November 26, 2024 • 31 mins
2025 is coming in hot! And we are here to talk about why you should NOT be waiting for the new year to focus on your business plans.
This week on the podcast we are talking about planning and strategy. Not only for the next coming year, but for many years out.
We discuss those aspects but will go beyond the focus of financial evaluations and make you think about your business as a whole and what part you play in it.
What do you like best about owning rentals and what makes you cringe when you have to handle it? How much do you want to scale and how quickly do you want to add more rental properties to your portfolio? When do you plan to step back from hands on management?
Property improvements, the value of time, as well as planning for financial growth now and in the future, are all discussed in this episode.
LINKS
👉Episode 18: 7 Ways to Increase Profit for Your Rental Property.
👉 Property Management Questionnaire 60+ questions you should be asking when vetting a property manager.
👉 Dr. Ben Hardy Book: 10x Is Easier Than 2x: How World-Class Entrepreneurs Achieve More by Doing Less
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Stacie (00:00):
We know that if you do not have your mind and your
numbers and your goals organizedit becomes very difficult and
challenging to achieve thosegoals.
And one more thing, this episodeis not only about money, it's
also about taking the time tothink about what you want to
happen with your rental propertybusiness, or not, in the next 12
(00:20):
months.
Chances are you do not need thatball to drop on December 31st to
make big decisions about whatneeds to change.
Your emotional well being iscrucial to your success, so if
you have doubts or if you'regetting burnt out, you need to
get real with yourself whenyou're doing these evaluations.
(00:41):
Today is about year end strategyand goal setting for your rental
property business as well as foryour personal life.
Welcome to your landlordresource podcast many moons ago.
When I started as a landlord, Iwas as green as it gets.
I may have had my real estatelicense, but I lack confidence
(01:01):
in the hands on experienceneeded when it came to dealing
with tenants, leases,maintenance, and bookkeeping.
After many failed attempts, fastforward to today.
Kevin and I have doubled ourdoors and created an organized,
professionally operated rentalproperty business.
Want to go from overwhelmed toconfident?
If you're an ambitious landlordor maybe one in the making, join
(01:23):
us as we provide strategies andteach actionable steps to help
you reach your goals and thelifestyle you desire.
All while building a streamlinedand profitable rental property
business.
This is your landlord resourcepodcast.
Hey there, landlords.
Thank you for listening to theYour Landlord Resource Podcast.
(01:45):
I'm your host, Stacie Casella,and I'm here with my co host,
Kevin Kilroy.
Kevin (01:50):
Hello there, landlords.
Happy to have you all here.
Stacie (01:53):
Yeah, so I want to tell you up front, sorry about my
voice.
It's a little froggy today.
I'm going to do my best to nothack and cough and you know,
keep my voice.
I haven't had it really much forthe last week or so.
So anyway, that's we're gonnamove on here and and do the best
we can.
Kevin (02:11):
I just want to say Stacie's being a real trooper
because it's it's been a toughweek.
But Let's give it a shot.
Stacie (02:20):
All right.
So a couple of weeks ago we dida podcast about winter prep for
your rental properties and endof year prep for the business
side of owning rentalproperties.
And the focus on that latterpart was more on tax prep and
making sure that you have all ofyour ducks in a row.
Meaning we explained what youshould have done by way of
(02:41):
improvements and trackedexpenses properly before the
year ends, so that you can takeadvantage of those write offs
when you process your taxes in2025.
As a result of that episode wehave had some inquiries and have
decided to discuss a morefocused approach on planning or
mapping out your next year andbeyond, you know for your rental
(03:04):
property business.
Kevin (03:05):
Yeah, and I believe we did touch on planning during
that episode.
But, today we will dive a littledeeper into the strategy behind
the business planning and try tohelp all of you landlords really
think about what you have, whereyou want to be, and what it will
take for you to achieve thosegoals.
Stacie (03:25):
Okay, so it's a little late to tell you this, but
business planning is not a oncea year event.
At a minimum, you should bereviewing numbers and your goals
every quarter or like four timesa year.
And if you can swing it everymonth or every other month, even
better, but again, just do whatworks best for you.
(03:46):
But know that the more attentionthat you give to your planning
and your goals, the easierthey're going to be to envision
and keep your sights on, so thatthey actually come to fruition.
Now, I want to say that manypeople, and we have fallen in
this category as well, mostpeople are going to wait for the
(04:06):
new year to evaluate theprevious year and set new goals.
Don't do that.
Evaluate your business now sothat when the new year rolls
around, you're excited and readyto put that plan into action.
Kevin (04:19):
Yeah.
And as we've mentioned before, Ibelieve it was episode 86 that
aired just a few weeks ago.
You should be diving into yourfinancials for tax planning
purposes anyway.
So why not dive a little deeperand see if you can find a way to
improve your income andexpenses.
I will say we have a 10 yearplan for our investments.
(04:42):
We don't really pay muchattention to detail that far
out.
Most of our strategic planninggoes out to one year, three
years, and five years.
And the reason we actually havea 10 year plan is because that
is our end goal for retirement.
By then, or hopefully sooner, wewill have all of our
(05:02):
investments.
That's our income generatingproperties as well as our stock
portfolios all dialed in andset.
And we can either hand it off tothe boys for them to run or to a
property manager.
But for this episode, we'll keepit simple as we only have, what
about five weeks left in 2024when this episode airs.
(05:24):
So your initial task is toreview and evaluate your numbers
or your income and expenses.
And if you have a formalaccounting program like
QuickBooks, or a semi-formalone, like REI hub through
RentRedi or Turbo Tenant.
You should be able to pull outwhat your income was monthly,
(05:44):
quarterly, and for the year.
Same goes for expenses.
Stacie (05:49):
And let me hop in here real quick and say that if
you're a toss receipts in a boxand wait until the 11th hour,
you know, like in September orOctober, right before the tax
extension deadline.
You need to step it up and get alittle organized and take care
of that stuff a little earlier.
And you guys no judgment We have100 percent been there.
(06:13):
Why do you think that we're onhere encouraging you to be more
organized?
Because we've made thesemistakes and we have learned
from them.
We know that if you do not haveyour mind and your numbers and
your goals organized it becomesvery difficult and challenging
to achieve those goals.
And one more thing, this episodeis not only about money, it's
(06:34):
also about taking the time tothink about what you want to
happen with your rental propertybusiness, or not, in the next 12
months.
Chances are you do not need thatball to drop on December 31st to
make big decisions about whatneeds to change.
