March 17, 2025 • 26 mins
In episode two of The Rent-ish Pod, hosts Zach and Patrick explore the real reasons Millennials aren’t buying homes, diving into a thought-provoking news article that unpacks shifting housing trends and financial pressures. Then, get ready for an insightful segment of Proptology, where they break down everything you need to know about The White House—yes, the actual building! Finally, the hosts answer questions from listeners, offering expert advice on everything from first-time homebuyer struggles to navigating rental agreements.
🏡 Whether you're looking for the latest housing trends, historical insights, or answers to your burning real estate questions, this episode has it all!
🎧 Tune in now for fresh takes, expert opinions, and listener-driven discussions!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_00 (00:00):
What's going on, everybody?
Welcome back to the Rent-ishpodcast.
I'm Zach, and I'm here with myco-host, Patrick.
What up?
And we're just a couple of realestate rookies diving headfirst
into the world of real estate,real estate investing, and
property management.
Whether you're starting out likeus or just here for the laughs,
(00:21):
we got you covered.
We're getting into a rhythm.
Are you feeling it?
Are you feeling the magic in theroom?
I'm feeling
SPEAKER_01 (00:27):
the magic still.
SPEAKER_00 (00:29):
You never sounded so confident.
Still
SPEAKER_01 (00:32):
a little early in the morning here, but I've got
my coffee this time, so thingsare gonna get crazy.
SPEAKER_00 (00:37):
Yeah, I think you were a little blown away when I
told you I was up at 6 a.m.
this
SPEAKER_01 (00:40):
morning.
Yeah, that is actually, like,insane.
I do not understand that.
Wait till you're 30.
Just wait.
It's coming, buddy.
What do you do for, like, The
SPEAKER_00 (00:52):
first hours.
Walk the dog, make coffee.
I played a little bit of DragonAge of the Veil Guard this
morning.
You know, did a couple sidequests.
Got the morning off to a goodstart.
You know, saving the world.
Sounds
SPEAKER_01 (01:01):
like a productive use of
SPEAKER_00 (01:02):
your time.
Oh, definitely productive.
And then I signed on and didactual work.
You know, the boring stuff.
Nice.
So, yeah.
All right.
It's going to be a good podtoday.
I'm very, very excited.
We've got some big questions andiconic stories in real estate.
First, we're going to dive intowhy millennials aren't buying
homes and the reasons behindthis generation's homeownership
struggles.
They might surprise you.
Next, we're going to do afascinating deep dive.
Patrick, are you ready?
(01:40):
I am ready.
Okay.
Coffee in hand.
Coffee in hand.
We're going to talk about mygeneration.
Do you classify as a Gen?
I'm
SPEAKER_01 (01:48):
very much a Gen Z.
Gen Z.
I was born in the year 2000.
Okay.
SPEAKER_00 (01:52):
So we're going to go through a whole new story that's
basically just about my side ofthe table.
So feel free to commentate justabout as much as you want.
Millennials and home buying.
This was from an article fromInvestopedia recently that was
very good.
Did you do your homework on thisone?
Are we going 0 for 2?
Yes.
Oh, Patrick.
All right.
We're, you know, hey.
It's all right.
(02:12):
I'm going to learn you a thingor two on this.
I missed
SPEAKER_01 (02:14):
the links at the top when the producers put them
there.
Sure.
Producers.
No, I'm not going to blame.
That's my bad.
I'm going
SPEAKER_00 (02:20):
to be honest.
Producers can't argue forthemselves because they don't
have a microphone.
That's true.
We can blame everything on them.
How about that?
SPEAKER_01 (02:26):
Yeah, that sounds true.
SPEAKER_00 (02:28):
So millennials face significant barriers to
homeownership, including risingcosts, stagnant wages, and
student debt.
In this episode, we'll explorethe key reasons behind their
delayed entry into the housingmarket.
So the big question, why domillennials struggle more with
homeownership than previousgenerations.
Thoughts, Patrick, from the GenZ.
SPEAKER_01 (02:45):
My initial thoughts as somebody who has not read the
article is houses are a lot moreexpensive now.
I talked to my uncle who boughta house sometime in the 2000s,
nice house.
He bought it for like$110,000 orsomething like that.
And it's pretty much liketripled or quadrupled in price
since then.
And I know a lot of friends whoare just like living at home
(03:05):
now, saving up, saving up,saving up, living at home for
several years that we don't haveto pay rent.
That way they can buy a housesometime when they're in their
20s.
SPEAKER_00 (03:12):
Yep.
Yeah, that checks out.
I mean, I think that that'sprobably the easiest way.
bullseye on the dartboard withnot reading the article, costs
are rising.
Mortgage payments, as a rule,should not exceed 25% of a
homeowner's monthly grossincome, and anything above that
suggests they can't afford thehome, which means that buying a
home is just not going to be aseasy for millennials because the
(03:34):
affordability gap is wideningbetween home values and income
levels.
Basically, you got a graph witha line on it, right?
The X line, the income is notlike really rising at all.
It's like kind of just likegoing right in the middle and
then the home cost line is justshooting right straight into the
air.
So it's like, you know, thefurther away we get, the farther
apart that barrier becomes.
So way outpaced wage growth,making affordability just a huge
(03:57):
challenge for first time buyers.
I'll say too, like just for mepersonally, you hear all these
stories about, it's like, Ithink my grandparents bought
their house for like a bag ofmagic beans or something like
that.
And they were able to get thislike beautiful, like six,
mansion and then it's like youknow nowadays that house would
be worth like 800 milliondollars right so yeah it
definitely is a bit depressingwhen you think about that what's
(04:18):
going on today but yeah stagnantwages and job instability wages
have not kept up with housingcosts many millennials face
underemployment or gig workmaking it harder to secure a
mortgage millennials areburdened with student loans
delaying their ability to savefor a home although i don't
necessarily think that that'slike just a millennial problem
can you speak on student loansas a gen z i mean
SPEAKER_01 (04:37):
obviously i mean like i feel Like Gen Z is like
just starting to become adults.
So I feel like Gen Z couldprobably get grouped into this
whole article that is aimedtowards millennials who are more
like in the buying market forhouses.
But Gen Z is like starting toget to that point and honestly
probably has it worse in a lotof ways because prices have just
got continue to get up.
Right.
As you say, like over time.
(04:58):
income is kind of staying thesame house prices are rising so
it probably applies to gen z aswell
SPEAKER_00 (05:04):
yeah
SPEAKER_01 (05:04):
i would say so yeah and like call in like college
prices too rising
SPEAKER_00 (05:08):
yeah college prices holy cow i i saw i this is
totally not related but yeah isaw some article recently where
they were comparing like the top10 most expensive schools and
like what those tuitions costedlike a decade ago compared to
today and it's like goodfreaking god yeah oh yeah school
is so expensive so expensiveyeah it's like do you want to go
to school for four years or doyou want to Do you want to buy a
(05:30):
house?
Lifestyle preferences.
Another thing here.
Delayed marriage and familymilestones mean homeownership is
often postponed.
So people are marrying later,starting families later too.
Like this is a big thing withthe younger generations.
Like they're not so quick torush into a lot of those things.
Renting offers more flexibility,especially with the rise of
remote work and urban livingpreferences.
And this is a thing for me toois that like I love– I love
(05:52):
Cincinnati.
This podcast is founded inCincinnati.
Beautiful, beautiful, sunnyCincinnati, Ohio.
Well, today it's not reallysunny.
You picked the wrong day to saythat.
Yeah, but I love Cincinnati.
It's my home.
I've been here basically mywhole life and I would love to
buy a home in Cincinnati, butlike it is crazy how, like just
the high cost of everythinghere.
It's like completely out ofreach for so many people my age.
(06:13):
So I got a couple questions foryou.
