June 20, 2025 • 43 mins
In Episode 101 of Your Landlord Resource, we pick up where we left off in our 100th episode and dive into the “how” behind pushing through hard times as landlords.
From unexpected repairs and long vacancies to personal setbacks and stalled growth, we’re sharing how we’ve stayed motivated—even when the work was overwhelming. This episode is packed with mindset shifts that helped us learn to love what the work does for us, even when we didn’t love the tasks themselves.
We also walk through what it means to “think like a CEO” in your rental business. That means learning how to gather and use data—from vacancy rates to tenant behavior—to make smart, strategic decisions without relying on emotion or guesswork.
Whether you're struggling to fill a unit or navigating a season of hustle, we’re giving you practical ways to stay grounded, clear, and motivated.
🔗 Links & Resources Mentioned
🎉 Enter our Giveaway: Contest has ended. Please inquire about setting up coaching with us!
🎧 Listen to Episode 100: Landlording Through Personal Challenges
👉 Our Favorite Landlord Management Sites: TurboTenant, EZ Landlord Forms, RentRedi, and Innago
🎧 Our 3-Part Masterclass on Leases: Episode 32, Episode 33, Episode 34
Connect with Us:
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👆Click HERE for our FREE Landlord Forms and Doc’s
🤳Text Us: 650-489-4447. We love questions and love letters!
📩Email us at: Stacie@YourLandlordResource.com, Kevin@YourLandlordResource.com
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✔️Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Stacie (00:00):
You know, maybe you just want more financial freedom or
flexibility with time, or maybeowning rental property is a
retirement goal like it is forKevin and I.
Maybe owning real estate is justsomething where you want to
prove to yourself you can do it.
Just know if you're clear onyour end goal, you can pivot
when needed and still stayaligned.
(00:22):
And speaking of pivots, thereare always going to be setbacks.
You can plan and replan and haveplan B, and things will still go
sideways.
It's not a sign that you'redoing something wrong, that's
just how life works.
It's during those rough patcheswhen your mindset matters most.
You gotta roll up your sleevesand become a problem solver.
(00:43):
And most importantly, you gottabe proud of how you show up.
Welcome to Your LandlordResource podcast.
Many moons ago when I started asa landlord, I was as green as it
gets.
I may have had my real estatelicense, but I lack confidence
and the hands-on experienceneeded when it came to dealing
(01:04):
with tenants, leases,maintenance, and bookkeeping
after many failed attempts.
Fast forward to today, Kevin andI have doubled our doors and
created an organized.
Professionally operated rentalproperty business.
Want to go from overwhelm toconfident if you're an ambitious
landlord or maybe one in themaking.
Join us as we provide strategiesand teach actionable steps to
(01:27):
help you reach your goals andthe lifestyle you desire.
All well building is streamlinedand profitable rental property
business.
This is Your Landlord ResourcePodcast.
Hey there, landlords, and welcome back to the Your
Landlord Resource Podcast.
My name is Stacie Casella andI'm here with my hubby and
(01:49):
business partner, Kevin Kilroy.
Kevin (01:51):
Hello there, landlords.
Thanks for tuning in for anothercompelling episode of our
podcast where we cover tips andtricks about self-managing your
rental properties.
Stacie (02:01):
So our last episode, our 100th we, 100th, 100th.
Did I say that right?
Our 100th.
We talked a lot about when ourlives got challenging and trying
to keep our head above waterduring those times.
For a quick recap for aboutthree years, Kevin and I got
(02:22):
slammed with one difficult timeafter another.
And without even discussing thechallenges of the pandemic, we
discussed the death of mybrother in 2020, and then six
weeks later, the death of a verydear friend who was like family
to us, especially for my boysafter their father passed away.
(02:43):
My father had some medicalissues.
The rentals had some hard times.
And then my mom was diagnosedwith breast cancer in early
2022.
If it was not something personalchallenging us, it was something
with the rentals., A fruit flyinfestation, termites, a flood,
and working to remove a tenantwho stopped paying rent during
(03:05):
the pandemic.
Kevin (03:07):
I'll say that last one.
The fruit fly guy who turnedalcoholic and never paid rent,
it actually went much easierthan it could have.
So even though it was nervewracking, he eventually moved
out without us having to gothrough the eviction process.
Stacie (03:22):
Yeah, I mean, all in all, other than the deaths of
three close family members in 14months, I'd say for the most
part, everything came out on apositive note in the end.
It was a lot of work which wasunexpected.
Kevin (03:37):
And to clarify, we didn't mention it before, but Stacie's
brother-in-law, who had been inher life since she was nine
years old, passed suddenly inNovember of 2019.
Then her brother, three days shyof one year later passed away
and six weeks after his death,the close family friend, her
(03:58):
best friend's husband passedaway suddenly.
Each of those deaths reallyrocked our world.
I mean, her brother had beenill, but we had no idea it was
life threatening.
The other two were sudden deathswith not even a chance to say
goodbye.
Stacie (04:15):
Right?
Regardless, if you wanna hearmore about what was happening
and how we were able to handleit all, go back and listen to
episode 100.
And really quickly, I wannaremind you all that we have a
contest that is still going onuntil June 30th, 2025, where
we're given away one free hourof coaching to one lucky winner.
(04:38):
We have a link in the show noteson how to sign up and we'll talk
more in detail about that laterin the episode.
Kevin (04:45):
Yep, we've actually had a lot of people sign up so far, so
that's encouraging.
Okay, so we did a recap of thelast episode where we discussed
issues that arose and how wedealt with them.
But in this episode we wanted totalk more about how to handle
when you feel your rentalproperty business itself is not
working out as you would hopedor planned.
(05:07):
Because here's the real truthabout building a rental property
business.
It's not always exciting, and itdefinitely isn't always easy.
Stacie (05:16):
Yeah.
So the first thing we wanna talkabout is learning to love the
work that gets you to your goal,'cause it's not always fun.
But success comes when you stopresisting the hard stuff and
start leaning into it.
You know, early on, everylandlord will face a steep
learning curve.
You'll have to figure out how tomanage tenants, coordinate
(05:39):
repairs, stay compliant withlandlord tenant laws.
Screen your applicants, budgetfor unexpected expenses, and
sometimes you're gonna have todo all this all in the same week
or month.
The key is shifting yourmindset.
It's not about glorifying hustleor burning yourself out, it's
(05:59):
about understanding that thereare certain things you simply
have to go through to get whereyou want to be.
And if where you wanna be isfinancially free, working fewer
hours and having more controlover your time, then the hustle
is a stepping stone, not apermanent way of life.
(06:20):
Entrepreneurship, includingrental property ownership is a
long-term game.
It's a rollercoaster with highswhere you're on top of the world
and screaming with joy andhappiness and lows where you're
holding your breath and havingto deal with what's coming up
around that next curve.
The good news is it's in thoselows where you learn the most.
Kevin (06:43):
I think kid two, buying the duplex is a really good
example of this.
He found a rental property hewas interested in, made an
offer, went through negotiationsand closed the deal for a price
that worked well for him.
He's on top of the world andthrilled with his first rental
property under his belt.
Dreams are going to come truenow, right?
(07:04):
Except the units needed somework and he decided he wanted to
go in and do a lot of the workto improve the property and make
it more desirable to potentialtenants.
Not a bad thing, but one thingled to another and where he had
grand plans of doing the workhimself, he quickly learned that
working four to five hours a dayafter working his nine to five
(07:27):
job was not gonna work.
And we knew that before he evenstarted.
So we went out and gave him twoweeks of free labor and helped
him out quite a bit.
We took on a huge chunk oflabor.
We were doing painting,replacing all the lighting, all
the electrical plugs andswitches, shopping for all the
(07:47):
appliances and all the littlethings here and there.
Like blinds and windowcoverings, floor registers, uh,
smoke detectors, CO2 detectors,fire extinguishers, escape
ladders, cabinet hardware.
I mean, you name it, we ranerrands to get it.
Stacie (08:06):
Yep.
And window screen repairs anddropping off and picking up
doors that had to be repaired.
And most importantly, we werethere to be on site to meet all
the contractors that needed tocome in and do their thing.
The plumbers, HVAC people, theflooring contractor, the
contractor for the deckreplacement, the garage door
repairmen, all those things.
Kevin (08:28):
Yeah.
And the plumber came in toreplace a faucet and all the
water supply lines to the sinks,toilets, washing machine and
water heater.
When he got to the bathroomsinks, he realized he could not
access the valves behind becausethe sinks were too deep to get
his hands around to the back.
So while they worked on theother items, Stacie ran over to
(08:50):
Home Depot and bought two newsinks so they could just remove
the old ones that were not inthe best of shape anyway.
I think they cost like 50 bucksa pop.
And of course, you know, Staciewouldn't let them install the
old nasty bath faucet back onthere.
So she bought brand new faucetsto go along with it.