Your emotional well being iscrucial to your success, so if
(06:54):
you have doubts or if you'regetting burnt out, you need to
get real with yourself whenyou're doing these evaluations.
Today is about year end strategyand goal setting for your rental
property business as well as foryour personal life.
Kevin (07:09):
Okay, so let's start off with what went well for us in
2024.
Now, Stacie had a busier thanusual year with real estate
transactions.
There was the sale of some landher family had on the market for
some time that finally sold.
An eight plex she sold for afriend.
And she also took on managementof that property before the sale
(07:32):
in addition to all the otherproperties.
And she also sold her singlefamily home rental that was used
when kid number two went tocollege.
Now, it might not seem likemuch, but handling the
management of eight units, aswell as the showings and
coordinating improvements like anew roof, paint and bathroom
(07:53):
updates, just for that one salewas really time consuming.
Stacie (07:58):
Yeah.
And not to mention thenegotiations on the sale, which,
it's not my area of expertise.
So I had to take a lot more timeto read and understand that side
of the transaction as well.
Kevin (08:12):
Right.
And we mentioned this before,but for Stacie's broker, it is
customary to take overmanagement of a building they
are selling.
It gives them more control overaccess and understanding the
need for maintenanceimprovements, etc So when you're
looking at multi familyproperties, remember what goes
(08:32):
into getting more than just oneunit ready so you can impress
the buyers.
So Stacie and I had an old butstill very nice patio set from
one of the mountain homes thatwe were getting rid of.
So we worked with the owner andtheir contractor to create a
communal tenant space in therear of the 8 Plex.
(08:52):
That meant adding some groundcover like bark I think we used,
and some pavers to make thespace attractive.
I mean, not a lot of money wentinto it, but it made a really
good impression.
Now, we are not complaining atall because we were happy to
have the patio set go to a goodhome, but we did have to drive
(09:12):
to the mountains, load it up,and deliver it to the property
that was for sale.
There is a lot of time thatRealtors put into helping their
clients to get the best pricepossible.
So please remember that when youcringe at the commission you pay
for a sale or a purchase.
And like I said, we are notcomplaining in the least, it was
(09:33):
all good stuff.
Stacie (09:35):
Yeah, but that good stuff meant us having to manage
our time differently than we'reused to.
And same goes with Chico.
It was pretty much ready to sellbut we had to make several trips
up to the property to clean itout, meet with the realtor, and
meet with our contractor toremediate some issues that were
found during the propertyinspection.
That property is three hoursaway so it's not like Hey, let's
(09:58):
just head up for the day.
And where we did do our trips ina day, it meant leaving at 6 AM
and returning after 10 PM, whichmeans we're exhausted the
following day.
Again, not complaining, justwanting you all to understand
the time elements that we had abattle just for those three
transactions.
Or should I say two because theland we didn't have to do
(10:21):
anything for we just all we hadto do was list it and deal with
it remotely.
So yeah, I completed three realestate transactions, which was
awesome.
The commissions earned fromthose along with the proceeds
from the Chico sale have put usinto a position of having
capital to invest in our nextinvestment.
(10:41):
For Sacramento we had all butone unit renew their lease.
So all we had to do was dealwith one turnover, which is
huge, you guys.
And that guy who did not renew,he wanted to stay on, but his
roommate needed to get out andhe couldn't afford the rent on
his own.
So we worked with him to keepthem in there as long as
(11:01):
possible, give him time to finda new place.
Kevin (11:05):
And when he moved a couple of weeks ago, we had our
contractor, Jim go in and dosome updates that we were
working on for all the units.
We are removing all of theincandescent light fixtures and
replacing them with LED recesscans and updating the unit in
general a bit.
So one thing about this propertyis that it was completely gutted
(11:27):
and remodeled in 2004.
They redid all the wiring, theduct work, HVAC units and
mechanicals like heaters andwater heaters.
That's great, right?
Well, one thing we have learnedis that the cycle of life for
residential homes is around 15years.
When you go in and do everythingnew, all in one fell swoop,
(11:50):
everything seems to startfailing and needing replacement
around that same time.
So about four years ago, westarted with the kitchen
appliances.
Then we did some remodel work tothe bathroom exhaust fans.
And when we got a couple ofunits done with those exhaust
fans, we realized that we shouldbe upgrading the light fixtures
(12:10):
in the baths as well.
And since Jim was in theremaking a mess and cutting into
the ceiling for those fans, westarted to have him install
recessed lighting in thebathrooms when he went in to
replace those fans.
Now we are working on addingrecessed lighting to the
bedrooms and kitchens, one unitat a time to update those.
(12:30):
And why are we doing this?
Well, for a couple of reasons.
First, it's easier for us tospread out the improvements a
little at a time so our reservescan replenish themselves easier.
When we do these upgrades, ithelps our units remain
competitive in our market.
We have mentioned this before,all around us, there are these
(12:52):
big, beautiful, multi familyunits being built.
And they have all the amenities,so parking, gyms, pools, a mail
room, so their packages aresecure.
And some even come withconcierge service, where they
will handle personal tasks forthe residents.
Now, they are not our directcompetition.
(13:14):
However, for the people who wanta nice unit like those places
offer, but don't need all thoseamenities, that's where we come
in.
Our units are clean, ourbuilding is kept up, and little
by little, we're updating them.
But the big difference betweenus and the other smaller
properties who don't offer allthose amenities is that our
(13:38):
units have central airconditioning and a washer and
dryer in each unit.
Very few of the smaller mom andpop duplexes, triplex all the
way up to six and eight plexushave those.
So my point here is that we havepositioned ourselves at the top
end of the middle ground forrentals.
Which means we can get more rentand our tenants tend to stay
(14:00):
longer, because they wouldstruggle to get what we offer
anywhere else within let's say atwo mile radius.
Now I'm not saying there are notother rentals like ours but when
they have a vacancy they gofirst like ours do.
That is why we plan for theseupgrades and improvements.
And the second reason why isbecause if at any point we
(14:22):
decide to sell that building, wewould be able to get top dollar
for it, given all the upgradesand higher end market rents that
we've been able to get.
Stacie (14:32):
Yeah.
And I'll say that right now,there are some properties on the
market that are nice and somethat are what we would call
value add.
And the difference in pricebetween the two is pretty
significant.
The one thing that is consistentis that landlords in our area do
not raise rents to keep up withthe market.
And unfortunately we havestatewide rent control, which
(14:55):
limits how much landlords canincrease rents on multifamily
properties.