Is renting a long-term solutionfor millennials or do you feel
like eventually it's going toshift focus?
Like there's going to be a lotof people.
There's a lot of people rentingright now, but do you feel like
an overwhelming majority ofthose people are going to move
into home ownership?
SPEAKER_01 (06:28):
To be honest, I'm not sure.
I think most people would liketo.
I don't think people, if you'regoing to spend money every
month, I think a majority ofpeople would rather build that
equity towards a mortgagepayment and eventually a house
that you own outright.
But with that said, in order tobuy a house, you need a
substantial down payment.
And these things that right nowdon't seem achievable for a lot
(06:52):
of people, you know?
So I would like to hope that thesolution to this problem will
come about in the next 10 yearsor so.
I just, I'm not, I can't say I'mthat hopeful though.
SPEAKER_00 (07:02):
Yeah.
I don't know what to think.
I mean, it's just kind of one ofthose things that you kind of
just take it day by day andfigure out what happens, but
renting is not a problem.
I actually, I mean, I rent ahouse.
I really enjoy where I live inthe neighborhood that I live.
And I think that one of thebiggest things is like just not
having to worry about all thethings that go into the
ownership aspect of it.
I'm still paying for like allutilities and stuff like that
but we had an old water heatergo out on us and that was like a
(07:24):
big big big big big financialburden for the landlord but that
was not a burden for me justescalate a maintenance ticket
whatever and let them know likehey we got this problem we need
to get this solved it's not myresponsibility to fix a water
heater that's in this otherperson's house that i'm renting
so that's a positive right youbuy a house you spend all this
money and then you also have tothink about what happens if
(07:45):
there's a explosion i don't knowwhy that That was the first
thing that came to my mind.
But I was like, what happens ifthe yard gets wrecked or the
tree falls down?
You got to think about all thoseextra costs as well.
SPEAKER_01 (07:57):
And I agree with you.
I'm in my 20s.
I'm not married.
I don't know exactly what mylife will look like.
I like renting right now.
At the end of my lease, I canmove if I wanted to.
Like you said, don't have toworry about maintenance.
But one day, I do want to own ahouse.
And one day, I would also liketo own a rental property and
rent that property out.
Right now, that's not lookingfeasible for at least the next
several years for me.
SPEAKER_00 (08:18):
One of my best friends...
When he first got intohomeownership, he bought a
four-family, four-unit house.
And then he lived in one of theunits and rented the other three
out.
And that basically, over time,helped him get enough money to
be able to buy his own place andthen rent the other unit out
that he was living in and thenjust keep going with that other
property.
SPEAKER_01 (08:38):
Yeah, I have a friend who did a similar thing,
buy a duplex.
And that's what he recommendedto me.
He's like, buy a duplex, live inone, rent out the other.
Quadplex, if you can.
But it seems like a great idea.
SPEAKER_00 (08:48):
Sure, seems like a great idea.
idea.
You just got to have the moneyto get it in the first place.
So that's a problem.
But yeah, student loans, jobinstability.
We talked about that kind ofstuff earlier in the article.
But I mean, yeah, I mean, that'sthat's all a huge factor.
I don't know.
You got student loans, right?
SPEAKER_01 (09:06):
I was fortunate enough to where I got a really
good scholarship.
And then my parents invested inone of the 529 ahead of time.
And so, yeah, they With thescholarship and with that
investment, I'm blessed to nothave student loans.
And I didn't realize how much ofan advantage that put me at over
(09:26):
some of my friends who arepaying hundreds of dollars every
month in student loans.
SPEAKER_00 (09:30):
Yeah.
Well, you went to school tostudy film.
Yes.
And so now you're a podcasthost, a very successful podcast
host.
Yes, right.
It's paying off already, man.
You know what I'm talking about?
All right.
So, you know, we already kind oftalked about the trajectory
here.
But millennials, financialchallenges, shifting
preferences, delayedhomeownership Home ownership,
but changes in affordability,job security, and lifestyle
(09:51):
trends may impact futuredecisions.
And we're just going to kind ofhave to keep monitoring these
stories as they pop up and can'tpredict the future.
We just have to wait and seewhat happens.
Right.
Thanks for the insight, Patrick.
I
SPEAKER_01 (10:03):
agree.
SPEAKER_00 (10:05):
All right.
Well, we're going to shift focusto one of my favorite segments,
proptology.
SPEAKER_01 (10:09):
Proptology with Patrick.
So today on proptology, we'retalking about one of the most
famous houses in the world.
That is the White House.
Of course, I am talking aboutthe residence of the president
of the United States located inWashington, D.C.
You know what I'm talking about,right?
SPEAKER_00 (10:27):
I think I'm familiar with this house.
I think.
Yeah.
I think I've seen it in one ortwo movies.
SPEAKER_01 (10:31):
Kind of underground.
Kind of underground.
Kind of underground.
No.
It is
SPEAKER_00 (10:36):
underground, right?
Secret tunnels.
SPEAKER_01 (10:38):
Oh, I didn't even think about that.
SPEAKER_00 (10:39):
There's got to be secret tunnels.
There's got to be.
Yeah.
Oh, yeah.
Big time.
SPEAKER_01 (10:41):
But yeah, obviously one of the most famous and
easily recognizable houses inthe U.S.
and the world.
Serving as the house, theworkplace for the president and
the headquarters for thepresident's staff members.
It was finished building in 17No, 1800.
It started in 1792.
(11:02):
So pretty old.
What is that 200?
30
SPEAKER_00 (11:06):
issues so it started they started production on the
house in 1791 but they didn'tfinish it for nine years
SPEAKER_01 (11:12):
yeah that's what i saw and actually so george
washington chose the spot forthe white house in washington dc
temporarily the u.s governmentwas kind of being headquartered
in philadelphia during this timewhen they're in construction
with with the white house andwhatnot so it's they picked the
location in 1791 it was finishedcompletion in 1800 so john adams
(11:34):
was actually the very firstpresident to live in the White
House George Washington wasn'teven in the White House at any
point
SPEAKER_00 (11:39):
okay interesting do you think George was he was like
I've got this vision like it'sgonna be the best house ever
it's gonna be great
SPEAKER_01 (11:47):
I think he was and actually he and Thomas Jefferson
decided to run a design contestfor it and a guy named James
Hobson an Irish architect he wonso I don't know if I don't know
if it was necessary GeorgeWashington's vision but he chose
James Hobson the man with theplan
SPEAKER_00 (12:03):
oh yeah okay so they your you're imagining think
about this this is this isLin-Manuel Miranda's next
project here is selecting thedesign for the White House yeah
like you got like multipledifferent like sheets and like
all these drawings of what thehouse could have looked like I
bet there are some wacky designs
SPEAKER_01 (12:18):
I bet you I would love to see the designs that
didn't win yeah
SPEAKER_00 (12:22):
James Hobson that'd be interesting to look up like
some of like maybe get somephotos for like his other
properties like yeah he'sdesigned like I wonder if they
all kind of have that same sortof vibe
SPEAKER_01 (12:30):
right George Washington did kind of lead the
whole thing so he wasresponsible for commissioning
the construction choosing thesite, approving the design.
So James Hobson's, obviously hisdesign was approved by George
Washington.
SPEAKER_00 (12:42):
Where did they live before?
You said they lived inPhiladelphia before then or
whatever, but that makes sense.
It's like you've got a lot ofhistory in Philadelphia, Liberty
Bell.
I'm no scholar, but I didrecently just rewatch National
Treasure and National Treasure 2Book of Secrets.
Both of them?
Yeah, back to back.
Do they hold up?
First one does.
Second one is a little, it's alittle iffy.
That's the
SPEAKER_01 (13:00):
one where they, the second one they find the city of
gold, right?