Stacie (09:09):
I bought new mirrors to replace the old oak Granny
medicine cabinets too.
Kevin (09:13):
Yes, you did.
Now these were all things kidtwo did not consider.
I mean, he knew he wanted tospruce up the place but I don't
think he was thinking about thedetails and how much work it
would take to get all thosethings done.
We're not throwing him under thebus here, but he has never had
to go in and completely renovatea property before.
(09:36):
He's been part of it, but therewere a lot of small things
people overlook and they alltake time and money.
Stacie (09:44):
Yeah, and for the most part, you guys, he did great.
Every once in a while when hegot really overwhelmed, we had
to talk him off the ledge.
You know, he hit the low spot ofthe roller coaster.
Then when the work was done andhe was ready to list the rental,
and at this point he's back upon top of the roller coaster.
He's seen progress and he'shappy and optimistic about
(10:05):
moving forward.
Then he realizes he has a lot ofdecisions to make, you know,
what does he want the listing tosay?
What's his criteria?
What is the rent that he wantsto ask?
What application do you wannause?
What do you want to include inyour lease?
You know, now he's overwhelmedagain and backed down in the low
(10:25):
spot of the coaster.
Again, we stepped in and weguided him the best that we
could.
You know, we don't know hismarket as well as we know ours.
Many of the decisions that hehad to make we do not handle for
our Idaho property, the propertymanagement company does.
So in order for us to be able tosupport him properly, it's
important, you know that we allhad a lot to learn here.
Kevin (10:49):
Yeah, and let me just jump in here real quick and let
you know Stacie and I leaned onsomeone we know back there who
is an amazing property manager.
She really knows her stuff andshe was very generous with her
time and resources to help usout.
And let me clarify, this is notour property manager, it's
(11:10):
someone else we know separately.
Stacie (11:12):
Yeah.
Which leads me to tell you allnetwork with other landlords and
lean on them when you needquestions answered.
There are rental propertyassociations in almost every
major city who have theresources that you need.
If we did not have this personto ask advice from, I'm not sure
what we would've done.
If kid two did not have us tolean on, he would've had to
(11:34):
figure this all out on his own,much like you guys.
And there's no book on how torent out your duplex in this
specific Boise, Idaho market towalk him through it.
You guys need to lean on theprofessionals in your area when
you need to.
We needed a good rentalapplication that tenants could
fill out online.
You know where we found one?
(11:55):
The Idaho Rental Associationoffers one online for free.
I downloaded it, and then I usedmy Adobe PDF software to make it
able to be filled outelectronically.
I wanted an application that hadthree spaces for past addresses
so we can contact old landlords.
I wanted a place for them to putpersonal references so that I
(12:18):
could call them when doing mybackground check.
And lastly, if people have pets,you need an application that
includes a place to putinformation about that pet,
specifically the breed, the age,and the weight, because you can
put limits on those aspects.
Kid two was okay with pets, butno kittens or puppies and no pet
(12:39):
over 30 pounds.
He also needed to know how toprice his units based on the
amenities included with theunits.
And most importantly, he neededto know his market of renters
and what criteria fit for hisarea, because it's way different
than our California renters thatwe have here in Sacramento.
(13:01):
So this leads us to the twoseasons of hustle.
There's typically two seasons ofhustle in any business.
The beginning and any time youdecide you're gonna grow.
In the early days, hustle isabout building your foundation.
It's learning your systems,discovering what kind of tenants
you want, figuring out how towrite a lease, finding vendors
(13:25):
and dealing with the nittygritty of repairs, maintenance,
and communication.
It is overwhelming, but it'salso essential.
Later when you decide to scale,maybe that means buying a new
property or converting a unitinto a midterm rental, or taking
on an out-of-state investment.
(13:46):
You're gonna hustle again, butthis time it's strategic.
You're working hard becauseyou're building on something
solid that you've alreadycreated.
You've already been through themessy beginning where the
rollercoaster seems to be outtacontrol.
So when you scale, it doesn'tseem as daunting.
Kevin (14:05):
So in episode 100, we talked about those hard times
we've been through.
Because we had systems in place,we were able to coast on the
rental properties.
Now that we feel like we've comeup for air, we are gearing up
for a season of growth.
Knowing when you're in a seasonof hustle versus a season of
flow helps you adjust yourexpectations and avoid burnout.
(14:29):
You know, most days aren't funand that's okay.
We need to normalize the factthat most days in business
ownership aren't glamorous.
Some days you're replacing afaucet, reviewing applications
from unqualified tenants, orchasing down a late rent
payment.
It's not about loving everytask, it's about loving what
(14:51):
those tasks are building foryou.
Your focus shouldn't be on theimmediate reward.
It should be on the long-termvision.
That's what gets you through thetough parts.
I will never forget when Staciewas in one of the Sacramento
units replacing a broken toilethandle.
She was sitting backwards on thetoilet with her face down in the
(15:11):
tank trying to get the brokenhandle off, and she was cussing
like a sailor.
And it wasn't like frustrationbecause the nut was frozen and
she couldn't get it to budge.
This was like she was having ameltdown and mumbling about not
wanting to do this shit anymore,and this is not what I signed up
for.
And why did they make toilethandles outta plastic?
(15:34):
And I'm so glad I'm using mycollege education to sit
backwards on someone else'stoilet to fix it when my own
house is falling apart.
I mean, something along thoselines.
Stacie (15:46):
That was a very low, low day for me and I was mad at the
world that day.
If I recall, you did not say oneword to me.
You just stood there and staredat me with big eyes like you
were scared.
Kevin (15:59):
Believe me, I was.
I had seen you get pissed at thekids and around the house, but
that was the first time youkinda lost it with the rental
and over a toilet handle.
Yes.
I was afraid to say the wrongthing and for the record, you
guys, when your wife is meltingdown like this, there is no
(16:21):
right thing to say., I mean, Iwas better off just being quiet
and letting you just go throughthe process.
And if I remember correctly,afterwards, it was then when we
decided to use Jim on mostrepairs from that point on.
Stacie (16:36):
Yeah, well, more than likely there was some other
underlying issue that I wasdealing with, and I took my
frustration out on the toilethandle.
So you guys, during thosetougher days, your mindset
matters even more.
You need to be willing to getuncomfortable because growth,
whether it's personal orfinancial, almost always lives
(16:59):
outside your comfort zone.
That place of frustration, theuncomfortableness that I was
experiencing did result ingrowth.
It's when we decided our timewas better spent on the business
side than doing those smallrepairs that Jim could easily
handle.
This was not a time to be acheap penny pincher, and, and
(17:20):
don't get us wrong, we still doa lot of hands-on work on our
units.
We just got back from working onthe last vacant unit in our
fourplex and did a lot of workto avoid having to pay someone
else to do it.
Did we do it all?
No way.
Just what we knew we could dofor much less than a
professional.
Replace all the old incandescentlights with updated and more
(17:43):
modern looking efficient LEDones.
That probably saved us around$750 for about five hours of my
time.
Kevin (17:51):
Plus we were able to meet a couple roofers for bids
because yay, we had a roof leakin one of the units about a
month ago.
And we had many things left tofinish up in the duplex for kid
number two also.
So the trip out to Idaho hadmany purposes that were being
fulfilled.
And in this instance, it waswell worth it.
Stacie (18:14):
So the next thing we wanna discuss is that long-term
rentals equal long-term growth.
And let's be clear, rentalproperty investing is not a get
rich quick model, it's along-term game.
And there's gonna be seasonswhere progress feels slow.
You got your mortgage taxes,insurance, and unexpected
(18:34):
expenses that might eat up yourcash flow.
It might take years to seesignificant equity growth, and
that's okay.
Success in this businessrequires patience and vision and
the willingness to keep showingup even when the results aren't
instant.
You're planting seeds that willgrow into something valuable,
(18:54):
but that growth takes time andconsistent effort.
A prime example of this is ourIdaho fourplex.
You know, we're not losing moneyon it, but we certainly are not
making near as much as weanticipated when we first bought
it.
This is something that we failedto research the market on
because had we done a better jobat that, we would have found out
(19:16):
that there were thousands of newunits slated for construction
that would hit the market in2024 and 2025, and they did.
And the rental rates for ourunits have dropped by a couple
hundred dollars instead of goingup as we had hoped and planned
for.
On the flip side of that, inSacramento, which was acquired
(19:37):
in 2005, has seen its rents morethan double.
Yes, new units have come on themarket, but those units are much
fancier than ours.
They have parking and mailrooms, swimming pools and gyms,
et cetera.
And we're not low end, but weare on the high end of mid grade
compared to other units in ourarea.
(20:00):
Our units are updated, clean andinclude monitor amenities that
renters who don't care aboutgyms and pools want.
Like central heat and airconditioning, a washer and dryer
in the unit, energy efficientlighting and smart features like
smart locks and thermostats.