I believe the most we can raiserents is between five and 10
percent depending on the CPI orthe consumer price index for
that city.
And for us to make our numberswork and a property be worth the
purchase, we have to make marketrents on a property.
(15:15):
There is no pro forma planningwhen you buy in California, if
the previous landlord has neverraised their rents, because it
can take years to achieve thosemarket rents, which would likely
mean years of losses.
And so real quick, let's justsay the market rent is 1500
bucks and a landlord has afourplex where the current rents
are a thousand dollars each.
(15:35):
Even if market rents stay thesame, which they would not, and
we are able to raise rents 10%,it would take us five years to
get those units to market rents.
Which means we would run at asevere loss every single month.
It also means it's unlikely thatthere's going to be room for the
recommended minimum 15 percentreserves from rents each month.
(15:58):
And listen you guys, my point isthat for us, we're hands on
landlords.
And yes, we raise rents annuallywhen the market calls for it.
We also take a lot of our incomeand put it back into the units.
Because as Kevin mentioned, itallows us to get a higher rent
and hopefully someday a highersales price when we go to sell
(16:18):
that building.
So that was a very long windedway of discussing where our time
goes.
But it's also to tell you how weplan out for our next business
year.
In 2023, we decided that 2024,we would sell our single family
rental located in Chico, so thatI could use the capital from
(16:38):
that sale to purchase anotherproperty, which I'm hoping to at
least be a fourplex.
Kevin (16:44):
Right.
So, I believe we were discussingwhat went right for us in 2024.
And basically what we are tryingto say is that we made plans for
improvements in 2023 and arejust now completing them.
We also made plans to sell theone rental and then purchase
another.
And where we have not made thatpurchase, at least at the time
(17:07):
this episode airs, we arenarrowing down what we want and
how we can make that happen.
One way we do this is byrevisiting our goals and
reviewing our metrics andevaluating how on track we are
in reaching our next goal.
Now we have different levels ofgoals.
We have financial goals for uspersonally, like what amount of
(17:30):
income we will need to retirecomfortably.
So that means we have to look atand evaluate each stream of
income we have.
Which would be our rentals, ourreal estate commissions, which
include managing properties forothers, and of course, any
income we derive from YourLandlord Resource.
And then we can see where we aredoing well and where we can
(17:52):
improve.
And improving doesn't only meanadding more revenue, it can also
mean reducing expenses.
We did an episode a while agothat might be helpful for you to
listen to.
It's called Seven Ways toIncrease Profit For Your Rental
Property.
That was episode 18, and you canfind it by going to your
(18:12):
landlordresource.
com forward slash episode 18.
We will link it in the shownotes as well.
In that episode we talked aboutdifferent ways you can add
income and cut expenses.
And when we say review yourmetrics, it can go beyond just
income and expenses.
You can track how often tenantsopt to renew, turnovers you have
(18:36):
had to do, how often you getcalls for maintenance, as well
as evaluate your vendors, liketheir level of service and their
costs.
Stacie (18:45):
Yeah, and I'll say, I wish we had a fancy software to
recommend, but honestly, forthese analyses, we just use an
Excel spreadsheet.
You know, Google Sheets wouldwork fine here too.
You should start with your rentroll which would be a list of
your units with a quickdescription like studio, one and
one, two and one, etc.
and the rent that you charge.
(19:06):
Then next to that line of therent you charge, you can have a
line to note the market rent sothat you can evaluate how you're
doing with your rental rates.
You also can have a column foradditional income opportunities
like charging for storage orparking or internet access.
This would be a time to examinecharging the tenants back for
(19:27):
utilities that you and manylandlords traditionally cover
like water, sewer, and garbage.
How would your income look ifyou implemented those items?
Now, you can do the same thingfor your expenses.
What would it look like if youhad a landscaper only come every
other week instead of everysingle week?
Or, could you mow and blowaround the property yourself?
(19:50):
Are you using a propertymanager?
And are you happy with theirperformance?
Do you want to look for someoneelse or do you think you could
do just as good a job, maybebetter than your property
manager?
Or maybe you're just way toooverwhelmed and you need to hire
a property manager to take over.
This year end evaluation is notonly for what goes on in your
(20:10):
business, it's also for you.
Consider what you did this pastyear that you really enjoyed and
felt fulfilled.
And then think about what tasksthat you had to do, and you
really didn't like doing them.
It can be from cleaning unitsduring turnovers, to landscaping
and bookkeeping.
What, if you could, would youhire someone else to handle?
(20:34):
Because if you could hiresomeone else to do those tasks,
that would pay you back thecommodity of time.
And you know as well as I do,that emotional wellbeing is
crucial to your success.
So think about those things andset specific but realistic
goals.
Kevin (20:52):
Or if you maybe didn't want to hire someone else, what
could you do to educate yourselfto learn how to do that task
better?
And I'm using this as anexample, because it's a perfect
way to describe what we'retrying to say.
What if you wanted to place yourown tenants so that you didn't
have to pay hundreds of dollarsto a property manager to find a
(21:13):
tenant for you?
Could you take a course, maybelike the one we're working on
now, to teach you a system forhandling that task?
And the same goes forbookkeeping.
Most people don't know the basicterms when it comes to handling
finances for a business.
Could you take a course onbookkeeping to teach you that so
(21:33):
you can learn how to have abetter understanding of it?
Because bookkeepers can begreat, but if you can do it
yourself, you would have a clearfinancial picture of where your
business stands and know wherechanges can be made to benefit
and improve it.
Stacie (21:49):
And shameless plug, if you'd like to get on the wait
list for our tenant screeningcourse called From Marketing to
Move In, the link's in the shownotes.
And, we also have aquestionnaire that we offer if
you're looking to hire aproperty manager.
So, listen, you guys, we'reproperty managers, so we know
what you should be asking thoseproperty managers when you're
vetting them.
(22:10):
We put together I think it'swhat 60 plus questions that you
should ask and that you shouldknow and understand about a PM
before you hire them.
I believe you can find it atyourlandlordresource.
com forward slash PM questionsBut we'll link it in the show
notes as well.
Kevin (22:27):
Nice Stace.
Stacie (22:28):
You like that?
Kevin (22:29):
I do.
Now if you're still working anine to five for someone else
and maybe you'd like to spendyour weekend somewhere other
than working on your rentalproperties, think about how you
can add flexibility to yourschedule.
If you can increase your incomefrom the rental property, is
there a way you could reduceyour hours at your other job?
(22:51):
You know, maybe have a four daywork week, or maybe even every
other Friday off, or just takeFriday afternoons off.