SPEAKER_00 (13:03):
Yes, they find the city of gold, and the big thing
is I'm going to kidnap thepresident of the United States
of America.
That's my Nick Cageimpersonation.
SPEAKER_02 (13:09):
Oh, they do.
SPEAKER_00 (13:10):
Yeah, he kidnaps, what's his name?
He was in Fallout House ofUsher.
I like that.
Bruce Greenwood.
Bruce Greenwood's the presidentin National Treasure 2, and they
kidnap him.
I
SPEAKER_01 (13:19):
remember what he looks like.
SPEAKER_00 (13:20):
Yeah.
It's the president's secretbook.
Area 51 is in there, all thatgood stuff.
Yeah.
That I'm talking
SPEAKER_01 (13:26):
about.
Okay, yeah.
I do.
I'm trying to think the lasttime I saw those.
It's been probably 10 years at
SPEAKER_00 (13:32):
least.
I recommend going back andre-watching it.
That first one is probably oneof my most re-watched movies of
all time.
Oh, really?
Because that came out back in2004 when I was just starting to
get into adult movies thatweren't animated, Disney, Pixar,
cartoons.
It was like, oh.
I can appreciate film likeNicolas Cage.
And the real stuff.
SPEAKER_01 (13:52):
That's the one.
They're kind of blurringtogether.
The first one is where they'vegot the map on the back of the
Declaration
SPEAKER_00 (13:57):
of Independence.
That's correct.
Yes.
You passed.
SPEAKER_01 (13:59):
And then they are in Philly in that one, right?
Yes.
SPEAKER_00 (14:01):
Because they go to the Liberty Bell.
Yeah.
They go to the Liberty Bell andLiberty Hall where it's Benjamin
Franklin and the biopticalglasses or whatever.
Yeah.
SPEAKER_01 (14:11):
Okay.
Wow.
SPEAKER_00 (14:12):
But in the second one, they do go into the White
House in the second one toinfiltrate the office because
there's like the resolute desksthat the president has that also
the queen has in london so theygo to buckingham palace and the
white house resolute desks inboth offices How about that?
How about that for some movietrivia?
Nick Cage, come on the podcast.
(14:33):
Email questions attherentishpod.com.
We'd love to have you on here.
SPEAKER_01 (14:37):
So speaking of kidnapping the president in
National Treasure 2, thereactually is a secret entrance in
the White House.
Yeah.
Like all high-profile buildings,the White House has a secret
entrance for the president aswell as secret visitors.
I don't know what secretvisitors means.
SPEAKER_00 (14:53):
That sounds super sketchy.
Super ominous.
Yeah.
SPEAKER_01 (14:57):
But it opens onto H streets, which I have no idea
where that is, in Washington,D.C., and passes through two
tunnels and an alleyway beforearriving at the White House
basement.
I don't know if I'm allowed tosay this on the podcast.
SPEAKER_00 (15:08):
Either it's going to be a really good segment or
everything's going to beredacted and we're not doing
another episode.
Yes,
SPEAKER_01 (15:14):
if we disappear next week, I think we all know why.
The secret entrance was actuallydesigned in part of response to
World War II.
It was an underground bombshelter built beneath the White
House.
Super fascinating.
SPEAKER_00 (15:26):
I got an idea.
Hide and go seek in the WhiteHouse.
That would
SPEAKER_01 (15:28):
be awesome.
would be so
SPEAKER_00 (15:29):
fun can you imagine to tie it all back to the Airbnb
whole thing from the previousweek's episode imagine if you
could do like a one night Airbnbexperience and rent out the
White House for a bachelor partyor something yeah that would be
awesome play the most epic gameof hide and go seek that you can
possibly imagine
SPEAKER_01 (15:44):
that's if I was to visit the White House that's the
main thing I'd want to do isplay hide and seek for sure
SPEAKER_00 (15:49):
yeah oh secret tunnels secret paintings I'm
sure that it's like a Scooby Doomansion where you've got like
the paintings with the eyes thatyou can look through just to spy
on people in the otherdepartments yeah it's gotta be
just the most booby-trappedhouse of all time.
If we were gonna book that thingon, so imagine you wake up
tomorrow and you're like, I'mgonna book the Airbnb, I'm gonna
take a nice romantic trip to theWhite House and book the White
(16:09):
House on Airbnb.
How much do you think that wouldgo for, man?
One night, Airbnb?
Yeah, let's go one night,pre-taxes, no cleaning fee.
SPEAKER_01 (16:17):
No cleaning fee?
Do whatever you want.
I'm going to say$13,000.
$13,000
SPEAKER_00 (16:22):
for one night?
SPEAKER_01 (16:24):
I don't know.
I really have no frame ofreference here.
SPEAKER_00 (16:27):
I mean, if given the legal clearance, I could say one
night, Airbnb, rent out theWhite House.
I'm going 20,000.
20,000.
SPEAKER_01 (16:36):
Okay.
SPEAKER_00 (16:37):
I'm going 20,000.
I feel like that's anappropriate round number, but in
terms of like renting it, Iwonder if there's facts on here
about the cost of the building,like cost for production.
But I would, I would be curiousto know like what it would rent
out for as like a tenant.
SPEAKER_01 (16:49):
I mean, the estimations of what it's worth
are between$110 million and$286million.
Jinkies.
So that's like the estimations,how much it's worth.
I don't really know how youfigure that out for a, for a
white, the white house or thepresident.
It's not like you're ever goingto really sell that, you
SPEAKER_00 (17:05):
A radical new government move is like, oh,
we're going to start renting outthe White House.
Come on, stay in the WhiteHouse, everybody.
This national
SPEAKER_01 (17:15):
debt's out of control.
Make a quick buck.
It is free of charge.
If you just want to go to theWhite House, it's free to the
public.
They let in 500,000 visitorsevery year.
SPEAKER_00 (17:25):
Yeah, did you do the typical high school trip to
Washington, D.C.?
SPEAKER_01 (17:28):
I did, yeah.
I didn't go into the WhiteHouse.
I didn't eighth grade.
Didn't go into the White House.
Went to some of the museums andstuff.
SPEAKER_00 (17:34):
A lot of the museums are awesome.
I love them.
I loved seeing all the nationalhistory there.
It's really, really cool.
But yeah, the White Houseitself, I think we walked past
it, but we didn't get to do thetour.
Any other cool factoids you gotfor me, or are you going to
transition on over?
SPEAKER_01 (17:46):
I think I've talked everything there is to talk
about the White House.
I don't think there's any otherinformation I left out.
SPEAKER_00 (17:51):
I think it was fabulous.
Great job.
Let's go
SPEAKER_01 (17:53):
ahead and transition
SPEAKER_00 (17:54):
over.
Love Propetology.
I think you're doing such agreat job of hosting it, and I'm
excited to see where thissegment goes from here.
What other fun buildings can wefind and talk about?
If you have a building ahistoric place, email us at
questions at therentishpod.com.
All right.
Welcome back to The RentishPodcast here.
(18:14):
We're going to go switch over tosome listener questions.
Patrick, people emailed theshow.
How about that?
That's crazy.
Is it crazy?
We've been asking peopledesperately.
We're like, please email theshow.
Email us.
We love questions.
We
SPEAKER_01 (18:27):
have real questions.
SPEAKER_00 (18:28):
Yeah.
And we're going to read throughall of them.
If you email the show, odds areyou're probably going to get on
it.
So remember- Questions attherentishpod.com.
Email us your questions.
Email us all this stuff.
There's nothing that we won'ttouch unless we decide to not
touch it.
Right.
Nothing else besides what wechoose.
Exactly.
Yeah.
Or at least what our producersfilter to us.
(18:50):
All right.
So we got three questions today.
Do you want to kick it off firstor do you want me to?