So they can come to our unitsand pay about$500 less per month
(20:22):
and get the same modernconveniences that the new
buildings offer.
Kevin (20:27):
Except parking.
I mean that is one thing manypotential tenants express to us
that they wish we had.
Stacie (20:34):
Yeah, you're right on that one.
And and also lately it seemspeople have had an aversion to
stairs.
Our vacant two bed and kids 2duplex, both have vacant
upstairs units and multiplepeople viewing them have said,
no way, because they had toclimb stairs, which is so odd to
us.
This has never been an issuebefore.
(20:56):
But the point is MidtownSacramento has come a really
long way with improvements tothe area over the last 20 years,
you guys.
The city has worked to getcleaned up, literally and
figuratively.
People are taking much bettercare of their properties and
there's a lot to do in the areanow.
They built a new arena for theKing's basketball team downtown,
(21:19):
and now in addition tobasketball being local and not
10 miles away, now there areconcerts and such in the area,
which has really helped,especially with the restaurant
scene.
They have always had a minorleague baseball team, but now we
have the Oakland A's using thebaseball stadium until theirs is
(21:40):
built in Nevada.
And just recently they announcedthey are developing old town and
the rail yards and building asoccer stadium.
And of course the job market isvery strong in the area as well.
And all these things help keepour units rented.
But in the beginning we weresweating it, for sure.
Kevin (22:01):
Well, I think it's important to touch on the power
of clarity and vision when itcomes to owning rental
properties.
If you're not sure what you wantyour rental business to look
like, that's okay, but knowthis, the clearer you are on
your goal, the easier it becomesto pivot with purpose.
Whether your dream is earlyretirement, traveling more,
(22:23):
working fewer hours, or simplyreplacing your nine to five
income.
Having a strong WHY givesmeaning to the messy middle.
It gives you something to anchorto when the days get long or the
setbacks show up.
Stacie started as a propertymanager in 2005, 20 years ago,
(22:43):
and they had grand plans ofgrowth, right?
Stacie (22:47):
Yes, we did.
You know, we wanted to buyrentals for long-term holds and
buy land and do developments toprovide cash to buy more
rentals.
We had plans to flip houses sothat we could get a quick influx
of cash.
Quick meaning a year, not fiveor 10, like with other revenue
streams.
And then my brother got hurt andall the building and maintenance
(23:10):
stuff went out the window.
We had a large parcel of landthat was 10 acres.
We had hundreds of thousands ofdollars invested just on the
development of theinfrastructure, like sewer
pipes, sidewalks, you know,where the fire hydrants need to
go.
All that stuff when creating anew micro neighborhood.
(23:32):
My brother was no longer able towork, I wanted to pivot and hire
someone to finish out the job,but my brother came unglued and
he refused to hand off thedevelopment side for someone
else to build his dream.
So my dad pulled the plug on itand the land sat until my
brother eventually passed away,which is really, really
(23:52):
unfortunate.
Kevin (23:54):
Now, on the plus side, your family sold that land to a
developer.
And we drove by it recently andsaw they were in fact building
his dream.
So it was nice to know thateventually it will come to
fruition.
Stacie (24:09):
You know, maybe you just want more financial freedom or
flexibility with time, or maybeowning rental property is a
retirement goal like it is forKevin and I.
Maybe owning real estate is justsomething where you want to
prove to yourself you can do it.
Just know if you're clear onyour end goal, you can pivot
when needed and still stayaligned.
(24:31):
And speaking of pivots, thereare always going to be setbacks.
You can plan and replan and haveplan B, and things will still go
sideways.
It's not a sign that you'redoing something wrong, that's
just how life works.
It's during those rough patcheswhen your mindset matters most.
You gotta roll up your sleevesand become a problem solver.
(24:53):
And most importantly, you gottabe proud of how you show up.
Being nasty or negative whenthings don't go as planned,
won't help.
Instead, this is youropportunity to step into your
role as the CEO and act withintention.
And one way of doing that is bycollecting and using data to
(25:13):
make smart decisions.
This is where many landlordsstall out trying to make
decisions based on emotioninstead of facts, much like we
did when we did the 10 31exchange to buy the fourplex in
Idaho.
We were so caught up in theactual exchange and the timeline
and the deadlines, we did nottake the time to research the
(25:34):
area completely.
Kevin (25:36):
Yeah, it is absolutely important to know everything you
can about the area before youbuy a rental or any property in
it.
But it's also important to knowabout your existing properties
as well.
Most successful landlordscollect data.
It's easier than you think, andhere's where to look.
(25:56):
Okay.
For your property metrics, youwant to track your rent
collection history, vacancylength, repair costs per unit,
turnover frequency, leaseviolations or complaints.
Now, these metrics will help yoube able to plan your budget and
reserves as well as adjust yourscreening criteria.
(26:18):
You want to track tenantbehavior, so pay attention to
who's renewing and why.
Do they love the unit, thelocation?
Is rent cheap compared to otherunits in the area?
What kind of tenants areapplying?
Is your criteria too strict?
Is your pre-screening working?
Application numbers dropping offat a certain point?
(26:41):
What else is on the market inyour area, and why are they
choosing those units over yours?
You also want to track rentalmarket comparisons, which means
you'll need to researchRentometer, Zillow, and
apartments.com to see what pricepoints others are listing at.
Are your listings getting fewerinquiries?
(27:02):
What amenities are trending andwhat is realistic to improve
your unit to include them.
You'll also wanna be on top oftech tools.
Because tenants prefer it, manylandlords now use landlord
software with reporting tools,so this helps track your income,
expenses, and maintenancerequests.
We recommend platforms likeTurbo Tenant, Innago, Rent
(27:26):
Ready, and EZ Landlord Forms.
Stacie (27:29):
Yeah, tenants really do want electronic forms of payment
and communication.
You know, we just worked withTurbo Tenant to help Kid two set
up his duplex and holy cow, dothey make it easy.
We generated a personalizedstate specific lease on EZ
Landlord forms, which took a bitto add all the info we wanted to
include for his property andcoverage.
(27:50):
And then we uploaded that leaseinto Turbo Tenant and it was so
easy to send it out forelectronic signatures.
Once the lease was signed, kidtwo release the requests for
payment for the prorated rent,the fees and the security
deposit.
And one thing he loved was thathe was able to set up both his
bank accounts so that the rentsand fees would go into his
(28:13):
general business banking accountand the security deposit would
go into a completely differentaccount that he has just to hold
security deposits.
In case you didn't know, youcannot commingle security
deposits with your generalbanking funds.
It is not your money.
It is money you are holding onbehalf of the tenant and must be
in a separate banking account.
(28:35):
So that one feature makes itreally easy to not mix those two
funds up.
Both Turbo Tenant and EZLandlord have chat boxes for
quick responses on questions.
So when I was building the leasein EZ Landlord with Kid two, we
had a question about somethingand got an answer in about three
minutes after communicating onthe chat service.
(28:57):
It clearly was a real person onthe other end by the responses
that we got, so that was veryreassuring.
No matter which tech company orapp you decide to use, if you
have questions, reach out totheir support.
Use their chat tools, watchtutorial videos, ask fellow
landlords, other people that youknow have used the product.
(29:18):
But don't get stuck in techparalysis.
Most of these companies areworking to make their sites very
user-friendly.
Kevin (29:25):
Yeah, and I will say you did spend quite a bit of time
developing his new lease on EZLandlord.
Now, was that because theirlease was not adequate or what
was the reason?
Stacie (29:36):
No, their state specific lease covers what needs to be
covered by law, but it did notinclude any details.
So for instance, when it came tothe parking addendum, because he
has a long driveway and twogarages, I thought it would be
best to specify which side ofthe driveway and which garage
was for which specific unit.
(29:57):
That way there would be noconfusion about where they're
allowed to park.
And the main body of the leasehad a lot of information, but
like we said in episode 34,that's where we started our
three-part masterclass onleases, it's all about the
addendums, and we use most ofthe addendums offered by EZ
(30:20):
landlord forms.
But the thing is, each one hasto be personalized to make sure
what your rules and yourspecific guidelines are are
clear.
Like I did on the parkingaddendum.
They also have a section at theend where you can include
anything else that was notcovered in the main body of the
lease or an addendum.
So we grabbed the verbiage fromour lease about micro mobility
(30:44):
devices and lithium ionbatteries being charged in the
unit.
Now often these are thebatteries on scooters and
e-bikes and all those things,and if left charging for days on
end, they can heat up and causea fire in the space.
In apartment complexes and unitsin metropolitan areas, these
(31:04):
devices are used more and more.
There's a reason why you can'tcheck'em in luggage on a plane
because they catch fire veryeasily and they're hard to
extinguish.
Which is why the fireextinguisher we bought can do
those batteries plus greasefires, not just paper or wood
kind of fires.
So anyway, EZ landlord forms hasa great base to their lease, I
(31:28):
wanted to add as much as I couldto cover kid two and his
property, likely way more thanthe was needed, but you never
know.