Any which way you can add moretime into your schedule the
better.
Okay, so some things you want toalso be thinking about and
evaluating is improvements toyour property.
If someone does not renew or youchose not to renew them, is
(23:16):
there anything that you could goin and do to make that unit or
property better or moremarketable?
Alongside those improvementsyou'll need to check out your
reserves and make sure you haveenough to complete the project.
And here, do yourself a favor.
Whatever budget you set to dothat project, add at least
(23:36):
another 25 percent on for stuffthat comes up that you might not
expect.
Here's a case in point.
Jim went into the two bedroom,two bath unit to add six recess
cans, one in each bath and fourin the kitchen.
So Stacie, how many cans did Jimactually install when all was
said and done?
Stacie (23:57):
Fourteen.
Kevin (23:59):
Right.
So, even if we had added 25percent to our budget, We still
would have been way off.
Stacie (24:06):
Yeah, but we are solving a problem by adding them into
the bedrooms, too.
Kevin (24:10):
I mean absolutely no question.
And I'm not arguing they weren'tneeded.
I'm simply trying to explain toour listeners that once you
start a project, oftentimesyou'll find more that you want
to do.
And when Jim is there running abunch of electrical to the
bathrooms and kitchen, a hundredpercent, it's the time to have
him do the bedrooms too.
(24:31):
We just didn't think about thatwhen we did our planning.
We thought we could do it laterdown the line.
Which we absolutely could have,but it's gonna be great now to
have it all finished andcompleted.
Stacie (24:43):
Oh, yeah I mean, it's gonna look so much better and so
much more light than those twolittle 60 watt bulbs were
throwing out.
You know, now I want to do thefloors in there.
Kevin (24:51):
Okay, no way.
Don't even go there.
Yeah.
I mean, for now.
Stacie (24:56):
Well, it's on the list of improvements, so it may not
happen now, but it's going tohappen sometime.
Kevin (25:01):
Yes, dear.
Stacie (25:03):
You guys see the stuff I have to deal with here?
I'm going to deal with youlater, guy.
Okay, I want to start wrappingthis episode up, but first I
want to talk a little bit aboutlong term goals.
So, we talked about having timenow to think about what you want
to achieve in the next year.
But what are your long termgoals?
So, what's your three year plan,your five year plan?
(25:25):
What are your income goals?
How many properties or units doyou need to reach that goal?
Do you have property that you'dbe willing to 1031 exchange into
a larger multifamily rentalproperty?
Now I realize many of you onlyhave one rental that you manage
at this time.
But setting goals on how to getthat second one and the third
(25:45):
one is something that you needto try and plan out.
I recently listened to a podcastthat was co hosted by both Amy
Porterfield and Jasmine Starr.
They had a guest by the name ofDr.
Ben Hardy on and he was talkingabout impossible goals.
And I'm not going to go into thewhole episode, but the gist of
it is most people who set goalsdo so by thinking about how to
(26:06):
double it.
And that can mean income, orproperties, or unit doors.
He was discussing that it takessomeone much longer to reach
their ultimate goal.
Let's say it's 25 unit doors byusing the double up method, or
as he calls it, 2x'ing yourgoals.
Then if you 10x times, or 10times your goal, doesn't that
(26:28):
seem like way too much to evenwrap your head around?
But he has a method that heexplains in his book called 10x
Is Easier Than 2x (26:34):
How World-Class Entrepreneurs
Achieve More by Doing Less.
Now we'll link it in the shownotes if you're interested in
checking it out, but his theoryis definitely something you guys
want to consider.
Kevin (26:47):
I'd be interested in reading that one actually.
So my and Stacie's goals are alittle extreme but absolutely
attainable.
And that's that we want to own10 million dollars in investment
property by 2032.
For some of you you might bethinking that's all, and some of
(27:07):
you might be thinking must benice to have such lofty goals.
But keep in mind that we arebuilding our portfolio so we can
live off it comfortably when weare ready to retire.
And we are very conservativepeople who do not care to take
extreme risks.
We prefer to buy our rentals inthe traditional manner and don't
wanna rely on quote unquote,creative deals.
(27:31):
We are not young.
I mean, I'm 65.
Stacie is young, she's only 54.
And we do not have the time andenergy to chance any sort of
loss.
Our investments are verycalculated and fit our needs our
plan and our buy box.
Now many of the properties weown or planning to buy will have
a mortgage against them, so oncewe're able to pay those off, or
(27:54):
sell or 1031 exchange them, weplan to have enough income
coming in to be able to live inthe same manner as we do now
with the income we earn outsideof our rental properties.
As those properties are paidoff, which we are working to
schedule those too, our incomewill grow significantly.
As we age, we might not need asmuch income, but we plan to have
(28:19):
a very active lifestyle.
And with everything costing waymore down the line, we hope to
be able to cruise through thosetimes with little uncertainty.
Stacie (28:29):
And we have mentioned this before, but we want to be
able to help our kids andgrandkids out when they need it.
Even if that means paying for abig family vacation or helping
with educational costs.
So we have planned to havealmost twice as much income that
we have now to take us into ourretirement years.
And who knows what we're goingto need.
(28:50):
We certainly can't rely onSocial Security still being
around and who knows whereMedicare is going to be.
We just want to hope for thebest, but plan for the worst.
So we don't have to live a lifewhere we worry about money or
where we can't afford to live.
And believe us when we say wehave several friends our age who
(29:10):
have not worried aboutretirement and will have to deal
with a big surprise someday.
And I will end this by sayingthat I am very grateful to be
married to someone who sharesthe same or at least supports my
goals and aspirations.
We are truly blessed and forthat I am thankful.
Alright you guys, that is ourepisode this week.
(29:31):
Thank you for putting up with myfroggy voice.
I hope it's given you someinspiration to take time and sit
down and evaluate your rentalproperty business goals soon and
plan out your next year so thatyou continue to grow and scale.
So set your end goal and thenwork backward on how you plan to
get there.
And don't forget to evaluateyourself in all of this too.
(29:54):
Think about what you like andwhat you don't like about owning
rentals and where you can makechanges to give you more time to
spend with others or doing thethings that you love.
If you guys enjoyed thisepisode, would you do us a favor
and leave us a kind review ofthe podcast because reviews help
others find us and understandthat we are the real deal.
(30:15):
And if you want to hear more,follow or subscribe to the
podcast so that each week theepisodes are downloaded right to
your favorite podcast platform.