SPEAKER_01 (18:54):
I
SPEAKER_00 (18:54):
can
SPEAKER_01 (18:54):
kick it off.
Go for it, buddy.
All right.
Question number one.
Listener is Emily from SanDiego.
Recently purchased her thirdrental property.
And she asks, how can I ensuremy rental property complies with
local laws and regulates?
Hmm.
What do you think?
SPEAKER_00 (19:10):
What do I think?
I think that you need to talk tosomebody that's an actual adult
because I don't know.
But I mean, obviously, you gotto understand your local housing
laws.
I mean, you got to like consultwith a legal representative.
I mean, in some way, shape orform, probably don't use Google
Insights or whatever the AIGoogle tool is.
You probably want to make surethat you're actually going to a
(19:33):
government resource.
Make sure that you're getting itstraight from the horse's mouth
and that you're not just takingsomeone's suggestion like, you
know, forms.
can be good too like I you knowI'm just throwing that in there
whenever I have questions onlike anything around like
housing or any of that kind ofstuff like you know forums are a
good place to do that too butyou want to make sure that for
this you're going to a reallocal real estate attorney like
(19:53):
someone that someone that knowsthe law someone that can speak
it someone that can give you theright information and staying
updated on code compliance toobig deal make sure that like
health and safety regulationsare both exactly where they need
to be and smoke detectors carbonmonoxide alarms ventilation like
all those typical things thatyou would hit for a property
like that You want to make surethat you got all those checked.
SPEAKER_01 (20:11):
Right.
And then tenant rights, noticeperiods for rent increases,
eviction, legislation, all ofthat.
I need to stay up to date onthat.
And like Zach said, definitelyconsulting with a local attorney
who specializes in real estateis what you're going to want to
do.
I mean, certainly the internetis a good place to start.
Right.
You know, as long as the sourcesare respectable.
But definitely just to cover allyour bases, talking with an
(20:31):
actual expert in the matter.
Because legislation changesdepending on where you live,
right?
That's a good point.
So definitely consult a localexpert.
SPEAKER_00 (20:39):
We're trying.
We're trying our best here.
And we're gonna get realexperts.
People in here are gonna be ableto educate us on things like
this.
Zach and Patrick, maybe not thebest legal representation, but
we're gonna learn you a thing ortwo about real estate.
Yeah, especially for San Diego.
I don't know about that one, so.
All right, Josh from Denver,Colorado, wrote in, and he's an
(20:59):
out-of-state investor, and hewants to know, how do I handle
tenant disputes or conflicts?
SPEAKER_01 (21:05):
What do you think?
Oh, that turns table.
So handling tenant disputes andconflicts, first and foremost,
keep communication open with thetenant and make sure it's well
documented.
SPEAKER_00 (21:18):
Yes.
SPEAKER_01 (21:19):
Very important to have that well documented.
Also, mediation overconfrontation is generally a
pretty good rule of thumb.
So rather than like immediatelyescalating a situation, try to
mediate the conflict, offersolutions that benefit both you
and the tenant, compromises,repairs, timelines that work for
both of you, financialadjustments if that's the
(21:39):
situation because ultimately itwould be better for everybody to
settle the situation yourselvesrather than having to go to
court, which is expensive andtime consuming and not fun for
anybody.
SPEAKER_00 (21:50):
This really greatly differs.
You have to imagine based onlike whether you're a landlord
that's just like kind of like amom and pop landlord that's
managing like one or two likelittle properties or if you have
like a building to manage.
Like one of the things thatwe've got here in our notes is
that like you can get a neutralthird party, like a property
manager or legal professional.
Obviously legal professional isone thing, but But a property
manager, a lot of mom and poplandlords out there don't have
(22:13):
that kind of thing, so you haveto mediate the conflict
yourself.
You actually have to intervenepersonally.
You can't just send somebody togo do that, maybe.
I mean, you could hire someone,but that might not be
cost-effective for you.
You've got to weigh your optionsthere.
SPEAKER_01 (22:25):
Right, right.
It's also important.
I mean, you have a legallysigned document in the lease
agreement.
And so you need to follow whatyour lease agreement outlines.
That's one of the reasons it'simportant to have taken the time
to make your lease agreementcover all of the bases in a
situation that might arise withyour tenant down the road.
And really the last step is ifyou have to, then legal action
(22:48):
might need to be pursued.
Everything else that we'vesuggested should take priority.
Yeah, for sure.
Cool.
Last question here is fromJasmine, she's out at Houston,
Texas.
She owns several rentalproperties and recently
experienced storm damage.
Yikes.
Yeah.
What steps should I take if myproperty is damaged by natural
disasters, she asks.
(23:09):
A few things you can do,Jasmine.
First, obviously, review yourinsurance policy.
Most policies cover some levelof natural disaster damage.
Yeah.
But make sure you clarify whatspecific events are included,
such as, I mean, floods.
fires, earthquakes.
I'm assuming if it's out ofHouston, it's probably not a
fire, but you know.
I guess it could be.
(23:30):
You never cross anything out.
Sorry, Jasmine.
Yeah.
But yeah, obviously consult yourinsurance and you can contact
your insurance provider as well.
So you need to file a claim assoon as possible.
Document the damage.
Again, documentation is key.
Photos, videos, et cetera.
Keep a detailed inventory ofwhatever's destroyed, any items,
any parts of the property,structural damage.
(23:51):
That'll help with the claimprocess.
SPEAKER_00 (23:53):
Yeah.
For sure.
And, you know, you might need tojust jump right in and do some
like temp repairs.
I mean, like immediately takingcare of like things that are
impacting the property that canbe fixed or taken into account
right then and there.
Cause you know, you might file,be able to file a claim with
your insurance provider, but itmight take a little bit of time
for that to get the ballrolling.
So you might actually have tojust step right in and like
figure out, you know, Oh, thejoys of home ownership is what
(24:15):
they call it.
Like where it's like, you got toreally figure out what you need
to do, what tools you need, howto get in there.
Maybe you need to hire like animmediate maintenance guy to
come over and take a look atthings.
Right.
Right.
Right.
(24:54):
Right.
And
SPEAKER_01 (24:56):
speaking of that, after the disaster, checking in
with local building authoritiesto ensure that the property is
actually safe and up to codebefore allowing the tenants to
move in.
For sure.
SPEAKER_00 (25:10):
And preparedness going forward.
I mean, I've got friends thatlive in Orlando and they
recently just went through likeHelene and all that stuff.
And, you know, he sent me a textmessage of the emergency
preparedness.
Like literally a couple daysbefore everything got really,
really crummy and the storm hitthe mainland, he had a map drawn
(25:32):
out of the house where all thedifferent stuff was, what their
plan was in case things gotreally bad, where they would go,
making sure they had the list tocheckmark things that they had
to do, all that stuff.
That could be a great thing thatyou have for your tenants, like
safety measures for yourtenants, evacuation plans,
emergency contact information.
It's not a bad idea to have thatinformation in the house if
(25:52):
you're renting an apartment unitmaybe consider like laminating
it putting it in the apartmentmaking sure like hey keep this
in your records like make sureyou have this information text
it to your tenants so they haveit digitally like all that stuff
and additional insurancecoverage might be necessary as
well right okay cool cool
SPEAKER_01 (26:08):
thanks listeners for asking questions
SPEAKER_00 (26:10):
yeah thanks for writing in and talking to us we
appreciate hearing from everyone of you if you have a
question remember questions attherentishpod.com and that's
about it all right Patrick Beena busy one.
How about that?
SPEAKER_01 (26:26):
Yeah, been a busy one for sure.
SPEAKER_00 (26:28):
Yeah, we fit a lot of insightful information, not
including but not limited toNicolas Cage films about
stealing the president and theDeclaration of Independence.