Kevin (31:35):
Yeah, okay.
That makes sense.
Thanks for the clarification.
If you'd like to learn moreabout Turbo Tenant, EZ Landlord
Forms, or any other productwe've mentioned here today, you
can find the links in the shownotes.
Even our other podcast episodes,we mentioned the links are all
in the show notes, but gettingback to collecting data.
(31:56):
Lastly, you need to understandtenant demographics in your
area.
What your ideal tenant values.
Does it matter to them that youhave central heat and air or are
they okay with radiators andceiling fans?
Do they want their own washerand dryer, or are they fine with
hauling their laundry to thelocal washer and dryer every
(32:17):
week?
Are your credit scorerequirements reasonable?
Did you know that the averagecredit score for a renter is
between 650 and 700?
Now in Sacramento, we asked fora FICO score of 720+.
You guys, this is actually a bigask because that number falls
into the house buying rates,which most tenants do not have.
(32:40):
And lastly, how your pet policyimpacts demand, because a lot of
renters have a pet and want apet friendly rental.
Not to mention the additionalincome we can add If your unit
is one that can easily handlepets.
Stacie (32:55):
You know, you guys, we can guide you here, but every
city and every state havedifferent things that are
important to their tenants.
So it's really important thatyou know your area and your
neighborhood.
How is the weather in thehottest part of the summer?
Do you need to offer airconditioning or will a ceiling
fan do?
You know, dig deeper, berelentless in your pursuit of
(33:16):
finding out what resonates withyour ideal tenant, and let the
data guide you and not createfear.
So as you know, a few years agowe had a studio with a fruit fly
infestation, we've talked aboutit multiple times.
And one thing about studios inour area is that they seem to
turn more often than largerunits.
(33:38):
After we wrapped our brainsaround the cleanup that was
required from that flyinfestation, we realized a lot
of work needed to be done tothat unit.
Expensive work like new LVPflooring, all new appliances and
the bathroom needed an overhaul.
So we did some research to seewhat else we could do with the
(33:58):
studio that would help us earnmore income because we don't
want it to turn every year.
As it turns out that our area isprime for midterm rentals.
This is not a short term rentalwhere you get someone in there
every few days.
Midterm rentals are where yourent a unit furnished for 30
days or more, usually around 90days at a time.
(34:22):
Because someone can just come inwith their suitcase and live,
the rental rates aresignificantly higher.
For context, we are getting 38%more rent for that studio right
now compared to the other one wehave right next door to it.
Exact replica, except thebathroom is not updated and it's
(34:42):
not furnished.
Now, most everything I boughtwas from Amazon or Costco.
Maybe a few items from Target,but mostly everything was
delivered right to our frontdoor.
So I'll say it again.
When you're going through anuncomfortable moment, do your
best to see it as an opportunityand not a setback.
(35:03):
And sure, the fruit fly thingwas a freaking nightmare to go
through, and it made us reallyuncomfortable, but it also
allowed us a chance to evaluatewhat else we could do with that
space.
And boy did we nail thatopportunity.
Kevin (35:18):
Yeah, it was definitely a nice win.
You know, look at it as turninga setback into strategy.
When something fails, it's not asignal to quit, it's a chance to
learn.
Ask yourself, what does thismake possible?
Which is exactly what we didwith that studio unit.
(35:40):
What if you place a bad tenant,use an unprofessional or subpar
repair person, get a lot ofmaintenance requests.
This is your opportunity to makea change.
Bad tenant?
Check your criteria, maybe itneeds to be tightened up.
Do you analyze their credithistory?
Do you call past landlords toask how the tenant was when
(36:01):
living there?, Do you verifytheir income?
Because ever since we starteddoing this, we have never had an
issue with a tenant.
No more going with our gut.
We only let the informationprovided on their application
guide us on if they will beaccepted or not.
It's a similar situation withour garbage disposals.
(36:23):
So for many years we werereplacing those like every 18
months, so a couple times a yearwith the six units.
And we would call the plumberout and he would bring out a new
one and install it, letting usknow the old one had rested out.
He never told us why this washappening, just happily took our
$300 and said, see you soon.
(36:44):
And then along comes Jim.
The first time he replaced aunit, he said, are you telling
the tenants how to care for thedisposal so this won't keep
happening?
And both of us were like, uh,no.
What are they doing wrong?
And then he told us that garbagedisposals need to be run every
day that someone rinsessomething in the sink.
(37:07):
Because even one little grain ofrice can sit in the bottom and
the continual moisture will keepthe rice wet, causing the bottom
to get a small rust hole andleak water.
He also told us that tenantsshould only use cold water when
running the disposal.
Because hot water can make themotor overheat too often,
eventually blow itself out.
(37:29):
And do you know that ever sincewe have told every tenant upon
move-in and we also put it intheir lease and we put it as a
tip in the unit binder, that we,knock on wood here, we have not
had to replace one garbagedisposal unit in the last five
years because it was rusting outor blowing the motor.
(37:50):
Not one.
Do you think the plumber couldhave told us that?
I guess we were easy money andjob security.
Stacie (37:57):
Yeah, that one still blows my mind'cause so many
landlords have decided not touse disposals because of that
problem.
And all it takes is a little bitof communication.
You know, another quick one ispests.
For us, we're in an area wheretermites are common.
We have had to deal with themtwice.
(38:17):
And between both thosefumigations, we have spent over
$8,000 for the pest controlcompany to exterminate those
termites, and that's a crap tonof money.
So now we hire them to come outannually during our fall
inspections to look and test fortermites.
We figure it's better to catchthem right away and not wait
(38:39):
until we have a full issue onour hands.
It costs us about 350 bucks eachtime, but it's now part of our
preventative maintenance listfor that complex.
All right, some final thoughtsfor you.
Guess what?
You're already a CEO., You maynot have a corporate title, but
if you're analyzing propertiesand screening tenants and
(39:01):
coordinating repairs andmanaging your income.
Congrats.
You're the CEO of your rentalproperty business, so stop any
negative talk.
When you're struggling, you'renot failing, you're learning.
Listen, we don't wake up and go,I love driving two hours to
Sacramento to grab dirty sheetsand put out clean ones for the
(39:23):
cleaning lady who's coming towork on the midterm unit.
It sucks when someone shows upto view a vacant unit and the
first thing they do is complainabout the stairs or say that the
bedrooms are too small.
Instantly we know that thatperson has completely wasted our
time.
We have dealt with missed goals,flaky repair people, damages to
(39:45):
units, floods, bugs, homelesspeople using our hose to shower,
late rent payments, and sure,those challenges are no fun to
deal with.
But we love what thoseuncomfortable things do for our
business and when they areresolved, what the result does
for our family.
(40:05):
Entrepreneurship is full ofunexpected turns, but this is
where your growth happens.
And not every day will feelgood.
If you stay clear on what youwant and stay committed to doing
what it takes to get there,you're already winning.
So use data, stay curious and beresourceful.
Kevin (40:27):
You almost said you got this landlords.
Stacie (40:30):
I, I did.
But first we wanna tell youabout the contests that we have
going on, so you can take that,Kev.
Kevin (40:36):
Alrighty then.
So Stacie and I have decided tostart doing a little landlord or
property management coaching onthe side.
To kick it off, we are givingaway one free hour of coaching,
which is valued at a hundreddollars.
Get it?
A hundred dollars gift tocelebrate reaching our hundredth
episode?
To enter, there is a link in theshow notes or you can go to your
(40:59):
landlord resource.com/contest100.
So you can enter there, and fora bonus entry you can leave us a
kind review for the podcast.
Just make sure we are able toalign your review with your
online entry.
So don't make it an anonymousreview.
Make sure it has a way for us toconnect them together so you get
(41:22):
proper credit.
Like use your first name andinitial of your last name.
The link to leave a review isalso in the show notes.
We will also be announcing thiscontest on Instagram and
Facebook and offering bonusentries for those as well.
So you all have multiple ways tograb those bonus entries.
Stacie (41:42):
And we are running this contest through the month of
June in 2025.
It ends at midnight PacificStandard Time, June 30th, 2025.
So if you're listening to thisepisode in the future, you can
still sign up for coaching, justnot the contest for a free
session.
All right, well, thanks fortuning in and we hope that this
(42:05):
has helped you to know that it'snot always wine and roses for us
as landlords.
Even with our experience, westill struggle to handle
everything professionally.
And all you can do is your best,and that includes working to
improve your business.
We hope you enjoyed this episodeand got at least one good tidbit
of information out of it.
If so, would you do us a favorand leave us a kind review of
(42:28):
the podcast so other landlordswill find us too?
If you wanna hear more, followor subscribe to the podcast so
each week the episodes aredownloaded right to your
favorite podcast platform.
And we'd love to stay in contactwith you.
