Real estate expert Ken McElroy discusses managing rental properties during recessions, emphasizing stable cash flow, tenant relationships, and informed decision-making. Topics include strategies for investors, tips for navigating economic downturns, and benefits of long-term property ownership.
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volunteer_activism ADVICE
Use Practical Payment And Exit Solutions
Offer weekly payments, allow lease exits with cooperation, or accept sublets when reasonable to retain stability.
Prioritize quick re-renting with tenant cooperation over charging punitive lease-break fees.
question_answer ANECDOTE
Tenant Found Replacement Mid-Lease
Danille described a tenant who lost her job and cooperated to find a replacement while still in the unit.
The unit had only a couple days of vacancy and no lease-break fee was charged.
volunteer_activism ADVICE
Proactively Communicate Rent Decisions
Tell tenants early (90 days) whether their rent will change to reduce their need to shop around.
Keep modest or no increases to encourage renewals and avoid vacancy costs.
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Ken and Danille McElroy discuss strategies for landlords to manage rental properties effectively during an economic downturn. Learn how to maintain stable cash flow, build strong tenant relationships, and make informed decisions to weather the challenges of a recession.
ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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