But we also answered a bunch oflistener questions, talked about
millennials and the housingsituation currently in the
country and the world.
And it's been really fun.
Thanks for talking propertymanagement with me here today.
(26:48):
Yeah, thank you, Zach.
All right, well, we'll see youguys next time for another
episode of the Rent-ish Podcast.
I'm Zach, he's Patrick, andwe'll see you later.
What's going on, everybody?
Welcome back to the Rent-ishpodcast.
I'm Zach, and I'm here with myco-host, Patrick.
What up?
And we're just a couple of realestate rookies diving headfirst
into the world of real estate,real estate investing, and
property management.
Whether you're starting out likeus or just here for the laughs,
(00:21):
we got you covered.
We're getting into a rhythm.
Are you feeling it?
Are you feeling the magic in theroom?
I'm feeling
SPEAKER_01 (00:27):
the magic still.
SPEAKER_00 (00:29):
You never sounded so confident.
Still
SPEAKER_01 (00:32):
a little early in the morning here, but I've got
my coffee this time, so thingsare gonna get crazy.
SPEAKER_00 (00:37):
Yeah, I think you were a little blown away when I
told you I was up at 6 a.m.
this
SPEAKER_01 (00:40):
morning.
Yeah, that is actually, like,insane.
I do not understand that.
Wait till you're 30.
Just wait.
It's coming, buddy.
What do you do for, like, The
SPEAKER_00 (00:52):
first hours.
Walk the dog, make coffee.
I played a little bit of DragonAge of the Veil Guard this
morning.
You know, did a couple sidequests.
Got the morning off to a goodstart.
You know, saving the world.
Sounds
SPEAKER_01 (01:01):
like a productive use of
SPEAKER_00 (01:02):
your time.
Oh, definitely productive.
And then I signed on and didactual work.
You know, the boring stuff.
Nice.
So, yeah.
All right.
It's going to be a good podtoday.
I'm very, very excited.
We've got some big questions andiconic stories in real estate.
First, we're going to dive intowhy millennials aren't buying
homes and the reasons behindthis generation's homeownership
struggles.
They might surprise you.
Next, we're going to do afascinating deep dive.
Patrick, are you ready?
(01:40):
I am ready.
Okay.
Coffee in hand.
Coffee in hand.
We're going to talk about mygeneration.
Do you classify as a Gen?
I'm
SPEAKER_01 (01:48):
very much a Gen Z.
Gen Z.
I was born in the year 2000.
Okay.
SPEAKER_00 (01:52):
So we're going to go through a whole new story that's
basically just about my side ofthe table.
So feel free to commentate justabout as much as you want.
Millennials and home buying.
This was from an article fromInvestopedia recently that was
very good.
Did you do your homework on thisone?
Are we going 0 for 2?
Yes.
Oh, Patrick.
All right.
We're, you know, hey.
It's all right.
(02:12):
I'm going to learn you a thingor two on this.
I missed
SPEAKER_01 (02:14):
the links at the top when the producers put them
there.
Sure.
Producers.
No, I'm not going to blame.
That's my bad.
I'm going
SPEAKER_00 (02:20):
to be honest.
Producers can't argue forthemselves because they don't
have a microphone.
That's true.
We can blame everything on them.
How about that?
SPEAKER_01 (02:26):
Yeah, that sounds true.
SPEAKER_00 (02:28):
So millennials face significant barriers to
homeownership, including risingcosts, stagnant wages, and
student debt.
In this episode, we'll explorethe key reasons behind their
delayed entry into the housingmarket.
So the big question, why domillennials struggle more with
homeownership than previousgenerations.
Thoughts, Patrick, from the GenZ.
SPEAKER_01 (02:45):
My initial thoughts as somebody who has not read the
article is houses are a lot moreexpensive now.
I talked to my uncle who boughta house sometime in the 2000s,
nice house.
He bought it for like$110,000 orsomething like that.
And it's pretty much liketripled or quadrupled in price
since then.
And I know a lot of friends whoare just like living at home
(03:05):
now, saving up, saving up,saving up, living at home for
several years that we don't haveto pay rent.
That way they can buy a housesometime when they're in their
20s.
SPEAKER_00 (03:12):
Yep.
Yeah, that checks out.
I mean, I think that that'sprobably the easiest way.
bullseye on the dartboard withnot reading the article, costs
are rising.
Mortgage payments, as a rule,should not exceed 25% of a
homeowner's monthly grossincome, and anything above that
suggests they can't afford thehome, which means that buying a
home is just not going to be aseasy for millennials because the
(03:34):
affordability gap is wideningbetween home values and income
levels.
Basically, you got a graph witha line on it, right?
The X line, the income is notlike really rising at all.
It's like kind of just likegoing right in the middle and
then the home cost line is justshooting right straight into the
air.
So it's like, you know, thefurther away we get, the farther
apart that barrier becomes.
So way outpaced wage growth,making affordability just a huge
(03:57):
challenge for first time buyers.
I'll say too, like just for mepersonally, you hear all these
stories about, it's like, Ithink my grandparents bought
their house for like a bag ofmagic beans or something like
that.
And they were able to get thislike beautiful, like six,
mansion and then it's like youknow nowadays that house would
be worth like 800 milliondollars right so yeah it
definitely is a bit depressingwhen you think about that what's
(04:18):
going on today but yeah stagnantwages and job instability wages
have not kept up with housingcosts many millennials face
underemployment or gig workmaking it harder to secure a
mortgage millennials areburdened with student loans
delaying their ability to savefor a home although i don't
necessarily think that that'slike just a millennial problem
can you speak on student loansas a gen z i mean
SPEAKER_01 (04:37):
obviously i mean like i feel Like Gen Z is like
just starting to become adults.
So I feel like Gen Z couldprobably get grouped into this
whole article that is aimedtowards millennials who are more
like in the buying market forhouses.
But Gen Z is like starting toget to that point and honestly
probably has it worse in a lotof ways because prices have just
got continue to get up.
Right.
As you say, like over time.
(04:58):
income is kind of staying thesame house prices are rising so
it probably applies to gen z aswell
SPEAKER_00 (05:04):
yeah
SPEAKER_01 (05:04):
i would say so yeah and like call in like college
prices too rising
SPEAKER_00 (05:08):
yeah college prices holy cow i i saw i this is
totally not related but yeah isaw some article recently where
they were comparing like the top10 most expensive schools and
like what those tuitions costedlike a decade ago compared to
today and it's like goodfreaking god yeah oh yeah school
is so expensive so expensiveyeah it's like do you want to go
to school for four years or doyou want to Do you want to buy a
(05:30):
house?
Lifestyle preferences.
Another thing here.
Delayed marriage and familymilestones mean homeownership is
often postponed.
So people are marrying later,starting families later too.
Like this is a big thing withthe younger generations.
Like they're not so quick torush into a lot of those things.
Renting offers more flexibility,especially with the rise of
remote work and urban livingpreferences.
And this is a thing for me toois that like I love– I love
(05:52):
Cincinnati.
This podcast is founded inCincinnati.
Beautiful, beautiful, sunnyCincinnati, Ohio.
Well, today it's not reallysunny.
You picked the wrong day to saythat.
Yeah, but I love Cincinnati.
It's my home.
I've been here basically mywhole life and I would love to
buy a home in Cincinnati, butlike it is crazy how, like just
the high cost of everythinghere.
It's like completely out ofreach for so many people my age.
(06:13):
So I got a couple questions foryou.
Is renting a long-term solutionfor millennials or do you feel
like eventually it's going toshift focus?
Like there's going to be a lotof people.
There's a lot of people rentingright now, but do you feel like
an overwhelming majority ofthose people are going to move
into home ownership?
SPEAKER_01 (06:28):
To be honest, I'm not sure.
I think most people would liketo.