If you have a question or wannasuggest a subject for our
podcast, you can text us at 6 50 4 8 9 4 4 4 7, or you can
(42:54):
email us atstacie@yourlandlordresource.com.
That's Stacie with an IE.
Orkevin@yourlandlordresource.com.
We will link those in the shownotes too.
Also in the show notes, you canfind links to all the downloads
that we offer and the way tosign up for our free newsletter.
(43:14):
There's links to our privateFacebook group that's just for
landlords and our social mediaaccounts on Instagram, Facebook,
and YouTube, where we share veryinformative detailed tips and
tricks for landlords, so checkthose out.
I think that's about it.
Thanks again, and until nexttime, you've got this
landlord's.
Kevin (43:33):
There it is.
Yep.
Stacie (43:34):
Got it.
You know, maybe you just want more financial freedom or
flexibility with time, or maybeowning rental property is a
retirement goal like it is forKevin and I.
Maybe owning real estate is justsomething where you want to
prove to yourself you can do it.
Just know if you're clear onyour end goal, you can pivot
when needed and still stayaligned.
(00:22):
And speaking of pivots, thereare always going to be setbacks.
You can plan and replan and haveplan B, and things will still go
sideways.
It's not a sign that you'redoing something wrong, that's
just how life works.
It's during those rough patcheswhen your mindset matters most.
You gotta roll up your sleevesand become a problem solver.
(00:43):
And most importantly, you gottabe proud of how you show up.
Welcome to Your LandlordResource podcast.
Many moons ago when I started asa landlord, I was as green as it
gets.
I may have had my real estatelicense, but I lack confidence
and the hands-on experienceneeded when it came to dealing
(01:04):
with tenants, leases,maintenance, and bookkeeping
after many failed attempts.
Fast forward to today, Kevin andI have doubled our doors and
created an organized.
Professionally operated rentalproperty business.
Want to go from overwhelm toconfident if you're an ambitious
landlord or maybe one in themaking.
Join us as we provide strategiesand teach actionable steps to
(01:27):
help you reach your goals andthe lifestyle you desire.
All well building is streamlinedand profitable rental property
business.
This is Your Landlord ResourcePodcast.
Hey there, landlords, and welcome back to the Your
Landlord Resource Podcast.
My name is Stacie Casella andI'm here with my hubby and
(01:49):
business partner, Kevin Kilroy.
Kevin (01:51):
Hello there, landlords.
Thanks for tuning in for anothercompelling episode of our
podcast where we cover tips andtricks about self-managing your
rental properties.
Stacie (02:01):
So our last episode, our 100th we, 100th, 100th.
Did I say that right?
Our 100th.
We talked a lot about when ourlives got challenging and trying
to keep our head above waterduring those times.
For a quick recap for aboutthree years, Kevin and I got
(02:22):
slammed with one difficult timeafter another.
And without even discussing thechallenges of the pandemic, we
discussed the death of mybrother in 2020, and then six
weeks later, the death of a verydear friend who was like family
to us, especially for my boysafter their father passed away.
(02:43):
My father had some medicalissues.
The rentals had some hard times.
And then my mom was diagnosedwith breast cancer in early
2022.
If it was not something personalchallenging us, it was something
with the rentals., A fruit flyinfestation, termites, a flood,
and working to remove a tenantwho stopped paying rent during
(03:05):
the pandemic.
Kevin (03:07):
I'll say that last one.
The fruit fly guy who turnedalcoholic and never paid rent,
it actually went much easierthan it could have.
So even though it was nervewracking, he eventually moved
out without us having to gothrough the eviction process.
Stacie (03:22):
Yeah, I mean, all in all, other than the deaths of
three close family members in 14months, I'd say for the most
part, everything came out on apositive note in the end.
It was a lot of work which wasunexpected.
Kevin (03:37):
And to clarify, we didn't mention it before, but Stacie's
brother-in-law, who had been inher life since she was nine
years old, passed suddenly inNovember of 2019.
Then her brother, three days shyof one year later passed away
and six weeks after his death,the close family friend, her
(03:58):
best friend's husband passedaway suddenly.
Each of those deaths reallyrocked our world.
I mean, her brother had beenill, but we had no idea it was
life threatening.
The other two were sudden deathswith not even a chance to say
goodbye.
Stacie (04:15):
Right?
Regardless, if you wanna hearmore about what was happening
and how we were able to handleit all, go back and listen to
episode 100.
And really quickly, I wannaremind you all that we have a
contest that is still going onuntil June 30th, 2025, where
we're given away one free hourof coaching to one lucky winner.
(04:38):
We have a link in the show noteson how to sign up and we'll talk
more in detail about that laterin the episode.
Kevin (04:45):
Yep, we've actually had a lot of people sign up so far, so
that's encouraging.
Okay, so we did a recap of thelast episode where we discussed
issues that arose and how wedealt with them.
But in this episode we wanted totalk more about how to handle
when you feel your rentalproperty business itself is not
working out as you would hopedor planned.
(05:07):
Because here's the real truthabout building a rental property
business.
It's not always exciting, and itdefinitely isn't always easy.
Stacie (05:16):
Yeah.
So the first thing we wanna talkabout is learning to love the
work that gets you to your goal,'cause it's not always fun.
But success comes when you stopresisting the hard stuff and
start leaning into it.
You know, early on, everylandlord will face a steep
learning curve.
You'll have to figure out how tomanage tenants, coordinate
(05:39):
repairs, stay compliant withlandlord tenant laws.
Screen your applicants, budgetfor unexpected expenses, and
sometimes you're gonna have todo all this all in the same week
or month.
The key is shifting yourmindset.
It's not about glorifying hustleor burning yourself out, it's
(05:59):
about understanding that thereare certain things you simply
have to go through to get whereyou want to be.
And if where you wanna be isfinancially free, working fewer
hours and having more controlover your time, then the hustle
is a stepping stone, not apermanent way of life.
(06:20):
Entrepreneurship, includingrental property ownership is a
long-term game.
It's a rollercoaster with highswhere you're on top of the world
and screaming with joy andhappiness and lows where you're
holding your breath and havingto deal with what's coming up
around that next curve.
The good news is it's in thoselows where you learn the most.
Kevin (06:43):
I think kid two, buying the duplex is a really good
example of this.
He found a rental property hewas interested in, made an
offer, went through negotiationsand closed the deal for a price
that worked well for him.
He's on top of the world andthrilled with his first rental
property under his belt.
Dreams are going to come truenow, right?
(07:04):
Except the units needed somework and he decided he wanted to
go in and do a lot of the workto improve the property and make
it more desirable to potentialtenants.
Not a bad thing, but one thingled to another and where he had
grand plans of doing the workhimself, he quickly learned that
working four to five hours a dayafter working his nine to five
(07:27):
job was not gonna work.
And we knew that before he evenstarted.
So we went out and gave him twoweeks of free labor and helped
him out quite a bit.
We took on a huge chunk oflabor.
We were doing painting,replacing all the lighting, all
the electrical plugs andswitches, shopping for all the
(07:47):
appliances and all the littlethings here and there.
Like blinds and windowcoverings, floor registers, uh,
smoke detectors, CO2 detectors,fire extinguishers, escape
ladders, cabinet hardware.
I mean, you name it, we ranerrands to get it.
Stacie (08:06):
Yep.
And window screen repairs anddropping off and picking up
doors that had to be repaired.
And most importantly, we werethere to be on site to meet all
the contractors that needed tocome in and do their thing.
The plumbers, HVAC people, theflooring contractor, the
contractor for the deckreplacement, the garage door
repairmen, all those things.
Kevin (08:28):
Yeah.
And the plumber came in toreplace a faucet and all the
water supply lines to the sinks,toilets, washing machine and
water heater.
When he got to the bathroomsinks, he realized he could not
access the valves behind becausethe sinks were too deep to get
his hands around to the back.
So while they worked on theother items, Stacie ran over to
(08:50):
Home Depot and bought two newsinks so they could just remove
the old ones that were not inthe best of shape anyway.
I think they cost like 50 bucksa pop.
And of course, you know, Staciewouldn't let them install the
old nasty bath faucet back onthere.
So she bought brand new faucetsto go along with it.
Stacie (09:09):
I bought new mirrors to replace the old oak Granny
medicine cabinets too.
Kevin (09:13):
Yes, you did.
Now these were all things kidtwo did not consider.
I mean, he knew he wanted tospruce up the place but I don't
think he was thinking about thedetails and how much work it
would take to get all thosethings done.
We're not throwing him under thebus here, but he has never had
to go in and completely renovatea property before.
(09:36):
He's been part of it, but therewere a lot of small things
people overlook and they alltake time and money.
Stacie (09:44):
Yeah, and for the most part, you guys, he did great.
Every once in a while when hegot really overwhelmed, we had
to talk him off the ledge.
You know, he hit the low spot ofthe roller coaster.
