welcome back to another round oflistener-submitted real estate
questions, which have been sentto questions at
therentishpod.com.
As always, we're here to help,but remember, consult the pros
before making any big moves.
Yeah, make sure you consult aprofessional.
Like me say.
Yeah, like me say.
(20:07):
Yeah, me say.
Take these.
Let's jump into this week'squirky, thought-provoking, and
downright entertaining questionsfrom listeners all over the
world.
I love the copy there.
Okay, Patrick, you want to readfirst?
You want me to read first?
I can go first.
Should we say read a question?
We got four questions, the threeof us.
(20:28):
I can read the first one if thathelps.
Kelsey from Los Angeles says,I've heard different opinions
about rental property securitydeposits.
Some landlords refund them fullywhile others take deductions for
even minor things.
What's your take on securitydeposit best practices?
Should landlords provide adetailed breakdown of charges to
tenants?
(20:48):
Security deposits.
Interesting.
Okay.
Yeah.
Cool.
Well, here's what I'll say.
I can really only answer this inthe form of a tenant opinion
since I don't own property andhow security deposits have been
for me over the years with allmy various landlords that I've
had.
I'd be curious to hear Musee'sopinion on this because I'm
guessing that you took asecurity deposit from your
(21:10):
tenants, right?
UNKNOWN (21:11):
Yeah.
SPEAKER_03 (21:12):
Yeah.
So take the security deposit.
You list if it's refundable ornon-refundable.
Where do you list that?
You mean in the terms of yourlease?
UNKNOWN (21:21):
Yeah.
SPEAKER_03 (21:21):
In the terms of your lease or like, for example,
since we do midterm, we put ourlisting on Furnished Finder.
And so there's an option whereyou can do refundable or
non-refundable.
Ours was, yeah, you're going toget it refunded back.
And usually you list it on yourlease specifically.
And then when they sign thelease, it should also say when
they're getting the depositback.
(21:44):
And usually it's a 30-day noticeuntil you get your deposit back.
SPEAKER_01 (21:48):
Gotcha.
What about you, man?
What about your opinion on that?
My opinion on security depositrefunds?
Just on the deposits.
Well, she's Kelsey from LosAngeles just kind of says,
what's your take on securitydeposit best practices?
My take is from what Iunderstand, a lot of states have
specific legislation on term interms of how to refund it.
Right.
And what it can be refunded to.
(22:09):
And I think my take as a tenantis I think some landlords will
take advantage of people notknowing the specific ways
security deposits can berefunded or have to be refunded
legally for the state or likewhat kinds of things can like I
think normal wear and tear in alot of times can't be you know
you can't take out of a securitydeposit but like obviously
larger damages can i think mytake would be as as a renter
(22:33):
knowing the tenant rights withsecurity deposit refunds because
i think some landlords will takeadvantage of people not knowing
yeah um but and at the same timeas a landlord like you know it's
probably important to know likewhat you can you know what you
can take out of it too so yeahyeah you stole the words out of
my mouth i mean i was basicallygoing to say the exact same
thing I did but I definitelyagree in terms of like having a
(22:56):
detailed breakdown of the ofthose charges like if you are
going to take a security depositas a landlord and then refund it
with like deductions making surethat those are detailed down so
like there's a chance that it'slike in writing that's not just
like some arbitrary like oh wellI collected$1,500 from you and
I'm not gonna I'm gonna return$100 of it because of damages to
(23:17):
the property without likeitemizing it and like making
sure that it's clearlycommunicated to the to the
tenant right some stats that Ifound online that are really
fascinating I think 59% ofrenters don't expect to get a
full refund back according tosome sites that's crazy so like
just in the United States alone59% of tenants that go into a
lease agreement with a landlordthat go to rent property don't
(23:41):
believe that they're going toget a full refund back Does that
number seem high to you?
That seems very high.
SPEAKER_03 (23:45):
That seems high from my renting experience.
I think something that youmentioned earlier, the lease,
you should also put if this isdamaged, how much everything
will cost because then whenyou're out looking up When
you're looking at your property,you're like, hey, this guy
jammed his car into my house.
That's definitely more than thesecurity deposit.
(24:08):
Sure, right.
Or if somebody took a hammer andthen accidentally put a hole
through the wall when they wereputting up a painting, that's
like$30 or something.
I don't know.
But it also is helpful becausethen you can refer to that with
the tenant.
But I didn't know 59% of peopledon't think they're going to get
their deposit back.
That's kind of wild.
SPEAKER_01 (24:29):
I lean in that camp.
That's the interesting thing.
I think that number's high, butI've had landlords totally jerk
me out of deposits before.
Maybe it's just because I'vebeen gullible and I've not
really been...
in the property management fieldfor that long.
But yeah, I've definitely hadlandlords withhold more than I
felt like they should have fromthe security deposit.
I put up a fight before with oneof my college housing stuff.
(24:52):
I was not backing down.
I was like, I need itemizerspeed, da-da-da-da-da, all this
stuff.
Sure, yeah.
Very frustrating.
Maybe I'm just a pushover.