I don't think people, if you'regoing to spend money every
month, I think a majority ofpeople would rather build that
equity towards a mortgagepayment and eventually a house
that you own outright.
But with that said, in order tobuy a house, you need a
substantial down payment.
And these things that right nowdon't seem achievable for a lot
(06:52):
of people, you know?
So I would like to hope that thesolution to this problem will
come about in the next 10 yearsor so.
I just, I'm not, I can't say I'mthat hopeful though.
SPEAKER_00 (07:02):
Yeah.
I don't know what to think.
I mean, it's just kind of one ofthose things that you kind of
just take it day by day andfigure out what happens, but
renting is not a problem.
I actually, I mean, I rent ahouse.
I really enjoy where I live inthe neighborhood that I live.
And I think that one of thebiggest things is like just not
having to worry about all thethings that go into the
ownership aspect of it.
I'm still paying for like allutilities and stuff like that
but we had an old water heatergo out on us and that was like a
(07:24):
big big big big big financialburden for the landlord but that
was not a burden for me justescalate a maintenance ticket
whatever and let them know likehey we got this problem we need
to get this solved it's not myresponsibility to fix a water
heater that's in this otherperson's house that i'm renting
so that's a positive right youbuy a house you spend all this
money and then you also have tothink about what happens if
(07:45):
there's a explosion i don't knowwhy that That was the first
thing that came to my mind.
But I was like, what happens ifthe yard gets wrecked or the
tree falls down?
You got to think about all thoseextra costs as well.
SPEAKER_01 (07:57):
And I agree with you.
I'm in my 20s.
I'm not married.
I don't know exactly what mylife will look like.
I like renting right now.
At the end of my lease, I canmove if I wanted to.
Like you said, don't have toworry about maintenance.
But one day, I do want to own ahouse.
And one day, I would also liketo own a rental property and
rent that property out.
Right now, that's not lookingfeasible for at least the next
several years for me.
SPEAKER_00 (08:18):
One of my best friends...
When he first got intohomeownership, he bought a
four-family, four-unit house.
And then he lived in one of theunits and rented the other three
out.
And that basically, over time,helped him get enough money to
be able to buy his own place andthen rent the other unit out
that he was living in and thenjust keep going with that other
property.
SPEAKER_01 (08:38):
Yeah, I have a friend who did a similar thing,
buy a duplex.
And that's what he recommendedto me.
He's like, buy a duplex, live inone, rent out the other.
Quadplex, if you can.
But it seems like a great idea.
SPEAKER_00 (08:48):
Sure, seems like a great idea.
idea.
You just got to have the moneyto get it in the first place.
So that's a problem.
But yeah, student loans, jobinstability.
We talked about that kind ofstuff earlier in the article.
But I mean, yeah, I mean, that'sthat's all a huge factor.
I don't know.
You got student loans, right?
SPEAKER_01 (09:06):
I was fortunate enough to where I got a really
good scholarship.
And then my parents invested inone of the 529 ahead of time.
And so, yeah, they With thescholarship and with that
investment, I'm blessed to nothave student loans.
And I didn't realize how much ofan advantage that put me at over
(09:26):
some of my friends who arepaying hundreds of dollars every
month in student loans.
SPEAKER_00 (09:30):
Yeah.
Well, you went to school tostudy film.
Yes.
And so now you're a podcasthost, a very successful podcast
host.
Yes, right.
It's paying off already, man.
You know what I'm talking about?
All right.
So, you know, we already kind oftalked about the trajectory
here.
But millennials, financialchallenges, shifting
preferences, delayedhomeownership Home ownership,
but changes in affordability,job security, and lifestyle
(09:51):
trends may impact futuredecisions.
And we're just going to kind ofhave to keep monitoring these
stories as they pop up and can'tpredict the future.
We just have to wait and seewhat happens.
Right.
Thanks for the insight, Patrick.
I
SPEAKER_01 (10:03):
agree.
SPEAKER_00 (10:05):
All right.
Well, we're going to shift focusto one of my favorite segments,
proptology.
SPEAKER_01 (10:09):
Proptology with Patrick.
So today on proptology, we'retalking about one of the most
famous houses in the world.
That is the White House.
Of course, I am talking aboutthe residence of the president
of the United States located inWashington, D.C.
You know what I'm talking about,right?
SPEAKER_00 (10:27):
I think I'm familiar with this house.
I think.
Yeah.
I think I've seen it in one ortwo movies.
SPEAKER_01 (10:31):
Kind of underground.
Kind of underground.
Kind of underground.
No.
It is
SPEAKER_00 (10:36):
underground, right?
Secret tunnels.
SPEAKER_01 (10:38):
Oh, I didn't even think about that.
SPEAKER_00 (10:39):
There's got to be secret tunnels.
There's got to be.
Yeah.
Oh, yeah.
Big time.
SPEAKER_01 (10:41):
But yeah, obviously one of the most famous and
easily recognizable houses inthe U.S.
and the world.
Serving as the house, theworkplace for the president and
the headquarters for thepresident's staff members.
It was finished building in 17No, 1800.
It started in 1792.
(11:02):
So pretty old.
What is that 200?
30
SPEAKER_00 (11:06):
issues so it started they started production on the
house in 1791 but they didn'tfinish it for nine years
SPEAKER_01 (11:12):
yeah that's what i saw and actually so george
washington chose the spot forthe white house in washington dc
temporarily the u.s governmentwas kind of being headquartered
in philadelphia during this timewhen they're in construction
with with the white house andwhatnot so it's they picked the
location in 1791 it was finishedcompletion in 1800 so john adams
(11:34):
was actually the very firstpresident to live in the White
House George Washington wasn'teven in the White House at any
point
SPEAKER_00 (11:39):
okay interesting do you think George was he was like
I've got this vision like it'sgonna be the best house ever
it's gonna be great
SPEAKER_01 (11:47):
I think he was and actually he and Thomas Jefferson
decided to run a design contestfor it and a guy named James
Hobson an Irish architect he wonso I don't know if I don't know
if it was necessary GeorgeWashington's vision but he chose
James Hobson the man with theplan
SPEAKER_00 (12:03):
oh yeah okay so they your you're imagining think
about this this is this isLin-Manuel Miranda's next
project here is selecting thedesign for the White House yeah
like you got like multipledifferent like sheets and like
all these drawings of what thehouse could have looked like I
bet there are some wacky designs
SPEAKER_01 (12:18):
I bet you I would love to see the designs that
didn't win yeah
SPEAKER_00 (12:22):
James Hobson that'd be interesting to look up like
some of like maybe get somephotos for like his other
properties like yeah he'sdesigned like I wonder if they
all kind of have that same sortof vibe
SPEAKER_01 (12:30):
right George Washington did kind of lead the
whole thing so he wasresponsible for commissioning
the construction choosing thesite, approving the design.
So James Hobson's, obviously hisdesign was approved by George
Washington.
SPEAKER_00 (12:42):
Where did they live before?
You said they lived inPhiladelphia before then or
whatever, but that makes sense.
It's like you've got a lot ofhistory in Philadelphia, Liberty
Bell.
I'm no scholar, but I didrecently just rewatch National
Treasure and National Treasure 2Book of Secrets.
Both of them?
Yeah, back to back.
Do they hold up?
First one does.
Second one is a little, it's alittle iffy.
That's the
SPEAKER_01 (13:00):
one where they, the second one they find the city of
gold, right?
SPEAKER_00 (13:03):
Yes, they find the city of gold, and the big thing
is I'm going to kidnap thepresident of the United States
of America.
That's my Nick Cageimpersonation.
SPEAKER_02 (13:09):
Oh, they do.
SPEAKER_00 (13:10):
Yeah, he kidnaps, what's his name?
He was in Fallout House ofUsher.