Then when the work was done andhe was ready to list the rental,
and at this point he's back upon top of the roller coaster.
He's seen progress and he'shappy and optimistic about
(10:05):
moving forward.
Then he realizes he has a lot ofdecisions to make, you know,
what does he want the listing tosay?
What's his criteria?
What is the rent that he wantsto ask?
What application do you wannause?
What do you want to include inyour lease?
You know, now he's overwhelmedagain and backed down in the low
(10:25):
spot of the coaster.
Again, we stepped in and weguided him the best that we
could.
You know, we don't know hismarket as well as we know ours.
Many of the decisions that hehad to make we do not handle for
our Idaho property, the propertymanagement company does.
So in order for us to be able tosupport him properly, it's
important, you know that we allhad a lot to learn here.
Kevin (10:49):
Yeah, and let me just jump in here real quick and let
you know Stacie and I leaned onsomeone we know back there who
is an amazing property manager.
She really knows her stuff andshe was very generous with her
time and resources to help usout.
And let me clarify, this is notour property manager, it's
(11:10):
someone else we know separately.
Stacie (11:12):
Yeah.
Which leads me to tell you allnetwork with other landlords and
lean on them when you needquestions answered.
There are rental propertyassociations in almost every
major city who have theresources that you need.
If we did not have this personto ask advice from, I'm not sure
what we would've done.
If kid two did not have us tolean on, he would've had to
(11:34):
figure this all out on his own,much like you guys.
And there's no book on how torent out your duplex in this
specific Boise, Idaho market towalk him through it.
You guys need to lean on theprofessionals in your area when
you need to.
We needed a good rentalapplication that tenants could
fill out online.
You know where we found one?
(11:55):
The Idaho Rental Associationoffers one online for free.
I downloaded it, and then I usedmy Adobe PDF software to make it
able to be filled outelectronically.
I wanted an application that hadthree spaces for past addresses
so we can contact old landlords.
I wanted a place for them to putpersonal references so that I
(12:18):
could call them when doing mybackground check.
And lastly, if people have pets,you need an application that
includes a place to putinformation about that pet,
specifically the breed, the age,and the weight, because you can
put limits on those aspects.
Kid two was okay with pets, butno kittens or puppies and no pet
(12:39):
over 30 pounds.
He also needed to know how toprice his units based on the
amenities included with theunits.
And most importantly, he neededto know his market of renters
and what criteria fit for hisarea, because it's way different
than our California renters thatwe have here in Sacramento.
(13:01):
So this leads us to the twoseasons of hustle.
There's typically two seasons ofhustle in any business.
The beginning and any time youdecide you're gonna grow.
In the early days, hustle isabout building your foundation.
It's learning your systems,discovering what kind of tenants
you want, figuring out how towrite a lease, finding vendors
(13:25):
and dealing with the nittygritty of repairs, maintenance,
and communication.
It is overwhelming, but it'salso essential.
Later when you decide to scale,maybe that means buying a new
property or converting a unitinto a midterm rental, or taking
on an out-of-state investment.
(13:46):
You're gonna hustle again, butthis time it's strategic.
You're working hard becauseyou're building on something
solid that you've alreadycreated.
You've already been through themessy beginning where the
rollercoaster seems to be outtacontrol.
So when you scale, it doesn'tseem as daunting.
Kevin (14:05):
So in episode 100, we talked about those hard times
we've been through.
Because we had systems in place,we were able to coast on the
rental properties.
Now that we feel like we've comeup for air, we are gearing up
for a season of growth.
Knowing when you're in a seasonof hustle versus a season of
flow helps you adjust yourexpectations and avoid burnout.
(14:29):
You know, most days aren't funand that's okay.
We need to normalize the factthat most days in business
ownership aren't glamorous.
Some days you're replacing afaucet, reviewing applications
from unqualified tenants, orchasing down a late rent
payment.
It's not about loving everytask, it's about loving what
(14:51):
those tasks are building foryou.
Your focus shouldn't be on theimmediate reward.
It should be on the long-termvision.
That's what gets you through thetough parts.
I will never forget when Staciewas in one of the Sacramento
units replacing a broken toilethandle.
She was sitting backwards on thetoilet with her face down in the
(15:11):
tank trying to get the brokenhandle off, and she was cussing
like a sailor.
And it wasn't like frustrationbecause the nut was frozen and
she couldn't get it to budge.
This was like she was having ameltdown and mumbling about not
wanting to do this shit anymore,and this is not what I signed up
for.
And why did they make toilethandles outta plastic?
(15:34):
And I'm so glad I'm using mycollege education to sit
backwards on someone else'stoilet to fix it when my own
house is falling apart.
I mean, something along thoselines.
Stacie (15:46):
That was a very low, low day for me and I was mad at the
world that day.
If I recall, you did not say oneword to me.
You just stood there and staredat me with big eyes like you
were scared.
Kevin (15:59):
Believe me, I was.
I had seen you get pissed at thekids and around the house, but
that was the first time youkinda lost it with the rental
and over a toilet handle.
Yes.
I was afraid to say the wrongthing and for the record, you
guys, when your wife is meltingdown like this, there is no
(16:21):
right thing to say., I mean, Iwas better off just being quiet
and letting you just go throughthe process.
And if I remember correctly,afterwards, it was then when we
decided to use Jim on mostrepairs from that point on.
Stacie (16:36):
Yeah, well, more than likely there was some other
underlying issue that I wasdealing with, and I took my
frustration out on the toilethandle.
So you guys, during thosetougher days, your mindset
matters even more.
You need to be willing to getuncomfortable because growth,
whether it's personal orfinancial, almost always lives
(16:59):
outside your comfort zone.
That place of frustration, theuncomfortableness that I was
experiencing did result ingrowth.
It's when we decided our timewas better spent on the business
side than doing those smallrepairs that Jim could easily
handle.
This was not a time to be acheap penny pincher, and, and
(17:20):
don't get us wrong, we still doa lot of hands-on work on our
units.
We just got back from working onthe last vacant unit in our
fourplex and did a lot of workto avoid having to pay someone
else to do it.
Did we do it all?
No way.
Just what we knew we could dofor much less than a
professional.
Replace all the old incandescentlights with updated and more
(17:43):
modern looking efficient LEDones.
That probably saved us around$750 for about five hours of my
time.
Kevin (17:51):
Plus we were able to meet a couple roofers for bids
because yay, we had a roof leakin one of the units about a
month ago.
And we had many things left tofinish up in the duplex for kid
number two also.
So the trip out to Idaho hadmany purposes that were being
fulfilled.
And in this instance, it waswell worth it.
Stacie (18:14):
So the next thing we wanna discuss is that long-term
rentals equal long-term growth.
And let's be clear, rentalproperty investing is not a get
rich quick model, it's along-term game.
And there's gonna be seasonswhere progress feels slow.
You got your mortgage taxes,insurance, and unexpected
(18:34):
expenses that might eat up yourcash flow.
It might take years to seesignificant equity growth, and
that's okay.
Success in this businessrequires patience and vision and
the willingness to keep showingup even when the results aren't
instant.
You're planting seeds that willgrow into something valuable,
(18:54):
but that growth takes time andconsistent effort.
A prime example of this is ourIdaho fourplex.
You know, we're not losing moneyon it, but we certainly are not
making near as much as weanticipated when we first bought
it.
This is something that we failedto research the market on
because had we done a better jobat that, we would have found out
(19:16):
that there were thousands of newunits slated for construction
that would hit the market in2024 and 2025, and they did.
And the rental rates for ourunits have dropped by a couple
hundred dollars instead of goingup as we had hoped and planned
for.
On the flip side of that, inSacramento, which was acquired
(19:37):
in 2005, has seen its rents morethan double.
Yes, new units have come on themarket, but those units are much
fancier than ours.
They have parking and mailrooms, swimming pools and gyms,
et cetera.
And we're not low end, but weare on the high end of mid grade
compared to other units in ourarea.
(20:00):
Our units are updated, clean andinclude monitor amenities that
renters who don't care aboutgyms and pools want.
Like central heat and airconditioning, a washer and dryer
in the unit, energy efficientlighting and smart features like
smart locks and thermostats.
So they can come to our unitsand pay about$500 less per month
(20:22):
and get the same modernconveniences that the new
buildings offer.
Kevin (20:27):
Except parking.
I mean that is one thing manypotential tenants express to us
that they wish we had.
Stacie (20:34):
Yeah, you're right on that one.
And and also lately it seemspeople have had an aversion to
stairs.
Our vacant two bed and kids 2duplex, both have vacant
upstairs units and multiplepeople viewing them have said,
no way, because they had toclimb stairs, which is so odd to
us.
This has never been an issuebefore.
(20:56):
But the point is MidtownSacramento has come a really
long way with improvements tothe area over the last 20 years,
you guys.
The city has worked to getcleaned up, literally and
figuratively.
People are taking much bettercare of their properties and
there's a lot to do in the areanow.
