Published: Sat 04 March 2023
Updated: Sat 04 March 2023
By @rafskov
In misc .
tags: real estate
SPIN Selling
Great Demo
The Private Equity Toolkit
HBR Change Management
mindset, mentorship, motivation
The way your mind approaches an activity determines the action or inaction that produces the end result
tough times dont last, tough people do
Mindset of criticism and judgement = staying in a negative state whereas positive = happy state
Your brain is a liar - it will try to protect you from danger
rental RE is not a passive investment
Action, mentorship, education required - focused and intentional to learn this business
be the best you can be
Parenting - focus, desire, and patience
Be a student of the game- always learning, seek a mentor
70-20-10 - action, mentorship, books
STAIR - study, try, assess, iterate, repeat - always improving every aspect
Todo: find a re mentor
get a team
Ask for referrals
Bring them onboard by treating them well and staying in contact
lender
Agent
Handyman
Electrician
Plumber
Attorney
the lease
Look up what can and can’t be included in the lease
Waive the right to jury trial and hold harmless from bodily damage
Charge a fee if they do not let a repair guy in
How and when movein funds collected
get it rented
Clean it up
List the essential info
No more than ten pics - cover photo being the best
Do showings - set time, send confirms/reminders, application info
the rental application
Keep it short and simple
Everyone over 18 fills it out
Is the move in amount available now?
Ask for social media
Charge an app fee
Once you offer, charge a deposit to hold
Set expectations around due date,etc…
scale - you’re doing this to make money
You’ve got to reinvest capital to get more doors and higher rent
manage your tenant or they will manage you
Application expectations, explain what they can expect of you, then offer tenancy/deposit to hold and
Move in date
Exact funds for move in
When are where to meet for move in
How move in funds are paid (no checks)
Utilities covered
Lease signing
They must do move in checklist and move out checklist
Explain lease and expectations and what you dont want to hear from them about, when they can contact you
Be consistent
systems
Marketing
Repairs
Rent collection
Eviction
Turn over- tour property with existing tenants
protect yourself
-dont give out your personal address
eviction
Just do it
repairs
Do inspections and preventative maintenance to catch things
test action again