I like that.
Bruce Greenwood.
Bruce Greenwood's the presidentin National Treasure 2, and they
kidnap him.
I
SPEAKER_01 (13:19):
remember what he looks like.
SPEAKER_00 (13:20):
Yeah.
It's the president's secretbook.
Area 51 is in there, all thatgood stuff.
Yeah.
That I'm talking
SPEAKER_01 (13:26):
about.
Okay, yeah.
I do.
I'm trying to think the lasttime I saw those.
It's been probably 10 years at
SPEAKER_00 (13:32):
least.
I recommend going back andre-watching it.
That first one is probably oneof my most re-watched movies of
all time.
Oh, really?
Because that came out back in2004 when I was just starting to
get into adult movies thatweren't animated, Disney, Pixar,
cartoons.
It was like, oh.
I can appreciate film likeNicolas Cage.
And the real stuff.
SPEAKER_01 (13:52):
That's the one.
They're kind of blurringtogether.
The first one is where they'vegot the map on the back of the
Declaration
SPEAKER_00 (13:57):
of Independence.
That's correct.
Yes.
You passed.
SPEAKER_01 (13:59):
And then they are in Philly in that one, right?
Yes.
SPEAKER_00 (14:01):
Because they go to the Liberty Bell.
Yeah.
They go to the Liberty Bell andLiberty Hall where it's Benjamin
Franklin and the biopticalglasses or whatever.
Yeah.
SPEAKER_01 (14:11):
Okay.
Wow.
SPEAKER_00 (14:12):
But in the second one, they do go into the White
House in the second one toinfiltrate the office because
there's like the resolute desksthat the president has that also
the queen has in london so theygo to buckingham palace and the
white house resolute desks inboth offices How about that?
How about that for some movietrivia?
Nick Cage, come on the podcast.
(14:33):
Email questions attherentishpod.com.
We'd love to have you on here.
SPEAKER_01 (14:37):
So speaking of kidnapping the president in
National Treasure 2, thereactually is a secret entrance in
the White House.
Yeah.
Like all high-profile buildings,the White House has a secret
entrance for the president aswell as secret visitors.
I don't know what secretvisitors means.
SPEAKER_00 (14:53):
That sounds super sketchy.
Super ominous.
Yeah.
SPEAKER_01 (14:57):
But it opens onto H streets, which I have no idea
where that is, in Washington,D.C., and passes through two
tunnels and an alleyway beforearriving at the White House
basement.
I don't know if I'm allowed tosay this on the podcast.
SPEAKER_00 (15:08):
Either it's going to be a really good segment or
everything's going to beredacted and we're not doing
another episode.
Yes,
SPEAKER_01 (15:14):
if we disappear next week, I think we all know why.
The secret entrance was actuallydesigned in part of response to
World War II.
It was an underground bombshelter built beneath the White
House.
Super fascinating.
SPEAKER_00 (15:26):
I got an idea.
Hide and go seek in the WhiteHouse.
That would
SPEAKER_01 (15:28):
be awesome.
would be so
SPEAKER_00 (15:29):
fun can you imagine to tie it all back to the Airbnb
whole thing from the previousweek's episode imagine if you
could do like a one night Airbnbexperience and rent out the
White House for a bachelor partyor something yeah that would be
awesome play the most epic gameof hide and go seek that you can
possibly imagine
SPEAKER_01 (15:44):
that's if I was to visit the White House that's the
main thing I'd want to do isplay hide and seek for sure
SPEAKER_00 (15:49):
yeah oh secret tunnels secret paintings I'm
sure that it's like a Scooby Doomansion where you've got like
the paintings with the eyes thatyou can look through just to spy
on people in the otherdepartments yeah it's gotta be
just the most booby-trappedhouse of all time.
If we were gonna book that thingon, so imagine you wake up
tomorrow and you're like, I'mgonna book the Airbnb, I'm gonna
take a nice romantic trip to theWhite House and book the White
(16:09):
House on Airbnb.
How much do you think that wouldgo for, man?
One night, Airbnb?
Yeah, let's go one night,pre-taxes, no cleaning fee.
SPEAKER_01 (16:17):
No cleaning fee?
Do whatever you want.
I'm going to say$13,000.
$13,000
SPEAKER_00 (16:22):
for one night?
SPEAKER_01 (16:24):
I don't know.
I really have no frame ofreference here.
SPEAKER_00 (16:27):
I mean, if given the legal clearance, I could say one
night, Airbnb, rent out theWhite House.
I'm going 20,000.
20,000.
SPEAKER_01 (16:36):
Okay.
SPEAKER_00 (16:37):
I'm going 20,000.
I feel like that's anappropriate round number, but in
terms of like renting it, Iwonder if there's facts on here
about the cost of the building,like cost for production.
But I would, I would be curiousto know like what it would rent
out for as like a tenant.
SPEAKER_01 (16:49):
I mean, the estimations of what it's worth
are between$110 million and$286million.
Jinkies.
So that's like the estimations,how much it's worth.
I don't really know how youfigure that out for a, for a
white, the white house or thepresident.
It's not like you're ever goingto really sell that, you
SPEAKER_00 (17:05):
A radical new government move is like, oh,
we're going to start renting outthe White House.
Come on, stay in the WhiteHouse, everybody.
This national
SPEAKER_01 (17:15):
debt's out of control.
Make a quick buck.
It is free of charge.
If you just want to go to theWhite House, it's free to the
public.
They let in 500,000 visitorsevery year.
SPEAKER_00 (17:25):
Yeah, did you do the typical high school trip to
Washington, D.C.?
SPEAKER_01 (17:28):
I did, yeah.
I didn't go into the WhiteHouse.
I didn't eighth grade.
Didn't go into the White House.
Went to some of the museums andstuff.
SPEAKER_00 (17:34):
A lot of the museums are awesome.
I love them.
I loved seeing all the nationalhistory there.
It's really, really cool.
But yeah, the White Houseitself, I think we walked past
it, but we didn't get to do thetour.
Any other cool factoids you gotfor me, or are you going to
transition on over?
SPEAKER_01 (17:46):
I think I've talked everything there is to talk
about the White House.
I don't think there's any otherinformation I left out.
SPEAKER_00 (17:51):
I think it was fabulous.
Great job.
Let's go
SPEAKER_01 (17:53):
ahead and transition
SPEAKER_00 (17:54):
over.
Love Propetology.
I think you're doing such agreat job of hosting it, and I'm
excited to see where thissegment goes from here.
What other fun buildings can wefind and talk about?
If you have a building ahistoric place, email us at
questions at therentishpod.com.
All right.
Welcome back to The RentishPodcast here.
(18:14):
We're going to go switch over tosome listener questions.
Patrick, people emailed theshow.
How about that?
That's crazy.
Is it crazy?
We've been asking peopledesperately.
We're like, please email theshow.
Email us.
We love questions.
We
SPEAKER_01 (18:27):
have real questions.
SPEAKER_00 (18:28):
Yeah.
And we're going to read throughall of them.
If you email the show, odds areyou're probably going to get on
it.
So remember- Questions attherentishpod.com.
Email us your questions.
Email us all this stuff.
There's nothing that we won'ttouch unless we decide to not
touch it.
Right.
Nothing else besides what wechoose.
Exactly.
Yeah.
Or at least what our producersfilter to us.
(18:50):
All right.
So we got three questions today.
Do you want to kick it off firstor do you want me to?
SPEAKER_01 (18:54):
I
SPEAKER_00 (18:54):
can
SPEAKER_01 (18:54):
kick it off.
Go for it, buddy.
All right.
Question number one.
Listener is Emily from SanDiego.
Recently purchased her thirdrental property.
And she asks, how can I ensuremy rental property complies with
local laws and regulates?
Hmm.
What do you think?