All right, I'll take the nextone.
Listener Jordan from Austin.
I'm guessing that's Austin,Texas wrote in.
I've recently been consideringrenting out a unit in my home,
but I'm a little hesitant aboutthe potential for problems with
(25:13):
tenants.
This kind of goes hand in handwith what we were just talking
about.
What's the most unexpectedchallenge you faced as a
first-time landlord and how didyou handle it?
So it's kind of perfect that wegot Musee on the episode because
Jordan wants to know how you'vehandled an unexpected challenge
with a tenant.
SPEAKER_03 (25:30):
That's a good question.
So I think a lot of things inlife is like it deals with
communication and being able tojust communicate what you want
and also like communicating in away where it's not disrespectful
it's you know for me whenrunning the properties like i'm
not doing it just for like themoney i'm doing it also so that
(25:54):
there's somebody living here andyou want to make sure that it's
also fitting for them so one ofthe challenges we had was uh
this guy he kept leaving all thelights on And let me, like, this
is a fully furnished place.
The only thing he's paying foris rent.
So he's not paying utilities.
And he works like third shift.
The thing I did was I justtexted him, hey, can you make
(26:14):
sure the lights are off?
He said, yeah, my bad.
Next day, the lights are onagain.
And then I'm like, maybe he justforgot.
Lights are on again.
And then...
I just said, hey, can I go inthere and turn it off for you?
And he's like, yeah, totally.
So when the light like then itstopped happening less and less.
But I think that challenge wasweird because I was like, you
(26:35):
know, I expect people like ifyou're leaving your home, you
turn off the lights or leavinglike, you know, Airbnb or
whatever.
hotel like i wouldn't think likeeveryone just like leaves their
lights on and then just
SPEAKER_01 (26:46):
so elaborate not to get into the specifics but when
you say all the lights youliterally mean like every
overhead light in every roomevery lamp every everything like
how many lights are we talkinghere
SPEAKER_02 (26:58):
okay
SPEAKER_01 (26:58):
because like when there are some lights that i
don't know how you guys feelabout this but there are some
lights that i just purposefullyleave on in the house especially
when like I'm not home.
You know, or whatever.
But it's like, it's not like,like my front patio light,
always on.
My back patio light, always on.
I usually leave one lamp on inthe living room as well.
(27:19):
And that's just to like showthat there's light inside the
house as well.
Maybe that's just a paranoiathing from my perspective.
But it's like, was this guy,this guy was just like full like
turn every power switch up to11.
SPEAKER_03 (27:30):
Yeah, like I don't know what was going on because
every like room had the lighton.
And the worst thing is thoselights that are not like, uh,
They're not recessed like this.
They're more like a bulb.
They can overheat and cause afire.
And so he would just have it on.
I'm like, dude, and the bathroomlight on, kitchen light on,
bedroom light on.
I was like, damn, man.
SPEAKER_01 (27:51):
Is that the worst thing?
When I asked you for a challengewith a tenant, is that the worst
challenge you faced with atenant?
Not that you have to shareanother one, but I'm just
saying.
SPEAKER_03 (28:03):
Okay, the challenge I'm having right now is I
already gave him the depositback because I was like, I
looked up there and I was like,oh, this is good.
He didn't get the deposit back.
I gave it to him in like a week.
I was that gullible.
Right now, I'm having an issuewith the toilet.
The toilet is dark.
What?
(28:24):
The challenge is I got to go toHome Depot and get some cleaning
stone thing.
Apparently, this is a normalthing.
We had the toilet before hemoved in.
It was clean, but then...
I went in one day to just turnoff the lights and I, you know,
I went in the bathroom and Ilooked at the toilet and I was
like, man, this guy, I don'tknow what he did to the toilet.
(28:45):
And I was like, I'm sure he'sgoing to like scrub it off.
And weeks later when he movesout, I'm like, man, it's still
here.
So I try scrubbing it off andit's like, sorry guys.
So cover your ears.
But like,
SPEAKER_01 (28:58):
it's like brown,
SPEAKER_03 (28:59):
the whole, the whole toilet bowl is brown and I
can't, I can't stop.
SPEAKER_01 (29:04):
The inside of the
SPEAKER_03 (29:05):
toilet bowl.
The toilet bowl is brown.
Is it sediment?
It's not poop anymore.
It's sediment.
I think what happens if you peeand you just leave it there.
SPEAKER_01 (29:14):
Got it.
Dirty toilet bowl.
Love it.
That was a challenge.
Definitely a challenge.
Who wants to take the nextquestion?
SPEAKER_03 (29:23):
Patrick, you can take it.
SPEAKER_01 (29:30):
Tyler from Denver asks, as a landlord, how do you
feel about short-term rentalslike Airbnb?
Is it something you'veconsidered?
Do you prefer the stability oflong-term tenants?
What are the pros and cons inyour experience?
We talked about this in aprevious episode.
I'm kind of leaning away towardwanting to ever do Airbnb,
honestly.
I just think the stability oflong-term tenants, if you find a
good tenant, it's a well-oiledmachine, honestly.