They built a new arena for theKing's basketball team downtown,
(21:19):
and now in addition tobasketball being local and not
10 miles away, now there areconcerts and such in the area,
which has really helped,especially with the restaurant
scene.
They have always had a minorleague baseball team, but now we
have the Oakland A's using thebaseball stadium until theirs is
(21:40):
built in Nevada.
And just recently they announcedthey are developing old town and
the rail yards and building asoccer stadium.
And of course the job market isvery strong in the area as well.
And all these things help keepour units rented.
But in the beginning we weresweating it, for sure.
Kevin (22:01):
Well, I think it's important to touch on the power
of clarity and vision when itcomes to owning rental
properties.
If you're not sure what you wantyour rental business to look
like, that's okay, but knowthis, the clearer you are on
your goal, the easier it becomesto pivot with purpose.
Whether your dream is earlyretirement, traveling more,
(22:23):
working fewer hours, or simplyreplacing your nine to five
income.
Having a strong WHY givesmeaning to the messy middle.
It gives you something to anchorto when the days get long or the
setbacks show up.
Stacie started as a propertymanager in 2005, 20 years ago,
(22:43):
and they had grand plans ofgrowth, right?
Stacie (22:47):
Yes, we did.
You know, we wanted to buyrentals for long-term holds and
buy land and do developments toprovide cash to buy more
rentals.
We had plans to flip houses sothat we could get a quick influx
of cash.
Quick meaning a year, not fiveor 10, like with other revenue
streams.
And then my brother got hurt andall the building and maintenance
(23:10):
stuff went out the window.
We had a large parcel of landthat was 10 acres.
We had hundreds of thousands ofdollars invested just on the
development of theinfrastructure, like sewer
pipes, sidewalks, you know,where the fire hydrants need to
go.
All that stuff when creating anew micro neighborhood.
(23:32):
My brother was no longer able towork, I wanted to pivot and hire
someone to finish out the job,but my brother came unglued and
he refused to hand off thedevelopment side for someone
else to build his dream.
So my dad pulled the plug on itand the land sat until my
brother eventually passed away,which is really, really
(23:52):
unfortunate.
Kevin (23:54):
Now, on the plus side, your family sold that land to a
developer.
And we drove by it recently andsaw they were in fact building
his dream.
So it was nice to know thateventually it will come to
fruition.
Stacie (24:09):
You know, maybe you just want more financial freedom or
flexibility with time, or maybeowning rental property is a
retirement goal like it is forKevin and I.
Maybe owning real estate is justsomething where you want to
prove to yourself you can do it.
Just know if you're clear onyour end goal, you can pivot
when needed and still stayaligned.
(24:31):
And speaking of pivots, thereare always going to be setbacks.
You can plan and replan and haveplan B, and things will still go
sideways.
It's not a sign that you'redoing something wrong, that's
just how life works.
It's during those rough patcheswhen your mindset matters most.
You gotta roll up your sleevesand become a problem solver.
(24:53):
And most importantly, you gottabe proud of how you show up.
Being nasty or negative whenthings don't go as planned,
won't help.
Instead, this is youropportunity to step into your
role as the CEO and act withintention.
And one way of doing that is bycollecting and using data to
(25:13):
make smart decisions.
This is where many landlordsstall out trying to make
decisions based on emotioninstead of facts, much like we
did when we did the 10 31exchange to buy the fourplex in
Idaho.
We were so caught up in theactual exchange and the timeline
and the deadlines, we did nottake the time to research the
(25:34):
area completely.
Kevin (25:36):
Yeah, it is absolutely important to know everything you
can about the area before youbuy a rental or any property in
it.
But it's also important to knowabout your existing properties
as well.
Most successful landlordscollect data.
It's easier than you think, andhere's where to look.
(25:56):
Okay.
For your property metrics, youwant to track your rent
collection history, vacancylength, repair costs per unit,
turnover frequency, leaseviolations or complaints.
Now, these metrics will help yoube able to plan your budget and
reserves as well as adjust yourscreening criteria.
(26:18):
You want to track tenantbehavior, so pay attention to
who's renewing and why.
Do they love the unit, thelocation?
Is rent cheap compared to otherunits in the area?
What kind of tenants areapplying?
Is your criteria too strict?
Is your pre-screening working?
Application numbers dropping offat a certain point?
(26:41):
What else is on the market inyour area, and why are they
choosing those units over yours?
You also want to track rentalmarket comparisons, which means
you'll need to researchRentometer, Zillow, and
apartments.com to see what pricepoints others are listing at.
Are your listings getting fewerinquiries?
(27:02):
What amenities are trending andwhat is realistic to improve
your unit to include them.
You'll also wanna be on top oftech tools.
Because tenants prefer it, manylandlords now use landlord
software with reporting tools,so this helps track your income,
expenses, and maintenancerequests.
We recommend platforms likeTurbo Tenant, Innago, Rent
(27:26):
Ready, and EZ Landlord Forms.
Stacie (27:29):
Yeah, tenants really do want electronic forms of payment
and communication.
You know, we just worked withTurbo Tenant to help Kid two set
up his duplex and holy cow, dothey make it easy.
We generated a personalizedstate specific lease on EZ
Landlord forms, which took a bitto add all the info we wanted to
include for his property andcoverage.
(27:50):
And then we uploaded that leaseinto Turbo Tenant and it was so
easy to send it out forelectronic signatures.
Once the lease was signed, kidtwo release the requests for
payment for the prorated rent,the fees and the security
deposit.
And one thing he loved was thathe was able to set up both his
bank accounts so that the rentsand fees would go into his
(28:13):
general business banking accountand the security deposit would
go into a completely differentaccount that he has just to hold
security deposits.
In case you didn't know, youcannot commingle security
deposits with your generalbanking funds.
It is not your money.
It is money you are holding onbehalf of the tenant and must be
in a separate banking account.
(28:35):
So that one feature makes itreally easy to not mix those two
funds up.
Both Turbo Tenant and EZLandlord have chat boxes for
quick responses on questions.
So when I was building the leasein EZ Landlord with Kid two, we
had a question about somethingand got an answer in about three
minutes after communicating onthe chat service.
(28:57):
It clearly was a real person onthe other end by the responses
that we got, so that was veryreassuring.
No matter which tech company orapp you decide to use, if you
have questions, reach out totheir support.
Use their chat tools, watchtutorial videos, ask fellow
landlords, other people that youknow have used the product.
(29:18):
But don't get stuck in techparalysis.
Most of these companies areworking to make their sites very
user-friendly.
Kevin (29:25):
Yeah, and I will say you did spend quite a bit of time
developing his new lease on EZLandlord.
Now, was that because theirlease was not adequate or what
was the reason?
Stacie (29:36):
No, their state specific lease covers what needs to be
covered by law, but it did notinclude any details.
So for instance, when it came tothe parking addendum, because he
has a long driveway and twogarages, I thought it would be
best to specify which side ofthe driveway and which garage
was for which specific unit.
(29:57):
That way there would be noconfusion about where they're
allowed to park.
And the main body of the leasehad a lot of information, but
like we said in episode 34,that's where we started our
three-part masterclass onleases, it's all about the
addendums, and we use most ofthe addendums offered by EZ
(30:20):
landlord forms.
But the thing is, each one hasto be personalized to make sure
what your rules and yourspecific guidelines are are
clear.
Like I did on the parkingaddendum.
They also have a section at theend where you can include
anything else that was notcovered in the main body of the
lease or an addendum.
So we grabbed the verbiage fromour lease about micro mobility
(30:44):
devices and lithium ionbatteries being charged in the
unit.
Now often these are thebatteries on scooters and
e-bikes and all those things,and if left charging for days on
end, they can heat up and causea fire in the space.
In apartment complexes and unitsin metropolitan areas, these
(31:04):
devices are used more and more.
There's a reason why you can'tcheck'em in luggage on a plane
because they catch fire veryeasily and they're hard to
extinguish.
Which is why the fireextinguisher we bought can do
those batteries plus greasefires, not just paper or wood
kind of fires.
So anyway, EZ landlord forms hasa great base to their lease, I
(31:28):
wanted to add as much as I couldto cover kid two and his
property, likely way more thanthe was needed, but you never
know.
Kevin (31:35):
Yeah, okay.
That makes sense.
Thanks for the clarification.
If you'd like to learn moreabout Turbo Tenant, EZ Landlord
Forms, or any other productwe've mentioned here today, you
can find the links in the shownotes.
Even our other podcast episodes,we mentioned the links are all
in the show notes, but gettingback to collecting data.
(31:56):
Lastly, you need to understandtenant demographics in your
area.
What your ideal tenant values.
Does it matter to them that youhave central heat and air or are
they okay with radiators andceiling fans?
Do they want their own washerand dryer, or are they fine with
hauling their laundry to thelocal washer and dryer every
(32:17):
week?
