Real Estate Investing is it as Easy as all the Guru’s Tell You? No it’s not as easy as the guru’s tell you. Real Estate Investing and being a landlord is a very serious business where the stakes are very high. Think about it, if you owned a beautiful home that you paid $300,000.00 to $600,000.00, would you give the keys to the 1st person you see that says to you, “I want to rent this place from you”? Would you just toss them the keys??
Yet, this is exactly what many landlords do. They go by what they see when a perspective comes by and wants to rent from them!! I really believe landlords need to go and take courses, read books, watch YouTube videos and listen to podcasts in order to sharpen their skills or hire a coach or join a Mastermind on how to choose their next 5-Star Tenant.
I know a lot of you, both real estate investors and landlords are really concerned of what you can do or should be doing with your properties. You’re concerned about whether you should be selling the properties or should you be keeping the properties. Another agonizing and financially hard decision is whether you should be renting out or leaving your properties empty.
There have been so many landlords and investors who are thinking of keeping their properties empty because quite frankly they, as investors can’t even evict tenants, who haven’t been paying since the start of the pandemic virus in the middle of March.
The Landlord and Tenant Board in Ontario, Canada had put a moratorium on evictions since the middle of March 2020 so that the landlords can’t evict the tenants.
In July 2020, the LTB or The Landlord and Tenant Board in Ontario, started back into business, but it’s a very slow process to evict the tenants.
The government’s not helping landlords in any way, because instead of paying the landlords for tenants to stay in their rentals they paid the tenant directly and the tenants didn’t feel that they needed to pay rent and that they could live for free.
The tenants can use any type of excuse to continue to live for many landlords are thinking of getting out of the business completely.
I have some tips that will help you in becoming a better landlord and to mitigate your future losses to unscrupulous tenants.
Tip #1 – Make sure that whomever you get into your home has a job and good references. Make sure that you can go to visit the home where they are living in right now, look into their car, check out how they keep it. Best of all speak to the last landlord and if there’s 3 or 4 landlords, speak to them all, check their credit bureau and get in touch with their employer.
My rule of thumb to my success has been that I only allow working professionals to rent my homes. That eliminates a lot of problem tenants.
Tip #2 – Make sure that you have an avatar in your mind. What do I mean by avatar, that is having an idea of whom you want to have in your home.
Think about the tenants that you have now, that are not giving you any problems, what is their makeup, who are they, what do they look like, what do they sound like, what kind of backgrounds do they have? Where do they work, how long have they been working for?
If you can continue with your selection, I personally have an avatar or in other words my ideal tenant, and when I see that avatar, that’s the type of person I want to live in my home, if they’re not my avatar I don’t want them in my properties.
Tip #3 – Continue to get educated, get a coach, mentor. Join FB groups or attend Masterminds, watch YouTube videos, listen to podcasts where great property managers, landlords and real estate investors share their experiences of finding “Five-Star Tenants”.
No one is born a landlord, you gain the skill and education by reading books, learning from your mistakes, or the best way of doing this is to find a coach or mentor who will teach you how to become the best property manager there is in the world , guess what that can be YOU!!
I’m happy to have you watch my YouTube videos on my channel Real Estate Media News Network. I have over 168 YouTube videos that are there to help you become a better landlord and real estate investor.
I have playlists on my Youtube Channel on How to Choose Your Next 5-Star Tenant. If you prefer to listen rather than watch. I have a podcast series on Anchor called “All Things Real Estate with Maria Rekrut”: https://anchor.fm/maria-rekrut. All the resources that I’ve mentioned are free. You can visit my website and read my blogs: http://realwealthrealestate.com/
If you’re really serious about becoming the best landlord and real estate investor that you can be, then join my Maria Rekrut- Mastermind 10X Your Real Estate Business. We start every month, and this is what the Mastermind includes: Weekly Zoom meetings, with myself and other coaches, a private FB group, where my coaches and I answer your questions, and I offer a one-hour private session with me, once a month. I only have space for 10 people.
You can reach me at realwealth@live.ca, call 1-866-226-4730 or get in touch with me on social media on:
Linkedin: https://www.linkedin.com/in/mariarekrut/
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