We'd love to stay in contactwith you.
In the show notes, you can findlinks to all the free downloads
we offer and ways to sign up forour free newsletter and the wait
(30:35):
list for our upcoming course ontenant screening.
There's also links to ourprivate Facebook group that's
just for landlords, and oursocial media accounts on
Instagram and Facebook, as wellas YouTube, where we share very
informative and detailed tipsand tricks for landlords.
So check those out.
I think that's about it.
Thanks again.
(30:56):
And until next time you've gotthis landlords.
We know that if you do not have your mind and your
numbers and your goals organizedit becomes very difficult and
challenging to achieve thosegoals.
And one more thing, this episodeis not only about money, it's
also about taking the time tothink about what you want to
happen with your rental propertybusiness, or not, in the next 12
(00:20):
months.
Chances are you do not need thatball to drop on December 31st to
make big decisions about whatneeds to change.
Your emotional well being iscrucial to your success, so if
you have doubts or if you'regetting burnt out, you need to
get real with yourself whenyou're doing these evaluations.
(00:41):
Today is about year end strategyand goal setting for your rental
property business as well as foryour personal life.
Welcome to your landlordresource podcast many moons ago.
When I started as a landlord, Iwas as green as it gets.
I may have had my real estatelicense, but I lack confidence
(01:01):
in the hands on experienceneeded when it came to dealing
with tenants, leases,maintenance, and bookkeeping.
After many failed attempts, fastforward to today.
Kevin and I have doubled ourdoors and created an organized,
professionally operated rentalproperty business.
Want to go from overwhelmed toconfident?
If you're an ambitious landlordor maybe one in the making, join
(01:23):
us as we provide strategies andteach actionable steps to help
you reach your goals and thelifestyle you desire.
All while building a streamlinedand profitable rental property
business.
This is your landlord resourcepodcast.
Hey there, landlords.
Thank you for listening to theYour Landlord Resource Podcast.
(01:45):
I'm your host, Stacie Casella,and I'm here with my co host,
Kevin Kilroy.
Kevin (01:50):
Hello there, landlords.
Happy to have you all here.
Stacie (01:53):
Yeah, so I want to tell you up front, sorry about my
voice.
It's a little froggy today.
I'm going to do my best to nothack and cough and you know,
keep my voice.
I haven't had it really much forthe last week or so.
So anyway, that's we're gonnamove on here and and do the best
we can.
Kevin (02:11):
I just want to say Stacie's being a real trooper
because it's it's been a toughweek.
But Let's give it a shot.
Stacie (02:20):
All right.
So a couple of weeks ago we dida podcast about winter prep for
your rental properties and endof year prep for the business
side of owning rentalproperties.
And the focus on that latterpart was more on tax prep and
making sure that you have all ofyour ducks in a row.
Meaning we explained what youshould have done by way of
(02:41):
improvements and trackedexpenses properly before the
year ends, so that you can takeadvantage of those write offs
when you process your taxes in2025.
As a result of that episode wehave had some inquiries and have
decided to discuss a morefocused approach on planning or
mapping out your next year andbeyond, you know for your rental
(03:04):
property business.
Kevin (03:05):
Yeah, and I believe we did touch on planning during
that episode.
But, today we will dive a littledeeper into the strategy behind
the business planning and try tohelp all of you landlords really
think about what you have, whereyou want to be, and what it will
take for you to achieve thosegoals.
Stacie (03:25):
Okay, so it's a little late to tell you this, but
business planning is not a oncea year event.
At a minimum, you should bereviewing numbers and your goals
every quarter or like four timesa year.
And if you can swing it everymonth or every other month, even
better, but again, just do whatworks best for you.
(03:46):
But know that the more attentionthat you give to your planning
and your goals, the easierthey're going to be to envision
and keep your sights on, so thatthey actually come to fruition.
Now, I want to say that manypeople, and we have fallen in
this category as well, mostpeople are going to wait for the
(04:06):
new year to evaluate theprevious year and set new goals.
Don't do that.
Evaluate your business now sothat when the new year rolls
around, you're excited and readyto put that plan into action.
Kevin (04:19):
Yeah.
And as we've mentioned before, Ibelieve it was episode 86 that
aired just a few weeks ago.
You should be diving into yourfinancials for tax planning
purposes anyway.
So why not dive a little deeperand see if you can find a way to
improve your income andexpenses.
I will say we have a 10 yearplan for our investments.
(04:42):
We don't really pay muchattention to detail that far
out.
Most of our strategic planninggoes out to one year, three
years, and five years.
And the reason we actually havea 10 year plan is because that
is our end goal for retirement.
By then, or hopefully sooner, wewill have all of our
(05:02):
investments.
That's our income generatingproperties as well as our stock
portfolios all dialed in andset.
And we can either hand it off tothe boys for them to run or to a
property manager.
But for this episode, we'll keepit simple as we only have, what
about five weeks left in 2024when this episode airs.
(05:24):
So your initial task is toreview and evaluate your numbers
or your income and expenses.
And if you have a formalaccounting program like
QuickBooks, or a semi-formalone, like REI hub through
RentRedi or Turbo Tenant.
You should be able to pull outwhat your income was monthly,
(05:44):
quarterly, and for the year.
Same goes for expenses.
Stacie (05:49):
And let me hop in here real quick and say that if
you're a toss receipts in a boxand wait until the 11th hour,
you know, like in September orOctober, right before the tax
extension deadline.
You need to step it up and get alittle organized and take care
of that stuff a little earlier.
And you guys no judgment We have100 percent been there.
(06:13):
Why do you think that we're onhere encouraging you to be more
organized?
Because we've made thesemistakes and we have learned
from them.
We know that if you do not haveyour mind and your numbers and
your goals organized it becomesvery difficult and challenging
to achieve those goals.
And one more thing, this episodeis not only about money, it's
(06:34):
also about taking the time tothink about what you want to
happen with your rental propertybusiness, or not, in the next 12
months.
Chances are you do not need thatball to drop on December 31st to
make big decisions about whatneeds to change.
Your emotional well being iscrucial to your success, so if
(06:54):
you have doubts or if you'regetting burnt out, you need to
get real with yourself whenyou're doing these evaluations.
Today is about year end strategyand goal setting for your rental
property business as well as foryour personal life.
Kevin (07:09):
Okay, so let's start off with what went well for us in
2024.
Now, Stacie had a busier thanusual year with real estate
transactions.
There was the sale of some landher family had on the market for
some time that finally sold.
An eight plex she sold for afriend.