Are your credit scorerequirements reasonable?
Did you know that the averagecredit score for a renter is
between 650 and 700?
Now in Sacramento, we asked fora FICO score of 720+.
You guys, this is actually a bigask because that number falls
into the house buying rates,which most tenants do not have.
(32:40):
And lastly, how your pet policyimpacts demand, because a lot of
renters have a pet and want apet friendly rental.
Not to mention the additionalincome we can add If your unit
is one that can easily handlepets.
Stacie (32:55):
You know, you guys, we can guide you here, but every
city and every state havedifferent things that are
important to their tenants.
So it's really important thatyou know your area and your
neighborhood.
How is the weather in thehottest part of the summer?
Do you need to offer airconditioning or will a ceiling
fan do?
You know, dig deeper, berelentless in your pursuit of
(33:16):
finding out what resonates withyour ideal tenant, and let the
data guide you and not createfear.
So as you know, a few years agowe had a studio with a fruit fly
infestation, we've talked aboutit multiple times.
And one thing about studios inour area is that they seem to
turn more often than largerunits.
(33:38):
After we wrapped our brainsaround the cleanup that was
required from that flyinfestation, we realized a lot
of work needed to be done tothat unit.
Expensive work like new LVPflooring, all new appliances and
the bathroom needed an overhaul.
So we did some research to seewhat else we could do with the
(33:58):
studio that would help us earnmore income because we don't
want it to turn every year.
As it turns out that our area isprime for midterm rentals.
This is not a short term rentalwhere you get someone in there
every few days.
Midterm rentals are where yourent a unit furnished for 30
days or more, usually around 90days at a time.
(34:22):
Because someone can just come inwith their suitcase and live,
the rental rates aresignificantly higher.
For context, we are getting 38%more rent for that studio right
now compared to the other one wehave right next door to it.
Exact replica, except thebathroom is not updated and it's
(34:42):
not furnished.
Now, most everything I boughtwas from Amazon or Costco.
Maybe a few items from Target,but mostly everything was
delivered right to our frontdoor.
So I'll say it again.
When you're going through anuncomfortable moment, do your
best to see it as an opportunityand not a setback.
(35:03):
And sure, the fruit fly thingwas a freaking nightmare to go
through, and it made us reallyuncomfortable, but it also
allowed us a chance to evaluatewhat else we could do with that
space.
And boy did we nail thatopportunity.
Kevin (35:18):
Yeah, it was definitely a nice win.
You know, look at it as turninga setback into strategy.
When something fails, it's not asignal to quit, it's a chance to
learn.
Ask yourself, what does thismake possible?
Which is exactly what we didwith that studio unit.
(35:40):
What if you place a bad tenant,use an unprofessional or subpar
repair person, get a lot ofmaintenance requests.
This is your opportunity to makea change.
Bad tenant?
Check your criteria, maybe itneeds to be tightened up.
Do you analyze their credithistory?
Do you call past landlords toask how the tenant was when
(36:01):
living there?, Do you verifytheir income?
Because ever since we starteddoing this, we have never had an
issue with a tenant.
No more going with our gut.
We only let the informationprovided on their application
guide us on if they will beaccepted or not.
It's a similar situation withour garbage disposals.
(36:23):
So for many years we werereplacing those like every 18
months, so a couple times a yearwith the six units.
And we would call the plumberout and he would bring out a new
one and install it, letting usknow the old one had rested out.
He never told us why this washappening, just happily took our
$300 and said, see you soon.
(36:44):
And then along comes Jim.
The first time he replaced aunit, he said, are you telling
the tenants how to care for thedisposal so this won't keep
happening?
And both of us were like, uh,no.
What are they doing wrong?
And then he told us that garbagedisposals need to be run every
day that someone rinsessomething in the sink.
(37:07):
Because even one little grain ofrice can sit in the bottom and
the continual moisture will keepthe rice wet, causing the bottom
to get a small rust hole andleak water.
He also told us that tenantsshould only use cold water when
running the disposal.
Because hot water can make themotor overheat too often,
eventually blow itself out.
(37:29):
And do you know that ever sincewe have told every tenant upon
move-in and we also put it intheir lease and we put it as a
tip in the unit binder, that we,knock on wood here, we have not
had to replace one garbagedisposal unit in the last five
years because it was rusting outor blowing the motor.
(37:50):
Not one.
Do you think the plumber couldhave told us that?
I guess we were easy money andjob security.
Stacie (37:57):
Yeah, that one still blows my mind'cause so many
landlords have decided not touse disposals because of that
problem.
And all it takes is a little bitof communication.
You know, another quick one ispests.
For us, we're in an area wheretermites are common.
We have had to deal with themtwice.
(38:17):
And between both thosefumigations, we have spent over
$8,000 for the pest controlcompany to exterminate those
termites, and that's a crap tonof money.
So now we hire them to come outannually during our fall
inspections to look and test fortermites.
We figure it's better to catchthem right away and not wait
(38:39):
until we have a full issue onour hands.
It costs us about 350 bucks eachtime, but it's now part of our
preventative maintenance listfor that complex.
All right, some final thoughtsfor you.
Guess what?
You're already a CEO., You maynot have a corporate title, but
if you're analyzing propertiesand screening tenants and
(39:01):
coordinating repairs andmanaging your income.
Congrats.
You're the CEO of your rentalproperty business, so stop any
negative talk.
When you're struggling, you'renot failing, you're learning.
Listen, we don't wake up and go,I love driving two hours to
Sacramento to grab dirty sheetsand put out clean ones for the
(39:23):
cleaning lady who's coming towork on the midterm unit.
It sucks when someone shows upto view a vacant unit and the
first thing they do is complainabout the stairs or say that the
bedrooms are too small.
Instantly we know that thatperson has completely wasted our
time.
We have dealt with missed goals,flaky repair people, damages to
(39:45):
units, floods, bugs, homelesspeople using our hose to shower,
late rent payments, and sure,those challenges are no fun to
deal with.
But we love what thoseuncomfortable things do for our
business and when they areresolved, what the result does
for our family.
(40:05):
Entrepreneurship is full ofunexpected turns, but this is
where your growth happens.
And not every day will feelgood.
If you stay clear on what youwant and stay committed to doing
what it takes to get there,you're already winning.
So use data, stay curious and beresourceful.
Kevin (40:27):
You almost said you got this landlords.
Stacie (40:30):
I, I did.
But first we wanna tell youabout the contests that we have
going on, so you can take that,Kev.
Kevin (40:36):
Alrighty then.
So Stacie and I have decided tostart doing a little landlord or
property management coaching onthe side.
To kick it off, we are givingaway one free hour of coaching,
which is valued at a hundreddollars.
Get it?
A hundred dollars gift tocelebrate reaching our hundredth
episode?
To enter, there is a link in theshow notes or you can go to your
(40:59):
landlord resource.com/contest100.
So you can enter there, and fora bonus entry you can leave us a
kind review for the podcast.
Just make sure we are able toalign your review with your
online entry.
So don't make it an anonymousreview.
Make sure it has a way for us toconnect them together so you get
(41:22):
proper credit.
Like use your first name andinitial of your last name.
The link to leave a review isalso in the show notes.
We will also be announcing thiscontest on Instagram and
Facebook and offering bonusentries for those as well.
So you all have multiple ways tograb those bonus entries.
Stacie (41:42):
And we are running this contest through the month of
June in 2025.
It ends at midnight PacificStandard Time, June 30th, 2025.
So if you're listening to thisepisode in the future, you can
still sign up for coaching, justnot the contest for a free
session.
All right, well, thanks fortuning in and we hope that this
(42:05):
has helped you to know that it'snot always wine and roses for us
as landlords.
Even with our experience, westill struggle to handle
everything professionally.
And all you can do is your best,and that includes working to
improve your business.
We hope you enjoyed this episodeand got at least one good tidbit
of information out of it.
If so, would you do us a favorand leave us a kind review of
(42:28):
the podcast so other landlordswill find us too?
If you wanna hear more, followor subscribe to the podcast so
each week the episodes aredownloaded right to your
favorite podcast platform.
And we'd love to stay in contactwith you.
If you have a question or wannasuggest a subject for our
podcast, you can text us at 6 50 4 8 9 4 4 4 7, or you can
(42:54):
email us atstacie@yourlandlordresource.com.
That's Stacie with an IE.
Orkevin@yourlandlordresource.com.
We will link those in the shownotes too.
Also in the show notes, you canfind links to all the downloads
that we offer and the way tosign up for our free newsletter.
(43:14):
There's links to our privateFacebook group that's just for
landlords and our social mediaaccounts on Instagram, Facebook,
and YouTube, where we share veryinformative detailed tips and
tricks for landlords, so checkthose out.
I think that's about it.
Thanks again, and until nexttime, you've got this
landlord's.
Kevin (43:33):
There it is.
Yep.
Stacie (43:34):
Got it.
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