(29:52):
Versus Airbnb, there's a lot ofwork and also a lot of, if you
don't get a tenant, likeconsistently, you know, you
might end up losing money in thelong term over over a easier to
deal with long term tenant.
Also, I just kind of went tosome like hotels and motels on
my trip to Arizona.
And it's really convenient.
I think I prefer going to hotelsover Airbnb as a traveler, I
(30:16):
guess.
So I would personally lean awayfrom Airbnb.
But that's just me.
Yeah.
Yeah, I feel you there.
I mean, as a landlord, it wouldbe hard, like owning a property
and renting out a room in anAirbnb sort of vacation home
kind of style, fashion.
Seems a bit difficult for me tograsp.
I mean, as a person, justgeneral person using hotels and
Airbnbs, I typically go with thecheapest option and Airbnb is
(30:39):
quickly becoming not thecheapest option.
So that's my stance on it rightnow.
When Airbnbs become costaffordable again, that's when
I'll start using them morefrequently.
I feel like it also depends onlocation too.
Some places, Airbnbs, the move.
And who you're traveling with.
This year, I've had to book alot of Airbnbs with a bunch of
(30:59):
people that I'm traveling with,like a group of friends.
And Airbnbs are way moreconvenient for that because then
you pay one static price andjust split it among those people
and you have a bigger space.
Hotel, renting out blocks ofhotel rooms or like back-to-back
rooms, that can get expensiveand difficult to manage really
quickly.
For sure, for sure.
Your opinions, Musae, would youever rent out a, would you ever
(31:21):
do an Airbnb if you had like abeach vacation villa you want to
rent out for an Airbnb orsomething?
On the Ohio River.
SPEAKER_03 (31:28):
Like you guys, I agree.
I feel like if you're doingAirbnb, it has to be in a good
area where you get a lot oftraction and you have to be kind
of near the area because you'vegot to constantly do the turning
over.
SPEAKER_01 (31:40):
One of these days we should do a segment where we
talk about– we've got to talkabout our favorite hotel stories
or the best hotel experiences.
Yeah.
Oh, man.
I love hotels.
There's something so cozy abouta hotel.
It's really cool.
Okay.
One more question.
Moussey, you want to take thisone?
SPEAKER_03 (31:56):
Why not?
Eduardo from Santa Monica lovesyou guys.
I know you guys primarily focuson property management topics,
but you did say in a recentepisode that you could ask
anything we wanted.
I'm taking that to heart, hesays, and I'd like to ask you
guys how to handle healthmanagement.
How do you stay fit and active?
And do you meal prep or diet?
(32:16):
I heard Patrick say on a recentepisode he's on a health kick,
and I I'd like to know more.
Cheers from the West Coast.
SPEAKER_01 (32:21):
So, you know, property management, and he's
talking about health management,right?
So he's like kind of crossingthe streams there.
There are so manyhealth-oriented podcasts, and
this is not where you should begetting this answer.
With that said, you know, myhealth kick, I feel like I'm
just always on a health kick.
(32:42):
And, you know, rarely am I doingwell with it.
But I guess my most recenthealth kick is I cut out soda,
except for once a week, I think.
I have a soda pop once a week.
And then I also have been eatingavocado turkey sandwiches for
lunch.
Oh, wow.
Yeah, with some sriracha.
What kind of bread?
Are you using wheat bread?
(33:02):
I found this sourdough fromKroger.
It's called Ace Bistro sourdoughbread or something.
I think the brand is Ace.
Not a sponsor.
Okay.
but yeah, it's really good.
So a lot of it for you has justbeen like cutting back on some
sugary foods and bad foods andlike take out food.
I'm trying to take, I'm tryingto eat like less processed
foods.
Like, and I snack, I startedsnacking on like, you know,
(33:24):
talkies or like chips orwhatever.
I'm trying to do pistachios.
Oh, um, and just try to eat likea little bit like less processed
foods, like making sure I don'tlike, cause I could just like
eat forever.
Right.
It's just, just trying to likemake sure my portion sizes are
less, less American.
I could eat forever is great.
Thanks for this, uh, forlistening and for writing in
(33:45):
Eduardo we appreciate it maybeif we have any health tips we'll
sprinkle them in on the podcaston a later day talk about
calorie smart hot dogs and stuffalright thanks for listening to
another episode of the Rentishpodcast we really appreciate
everyone for tuning in andhanging out with us it's been a
fun show it's been entertainingit's good to have Moussey here
we only had to censor one thingand that's great my name is Zach
(34:08):
that's Patrick Moussey there youcan follow the Rentish pod on
many different places justonline you can hit the
notification bell to make surethat you're notified when new
episodes go live.
You can comment, you can give usa five-star rating, or whatever
the equivalent 10 out of 10,five out of five is on the
podcast platform of choice foryou.
And if you have any questions,topic suggestions for the show,
(34:29):
any real estate, propertymanagement things, or fun games,
or anything that you want us toplay, feel free to email
questions at therentishpod.com.
That's another episode of theshow, and we'll see you guys
later.
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