And she also took on managementof that property before the sale
(07:32):
in addition to all the otherproperties.
And she also sold her singlefamily home rental that was used
when kid number two went tocollege.
Now, it might not seem likemuch, but handling the
management of eight units, aswell as the showings and
coordinating improvements like anew roof, paint and bathroom
(07:53):
updates, just for that one salewas really time consuming.
Stacie (07:58):
Yeah.
And not to mention thenegotiations on the sale, which,
it's not my area of expertise.
So I had to take a lot more timeto read and understand that side
of the transaction as well.
Kevin (08:12):
Right.
And we mentioned this before,but for Stacie's broker, it is
customary to take overmanagement of a building they
are selling.
It gives them more control overaccess and understanding the
need for maintenanceimprovements, etc So when you're
looking at multi familyproperties, remember what goes
(08:32):
into getting more than just oneunit ready so you can impress
the buyers.
So Stacie and I had an old butstill very nice patio set from
one of the mountain homes thatwe were getting rid of.
So we worked with the owner andtheir contractor to create a
communal tenant space in therear of the 8 Plex.
(08:52):
That meant adding some groundcover like bark I think we used,
and some pavers to make thespace attractive.
I mean, not a lot of money wentinto it, but it made a really
good impression.
Now, we are not complaining atall because we were happy to
have the patio set go to a goodhome, but we did have to drive
(09:12):
to the mountains, load it up,and deliver it to the property
that was for sale.
There is a lot of time thatRealtors put into helping their
clients to get the best pricepossible.
So please remember that when youcringe at the commission you pay
for a sale or a purchase.
And like I said, we are notcomplaining in the least, it was
(09:33):
all good stuff.
Stacie (09:35):
Yeah, but that good stuff meant us having to manage
our time differently than we'reused to.
And same goes with Chico.
It was pretty much ready to sellbut we had to make several trips
up to the property to clean itout, meet with the realtor, and
meet with our contractor toremediate some issues that were
found during the propertyinspection.
That property is three hoursaway so it's not like Hey, let's
(09:58):
just head up for the day.
And where we did do our trips ina day, it meant leaving at 6 AM
and returning after 10 PM, whichmeans we're exhausted the
following day.
Again, not complaining, justwanting you all to understand
the time elements that we had abattle just for those three
transactions.
Or should I say two because theland we didn't have to do
(10:21):
anything for we just all we hadto do was list it and deal with
it remotely.
So yeah, I completed three realestate transactions, which was
awesome.
The commissions earned fromthose along with the proceeds
from the Chico sale have put usinto a position of having
capital to invest in our nextinvestment.
(10:41):
For Sacramento we had all butone unit renew their lease.
So all we had to do was dealwith one turnover, which is
huge, you guys.
And that guy who did not renew,he wanted to stay on, but his
roommate needed to get out andhe couldn't afford the rent on
his own.
So we worked with him to keepthem in there as long as
(11:01):
possible, give him time to finda new place.
Kevin (11:05):
And when he moved a couple of weeks ago, we had our
contractor, Jim go in and dosome updates that we were
working on for all the units.
We are removing all of theincandescent light fixtures and
replacing them with LED recesscans and updating the unit in
general a bit.
So one thing about this propertyis that it was completely gutted
(11:27):
and remodeled in 2004.
They redid all the wiring, theduct work, HVAC units and
mechanicals like heaters andwater heaters.
That's great, right?
Well, one thing we have learnedis that the cycle of life for
residential homes is around 15years.
When you go in and do everythingnew, all in one fell swoop,
(11:50):
everything seems to startfailing and needing replacement
around that same time.
So about four years ago, westarted with the kitchen
appliances.
Then we did some remodel work tothe bathroom exhaust fans.
And when we got a couple ofunits done with those exhaust
fans, we realized that we shouldbe upgrading the light fixtures
(12:10):
in the baths as well.
And since Jim was in theremaking a mess and cutting into
the ceiling for those fans, westarted to have him install
recessed lighting in thebathrooms when he went in to
replace those fans.
Now we are working on addingrecessed lighting to the
bedrooms and kitchens, one unitat a time to update those.
(12:30):
And why are we doing this?
Well, for a couple of reasons.
First, it's easier for us tospread out the improvements a
little at a time so our reservescan replenish themselves easier.
When we do these upgrades, ithelps our units remain
competitive in our market.
We have mentioned this before,all around us, there are these
(12:52):
big, beautiful, multi familyunits being built.
And they have all the amenities,so parking, gyms, pools, a mail
room, so their packages aresecure.
And some even come withconcierge service, where they
will handle personal tasks forthe residents.
Now, they are not our directcompetition.
(13:14):
However, for the people who wanta nice unit like those places
offer, but don't need all thoseamenities, that's where we come
in.
Our units are clean, ourbuilding is kept up, and little
by little, we're updating them.
But the big difference betweenus and the other smaller
properties who don't offer allthose amenities is that our
(13:38):
units have central airconditioning and a washer and
dryer in each unit.
Very few of the smaller mom andpop duplexes, triplex all the
way up to six and eight plexushave those.
So my point here is that we havepositioned ourselves at the top
end of the middle ground forrentals.
Which means we can get more rentand our tenants tend to stay
(14:00):
longer, because they wouldstruggle to get what we offer
anywhere else within let's say atwo mile radius.
Now I'm not saying there are notother rentals like ours but when
they have a vacancy they gofirst like ours do.
That is why we plan for theseupgrades and improvements.
And the second reason why isbecause if at any point we
(14:22):
decide to sell that building, wewould be able to get top dollar
for it, given all the upgradesand higher end market rents that
we've been able to get.
Stacie (14:32):
Yeah.
And I'll say that right now,there are some properties on the
market that are nice and somethat are what we would call
value add.
And the difference in pricebetween the two is pretty
significant.
The one thing that is consistentis that landlords in our area do
not raise rents to keep up withthe market.
And unfortunately we havestatewide rent control, which
(14:55):
limits how much landlords canincrease rents on multifamily
properties.
I believe the most we can raiserents is between five and 10
percent depending on the CPI orthe consumer price index for
that city.
And for us to make our numberswork and a property be worth the
purchase, we have to make marketrents on a property.
(15:15):
There is no pro forma planningwhen you buy in California, if
the previous landlord has neverraised their rents, because it
can take years to achieve thosemarket rents, which would likely
mean years of losses.
And so real quick, let's justsay the market rent is 1500
bucks and a landlord has afourplex where the current rents
are a thousand dollars each.
