Rental Income Podcast With Dan Lane

Managing rental properties doesn't have to be a nightmare.  My guest today has set up systems to make managing his rentals really easy.Jonathan also has a really inspiring story.  He wasn't happy at his job, so he quit and got into real estate.  He got his real estate license and started selling real estate to generate income, he also quickly started building his rental portfolio.  Today he generates $20,000 in passive rental income.

Carl figured out one day how many rentals he would need to own to leave his job, and live off his rental income.  On this episode he tells us how he did it, and what he has learned.Keys To Success:* Leverage relations with others to find deals.* Having good income and credit history and lenders will want to, "throw you money".* Don't be afraid to invest outside of your market.  Look at your available capital to determine available markets you can afford to invest in.

Sometimes life changes, and you need to move.  This is what happened to Nicole Ratner, she bought a condo that worked great when she was single, but when she got married the condo didn't work so great anymore.On this episode, Nicole talks about the good luck that she had with having a long-term tenant, and the bad luck she had finding out that the property had toxic mold, after the tenant moved out.

Q&A show.  I ask listener questions to Steve, a successful rental property owner.

It is possible to buy houses for as little as $400, just ask David Sexauer  He got his start buying properties from The Surplus list, where properties are sold for as little as $1.  His first batch of homes he paid $400 for each one.  Most of there properties are in rough neighborhoods, and in very poor condition.  But, David is able to fix these houses up, for $10,000 or less and make a big social impact in neighborhoods by providing affordable housing.

Every real estate investing story doesn't have a good ending.  Jim Adams is proof of that.  Jim built an empire overnight.  He found an estate sale that included 70 rentals for his first purchase.  He than purchased another 30 properties on his own.In a short period of time, he built an empire of 100 houses, and had a staff of 20 people.  When the market crashed, Jim lost all of his rentals, plus his personal house, and his cars.

Moving up to a new home, and turning your old home into a rental can be a great way to get started owning rental properties.  That is exactly how Chris Colgan got his start owning rental properties.

How to pick the right tenants, to minimize evictions.  Skip and Mary Saylor talk about the lessons they have learned from 40 years of owning rental properties.  They have rented a lot of properties, to a lot of different people over the years, but they have had very few evictions.  On this episode they reveal, in detail, exactly how they screen tenants

How to manager 20 properties on the side without a property manager.  Sheila Konecke's main business is flipping houses.  She flips about 3 houses a month.  But, she manages to find time to manage 20 rentals on the side without a property manager.  This episode will show you how she does it.

It is possible to own rental properties in a different city than you live in, and not have a property manager.  Tim Hennessey is proof of that.  Tim owns 7 rental properties.  He owns 4 in Florida, and 3 in Illinois (where he lives).  He manages the Florida properties from Illinois and he does it all without a property manager.