SPEAKER_00 (19:10):
What do I think?
I think that you need to talk tosomebody that's an actual adult
because I don't know.
But I mean, obviously, you gotto understand your local housing
laws.
I mean, you got to like consultwith a legal representative.
I mean, in some way, shape orform, probably don't use Google
Insights or whatever the AIGoogle tool is.
You probably want to make surethat you're actually going to a
(19:33):
government resource.
Make sure that you're getting itstraight from the horse's mouth
and that you're not just takingsomeone's suggestion like, you
know, forms.
can be good too like I you knowI'm just throwing that in there
whenever I have questions onlike anything around like
housing or any of that kind ofstuff like you know forums are a
good place to do that too butyou want to make sure that for
this you're going to a reallocal real estate attorney like
(19:53):
someone that someone that knowsthe law someone that can speak
it someone that can give you theright information and staying
updated on code compliance toobig deal make sure that like
health and safety regulationsare both exactly where they need
to be and smoke detectors carbonmonoxide alarms ventilation like
all those typical things thatyou would hit for a property
like that You want to make surethat you got all those checked.
SPEAKER_01 (20:11):
Right.
And then tenant rights, noticeperiods for rent increases,
eviction, legislation, all ofthat.
I need to stay up to date onthat.
And like Zach said, definitelyconsulting with a local attorney
who specializes in real estateis what you're going to want to
do.
I mean, certainly the internetis a good place to start.
Right.
You know, as long as the sourcesare respectable.
But definitely just to cover allyour bases, talking with an
(20:31):
actual expert in the matter.
Because legislation changesdepending on where you live,
right?
That's a good point.
So definitely consult a localexpert.
SPEAKER_00 (20:39):
We're trying.
We're trying our best here.
And we're gonna get realexperts.
People in here are gonna be ableto educate us on things like
this.
Zach and Patrick, maybe not thebest legal representation, but
we're gonna learn you a thing ortwo about real estate.
Yeah, especially for San Diego.
I don't know about that one, so.
All right, Josh from Denver,Colorado, wrote in, and he's an
(20:59):
out-of-state investor, and hewants to know, how do I handle
tenant disputes or conflicts?
SPEAKER_01 (21:05):
What do you think?
Oh, that turns table.
So handling tenant disputes andconflicts, first and foremost,
keep communication open with thetenant and make sure it's well
documented.
SPEAKER_00 (21:18):
Yes.
SPEAKER_01 (21:19):
Very important to have that well documented.
Also, mediation overconfrontation is generally a
pretty good rule of thumb.
So rather than like immediatelyescalating a situation, try to
mediate the conflict, offersolutions that benefit both you
and the tenant, compromises,repairs, timelines that work for
both of you, financialadjustments if that's the
(21:39):
situation because ultimately itwould be better for everybody to
settle the situation yourselvesrather than having to go to
court, which is expensive andtime consuming and not fun for
anybody.
SPEAKER_00 (21:50):
This really greatly differs.
You have to imagine based onlike whether you're a landlord
that's just like kind of like amom and pop landlord that's
managing like one or two likelittle properties or if you have
like a building to manage.
Like one of the things thatwe've got here in our notes is
that like you can get a neutralthird party, like a property
manager or legal professional.
Obviously legal professional isone thing, but But a property
manager, a lot of mom and poplandlords out there don't have
(22:13):
that kind of thing, so you haveto mediate the conflict
yourself.
You actually have to intervenepersonally.
You can't just send somebody togo do that, maybe.
I mean, you could hire someone,but that might not be
cost-effective for you.
You've got to weigh your optionsthere.
SPEAKER_01 (22:25):
Right, right.
It's also important.
I mean, you have a legallysigned document in the lease
agreement.
And so you need to follow whatyour lease agreement outlines.
That's one of the reasons it'simportant to have taken the time
to make your lease agreementcover all of the bases in a
situation that might arise withyour tenant down the road.
And really the last step is ifyou have to, then legal action
(22:48):
might need to be pursued.
Everything else that we'vesuggested should take priority.
Yeah, for sure.
Cool.
Last question here is fromJasmine, she's out at Houston,
Texas.
She owns several rentalproperties and recently
experienced storm damage.
Yikes.
Yeah.
What steps should I take if myproperty is damaged by natural
disasters, she asks.
(23:09):
A few things you can do,Jasmine.
First, obviously, review yourinsurance policy.
Most policies cover some levelof natural disaster damage.
Yeah.
But make sure you clarify whatspecific events are included,
such as, I mean, floods.
fires, earthquakes.
I'm assuming if it's out ofHouston, it's probably not a
fire, but you know.
I guess it could be.
(23:30):
You never cross anything out.
Sorry, Jasmine.
Yeah.
But yeah, obviously consult yourinsurance and you can contact
your insurance provider as well.
So you need to file a claim assoon as possible.
Document the damage.
Again, documentation is key.
Photos, videos, et cetera.
Keep a detailed inventory ofwhatever's destroyed, any items,
any parts of the property,structural damage.
(23:51):
That'll help with the claimprocess.
SPEAKER_00 (23:53):
Yeah.
For sure.
And, you know, you might need tojust jump right in and do some
like temp repairs.
I mean, like immediately takingcare of like things that are
impacting the property that canbe fixed or taken into account
right then and there.
Cause you know, you might file,be able to file a claim with
your insurance provider, but itmight take a little bit of time
for that to get the ballrolling.
So you might actually have tojust step right in and like
figure out, you know, Oh, thejoys of home ownership is what
(24:15):
they call it.
Like where it's like, you got toreally figure out what you need
to do, what tools you need, howto get in there.
Maybe you need to hire like animmediate maintenance guy to
come over and take a look atthings.
Right.
Right.
Right.
(24:54):
Right.
And
SPEAKER_01 (24:56):
speaking of that, after the disaster, checking in
with local building authoritiesto ensure that the property is
actually safe and up to codebefore allowing the tenants to
move in.
For sure.
SPEAKER_00 (25:10):
And preparedness going forward.
I mean, I've got friends thatlive in Orlando and they
recently just went through likeHelene and all that stuff.
And, you know, he sent me a textmessage of the emergency
preparedness.
Like literally a couple daysbefore everything got really,
really crummy and the storm hitthe mainland, he had a map drawn
(25:32):
out of the house where all thedifferent stuff was, what their
plan was in case things gotreally bad, where they would go,
making sure they had the list tocheckmark things that they had
to do, all that stuff.
That could be a great thing thatyou have for your tenants, like
safety measures for yourtenants, evacuation plans,
emergency contact information.
It's not a bad idea to have thatinformation in the house if
(25:52):
you're renting an apartment unitmaybe consider like laminating
it putting it in the apartmentmaking sure like hey keep this
in your records like make sureyou have this information text
it to your tenants so they haveit digitally like all that stuff
and additional insurancecoverage might be necessary as
well right okay cool cool
SPEAKER_01 (26:08):
thanks listeners for asking questions
SPEAKER_00 (26:10):
yeah thanks for writing in and talking to us we
appreciate hearing from everyone of you if you have a
question remember questions attherentishpod.com and that's
about it all right Patrick Beena busy one.
How about that?
SPEAKER_01 (26:26):
Yeah, been a busy one for sure.
SPEAKER_00 (26:28):
Yeah, we fit a lot of insightful information, not
including but not limited toNicolas Cage films about
stealing the president and theDeclaration of Independence.
But we also answered a bunch oflistener questions, talked about
millennials and the housingsituation currently in the
country and the world.
And it's been really fun.
Thanks for talking propertymanagement with me here today.
(26:48):
Yeah, thank you, Zach.
All right, well, we'll see youguys next time for another
episode of the Rent-ish Podcast.
I'm Zach, he's Patrick, andwe'll see you later.
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