(15:35):
Even if market rents stay thesame, which they would not, and
we are able to raise rents 10%,it would take us five years to
get those units to market rents.
Which means we would run at asevere loss every single month.
It also means it's unlikely thatthere's going to be room for the
recommended minimum 15 percentreserves from rents each month.
(15:58):
And listen you guys, my point isthat for us, we're hands on
landlords.
And yes, we raise rents annuallywhen the market calls for it.
We also take a lot of our incomeand put it back into the units.
Because as Kevin mentioned, itallows us to get a higher rent
and hopefully someday a highersales price when we go to sell
(16:18):
that building.
So that was a very long windedway of discussing where our time
goes.
But it's also to tell you how weplan out for our next business
year.
In 2023, we decided that 2024,we would sell our single family
rental located in Chico, so thatI could use the capital from
(16:38):
that sale to purchase anotherproperty, which I'm hoping to at
least be a fourplex.
Kevin (16:44):
Right.
So, I believe we were discussingwhat went right for us in 2024.
And basically what we are tryingto say is that we made plans for
improvements in 2023 and arejust now completing them.
We also made plans to sell theone rental and then purchase
another.
And where we have not made thatpurchase, at least at the time
(17:07):
this episode airs, we arenarrowing down what we want and
how we can make that happen.
One way we do this is byrevisiting our goals and
reviewing our metrics andevaluating how on track we are
in reaching our next goal.
Now we have different levels ofgoals.
We have financial goals for uspersonally, like what amount of
(17:30):
income we will need to retirecomfortably.
So that means we have to look atand evaluate each stream of
income we have.
Which would be our rentals, ourreal estate commissions, which
include managing properties forothers, and of course, any
income we derive from YourLandlord Resource.
And then we can see where we aredoing well and where we can
(17:52):
improve.
And improving doesn't only meanadding more revenue, it can also
mean reducing expenses.
We did an episode a while agothat might be helpful for you to
listen to.
It's called Seven Ways toIncrease Profit For Your Rental
Property.
That was episode 18, and you canfind it by going to your
(18:12):
landlordresource.
com forward slash episode 18.
We will link it in the shownotes as well.
In that episode we talked aboutdifferent ways you can add
income and cut expenses.
And when we say review yourmetrics, it can go beyond just
income and expenses.
You can track how often tenantsopt to renew, turnovers you have
(18:36):
had to do, how often you getcalls for maintenance, as well
as evaluate your vendors, liketheir level of service and their
costs.
Stacie (18:45):
Yeah, and I'll say, I wish we had a fancy software to
recommend, but honestly, forthese analyses, we just use an
Excel spreadsheet.
You know, Google Sheets wouldwork fine here too.
You should start with your rentroll which would be a list of
your units with a quickdescription like studio, one and
one, two and one, etc.
and the rent that you charge.
(19:06):
Then next to that line of therent you charge, you can have a
line to note the market rent sothat you can evaluate how you're
doing with your rental rates.
You also can have a column foradditional income opportunities
like charging for storage orparking or internet access.
This would be a time to examinecharging the tenants back for
(19:27):
utilities that you and manylandlords traditionally cover
like water, sewer, and garbage.
How would your income look ifyou implemented those items?
Now, you can do the same thingfor your expenses.
What would it look like if youhad a landscaper only come every
other week instead of everysingle week?
Or, could you mow and blowaround the property yourself?
(19:50):
Are you using a propertymanager?
And are you happy with theirperformance?
Do you want to look for someoneelse or do you think you could
do just as good a job, maybebetter than your property
manager?
Or maybe you're just way toooverwhelmed and you need to hire
a property manager to take over.
This year end evaluation is notonly for what goes on in your
(20:10):
business, it's also for you.
Consider what you did this pastyear that you really enjoyed and
felt fulfilled.
And then think about what tasksthat you had to do, and you
really didn't like doing them.
It can be from cleaning unitsduring turnovers, to landscaping
and bookkeeping.
What, if you could, would youhire someone else to handle?
(20:34):
Because if you could hiresomeone else to do those tasks,
that would pay you back thecommodity of time.
And you know as well as I do,that emotional wellbeing is
crucial to your success.
So think about those things andset specific but realistic
goals.
Kevin (20:52):
Or if you maybe didn't want to hire someone else, what
could you do to educate yourselfto learn how to do that task
better?
And I'm using this as anexample, because it's a perfect
way to describe what we'retrying to say.
What if you wanted to place yourown tenants so that you didn't
have to pay hundreds of dollarsto a property manager to find a
(21:13):
tenant for you?
Could you take a course, maybelike the one we're working on
now, to teach you a system forhandling that task?
And the same goes forbookkeeping.
Most people don't know the basicterms when it comes to handling
finances for a business.
Could you take a course onbookkeeping to teach you that so
(21:33):
you can learn how to have abetter understanding of it?
Because bookkeepers can begreat, but if you can do it
yourself, you would have a clearfinancial picture of where your
business stands and know wherechanges can be made to benefit
and improve it.
Stacie (21:49):
And shameless plug, if you'd like to get on the wait
list for our tenant screeningcourse called From Marketing to
Move In, the link's in the shownotes.
And, we also have aquestionnaire that we offer if
you're looking to hire aproperty manager.
So, listen, you guys, we'reproperty managers, so we know
what you should be asking thoseproperty managers when you're
vetting them.
(22:10):
We put together I think it'swhat 60 plus questions that you
should ask and that you shouldknow and understand about a PM
before you hire them.
I believe you can find it atyourlandlordresource.
com forward slash PM questionsBut we'll link it in the show
notes as well.
Kevin (22:27):
Nice Stace.
Stacie (22:28):
You like that?
Kevin (22:29):
I do.
Now if you're still working anine to five for someone else
and maybe you'd like to spendyour weekend somewhere other
than working on your rentalproperties, think about how you
can add flexibility to yourschedule.
If you can increase your incomefrom the rental property, is
there a way you could reduceyour hours at your other job?
(22:51):
You know, maybe have a four daywork week, or maybe even every
other Friday off, or just takeFriday afternoons off.
Any which way you can add moretime into your schedule the
better.
Okay, so some things you want toalso be thinking about and
evaluating is improvements toyour property.
If someone does not renew or youchose not to renew them, is
(23:16):
there anything that you could goin and do to make that unit or
property better or moremarketable?
Alongside those improvementsyou'll need to check out your
reserves and make sure you haveenough to complete the project.
And here, do yourself a favor.
Whatever budget you set to dothat project, add at least
(23:36):
another 25 percent on for stuffthat comes up that you might not
expect.
Here's a case in point.
Jim went into the two bedroom,two bath unit to add six recess
cans, one in each bath and fourin the kitchen.
So Stacie, how many cans did Jimactually install when all was
said and done?
Stacie (23:57):
Fourteen.
Kevin (23:59):
Right.
So, even if we had added 25percent to our budget, We still
would have been way off.
Stacie (24:06):
Yeah, but we are solving a problem by adding them into
the bedrooms, too.
Kevin (24:10):
I mean absolutely no question.
And I'm not arguing they weren'tneeded.
I'm simply trying to explain toour listeners that once you
start a project, oftentimesyou'll find more that you want
to do.
And when Jim is there running abunch of electrical to the
bathrooms and kitchen, a hundredpercent, it's the time to have
him do the bedrooms too.
(24:31):
We just didn't think about thatwhen we did our planning.
We thought we could do it laterdown the line.
Which we absolutely could have,but it's gonna be great now to
have it all finished andcompleted.
Stacie (24:43):
Oh, yeah I mean, it's gonna look so much better and so
much more light than those twolittle 60 watt bulbs were
throwing out.
You know, now I want to do thefloors in there.
Kevin (24:51):
Okay, no way.
Don't even go there.
Yeah.
I mean, for now.
Stacie (24:56):
Well, it's on the list of improvements, so it may not
happen now, but it's going tohappen sometime.
Kevin (25:01):
Yes, dear.
Stacie (25:03):
You guys see the stuff I have to deal with here?
I'm going to deal with youlater, guy.
Okay, I want to start wrappingthis episode up, but first I
want to talk a little bit aboutlong term goals.
So, we talked about having timenow to think about what you want
to achieve in the next year.
But what are your long termgoals?
So, what's your three year plan,your five year plan?
(25:25):
What are your income goals?
How many properties or units doyou need to reach that goal?
Do you have property that you'dbe willing to 1031 exchange into
a larger multifamily rentalproperty?
Now I realize many of you onlyhave one rental that you manage
at this time.
But setting goals on how to getthat second one and the third
(25:45):
one is something that you needto try and plan out.
I recently listened to a podcastthat was co hosted by both Amy
Porterfield and Jasmine Starr.
They had a guest by the name ofDr.
Ben Hardy on and he was talkingabout impossible goals.
And I'm not going to go into thewhole episode, but the gist of
it is most people who set goalsdo so by thinking about how to
(26:06):
double it.
And that can mean income, orproperties, or unit doors.
He was discussing that it takessomeone much longer to reach
their ultimate goal.
Let's say it's 25 unit doors byusing the double up method, or
as he calls it, 2x'ing yourgoals.
Then if you 10x times, or 10times your goal, doesn't that
(26:28):
seem like way too much to evenwrap your head around?
But he has a method that heexplains in his book called 10x
Is Easier Than 2x (26:34):
How World-Class Entrepreneurs
Achieve More by Doing Less.
Now we'll link it in the shownotes if you're interested in
checking it out, but his theoryis definitely something you guys
want to consider.
Kevin (26:47):
I'd be interested in reading that one actually.
So my and Stacie's goals are alittle extreme but absolutely
attainable.
And that's that we want to own10 million dollars in investment
property by 2032.
For some of you you might bethinking that's all, and some of
(27:07):
you might be thinking must benice to have such lofty goals.
But keep in mind that we arebuilding our portfolio so we can
live off it comfortably when weare ready to retire.
And we are very conservativepeople who do not care to take
extreme risks.
We prefer to buy our rentals inthe traditional manner and don't
wanna rely on quote unquote,creative deals.
(27:31):
We are not young.
I mean, I'm 65.
Stacie is young, she's only 54.
And we do not have the time andenergy to chance any sort of
loss.
Our investments are verycalculated and fit our needs our
plan and our buy box.
Now many of the properties weown or planning to buy will have
a mortgage against them, so oncewe're able to pay those off, or
(27:54):
sell or 1031 exchange them, weplan to have enough income
coming in to be able to live inthe same manner as we do now
with the income we earn outsideof our rental properties.
As those properties are paidoff, which we are working to
schedule those too, our incomewill grow significantly.
As we age, we might not need asmuch income, but we plan to have
(28:19):
a very active lifestyle.
And with everything costing waymore down the line, we hope to
be able to cruise through thosetimes with little uncertainty.
Stacie (28:29):
And we have mentioned this before, but we want to be
able to help our kids andgrandkids out when they need it.
Even if that means paying for abig family vacation or helping
with educational costs.
So we have planned to havealmost twice as much income that
we have now to take us into ourretirement years.
And who knows what we're goingto need.
(28:50):
We certainly can't rely onSocial Security still being
around and who knows whereMedicare is going to be.
We just want to hope for thebest, but plan for the worst.
So we don't have to live a lifewhere we worry about money or
where we can't afford to live.
And believe us when we say wehave several friends our age who
(29:10):
have not worried aboutretirement and will have to deal
with a big surprise someday.
And I will end this by sayingthat I am very grateful to be
married to someone who sharesthe same or at least supports my
goals and aspirations.
We are truly blessed and forthat I am thankful.
Alright you guys, that is ourepisode this week.
(29:31):
Thank you for putting up with myfroggy voice.
I hope it's given you someinspiration to take time and sit
down and evaluate your rentalproperty business goals soon and
plan out your next year so thatyou continue to grow and scale.
So set your end goal and thenwork backward on how you plan to
get there.
And don't forget to evaluateyourself in all of this too.
(29:54):
Think about what you like andwhat you don't like about owning
rentals and where you can makechanges to give you more time to
spend with others or doing thethings that you love.
If you guys enjoyed thisepisode, would you do us a favor
and leave us a kind review ofthe podcast because reviews help
others find us and understandthat we are the real deal.
(30:15):
And if you want to hear more,follow or subscribe to the
podcast so that each week theepisodes are downloaded right to
your favorite podcast platform.
We'd love to stay in contactwith you.
In the show notes, you can findlinks to all the free downloads
we offer and ways to sign up forour free newsletter and the wait
(30:35):
list for our upcoming course ontenant screening.
There's also links to ourprivate Facebook group that's
just for landlords, and oursocial media accounts on
Instagram and Facebook, as wellas YouTube, where we share very
informative and detailed tipsand tricks for landlords.
So check those out.
I think that's about it.
Thanks again.
(30:56):
And until next time you've gotthis landlords.
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