The Successful Rental Podcast with Aaron Silverman: Recent Episodes
Aaron Silverman
Property management podcast for single-family rental properties and small multifamily. We dive into the nuts and bolts of managing a property and tenants.
It has been a few weeks since my last podcast. The pandemic has shifted my management company into high gear attempting to keep current on the changing landscape, communicating with clients and working with residents.
Now that we are about two weeks from when CARES Act was signed into law, the rate of legislative change has slowed a bit. This podcast only addresses the CARES Act, but you need to also pay attention to any new or modified laws your state has and/or will pass regarding rental properties.
I am a big proponent for treating residents with respect and providing quality housing. Your property's financial success over the next few months might hinge on how you treat your residents. If you treat them poorly, you might not receive another rent check for a few months.
As we move through this pandemic and economic crisis, it is imperative you make smart decisions about your rental property and work with your residents, when possible, to maximize your rent collection.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 66
Credit cards are a useful but potentially dangerous tool in your financial toolbox. Use them wisely.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 65
A reserve fund is vital to your rental property's ability to weather a financial storm. You need one built yesterday.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 64
With interest rates so low, I recommend refinancing your rental property if you still can. We do not know what the next few months will bring, and improving cash flow and reserves are vital to facing what is coming.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
I did it, I finally did it - an episode below 30 minutes!!!!
Approving an applicant is only the first step when placing a tenant. The second step is the leasing process.
Two of the key points from the episode: you should always receive the security deposit before you sign the lease, and you should always receive the first month's rent before you give the keys.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 63
Properties built before 1978 require lead-based paint disclosure.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 62
Yes, even paint can have legal consequences during a tenant turn.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 61
The property's paint color and quality are more important than I can stress.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 60
Do not leave painting bad walls a negotiating point.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 59
To save time and money, keep track of your extra paint and record the paint information.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 58
You want a color that appeals to the most people as possible.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 57
The type of paint you use is important to how long the paint will last - translation save money over long-term maintenance costs.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
Maybe I should scrap the 30-minute goal because once again, I blew past it. This episode continues and concludes the series on tenant selection.
I discuss the remaining four steps from my ebook, 7 Steps to Selecting a Quality Tenant:
Step 4 - Charge an Application Fee
Step 5 - Conduct the Credit and Background Checks
Step 6 - Stick to Your Tenant Selection Criteria
Step 7 - Require a Full Month's Rent for Security Deposit
If you want the entire ebook, head over to https://successfulrental.com and sign up for my newsletter.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 56
You do not need the most expensive paint; however, you do not want the cheapest either. You want something durable that will outlast a tenant.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 55
Do not, and I repeat do not, paint your trim or ceiling the same color as your walls.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 54
You should only have 1 wall paint color in your property; maybe 2 at most.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 53
Properly preparing for paint is necessary for a quality paint job.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 52
Paint is more important than the majority of rental property owners realize.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 51
Ceiling fan remotes might be a convenience for tenants, but they can be a headache for property owners. There is little, if any, rental market demand for them, so I recommend selecting ceiling fans without remotes.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 50
You should install ceiling fans in all of the bedrooms to maximize rent.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 49
Even my management company has a real estate attorney to call when we need help and so should you!
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
My goal was 30 minutes and as usual, I ran long. Dang, I love to talk about rental properties!!
The first topic cover is the property owner's financial viability and how it impacts tenant screening and selection. This is an important piece to tenant selection. When a property owner is desperate to have a tenant move-in, bad screening decisions can be made.
I also discuss the first three items in the 7 Steps to Selecting a Quality Tenant.
Step 1 - Prescreen Potential Applicants
Step 2 - Physically Show the Property
Step 3 - Have a Rental Application.
If you want the entire ebook, head over to https://successfulrental.com and sign up for my newsletter.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. The podcast is on iTunes!!! Search "The Successful Rental Podcast" or click this link https://podcasts.apple.com/us/podcast/the-successful-rental-podcast-with-aaron-silverman/id1494822195?uo=4
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 48
Vendors are vital to your rental property's success. Please, please, please, please take maintenance and vendor relationships seriously.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 47
We covered a lot about vendors, and we barely scraped the surface. You do not need to learn it all, but you do need to learn enough to get by.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 46
Pay your vendors. If you want quick, quality service, you need to promptly pay your vendors. Just like you have bills to pay (one of which is to them), they have bills to pay and need to feed their families.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 45
Google is great for learning, but when it comes to pricing, you should focus on your local market and estimates from qualified vendors.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 44
There will be times a vendor's diagnosis, explanation or estimate just does not make sense. When that happens, obtain a second opinion.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 43
A repair is more than the cost of the material. Labor costs money. Direct labor - labor to buy the material, labor to diagnose the problem, labor to complete the repair and labor to bill for the work. Indirect labor - labor (over years) to acquire the knowledge to complete the repair. You want to be paid when you are at work, so why should you expect free labor from the vendors you hire?
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 42
Be careful of price creep. Through my management company, I have experienced excessive price increases over time for the same service. If you see prices starting to increase, look for a second option. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 41
Selecting a new vendor can be almost as challenging and important as selecting a new tenant, and like selecting a new tenant, you need to screen your vendors before you hire them. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 40
You should only hire vendors that have the proper insurance and licensing. Although uninsured and unlicensed vendors cost less for the project, they can end up costing a lot more. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 39
There are pros and cons to using small or large companies. You need to figure out what works best for you. I use a combination of small and large companies.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 38
It can be tough to find quality, reliable vendors, but there are a few places you can start your search.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 37
As a rental property owner, it is vital you learn about the systems in the property. No, I am not saying become an expert; you only need to know enough to understand and determine if what a vendor is saying passes the smell test.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 36
This is the first of twelve Tips on selecting and working with vendors.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. Search "The Successful Rental Podcast"
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
I was fighting a sinus infection when I recorded this episode, so I ramble a bit more than usual and my voice sounds a bit off.
Your tenant can make or break your rental property for the year, two years or a few years depending on how far south the tenancy goes. Selecting a quality tenant is VITAL to your property's success.
When selecting a tenant, do not discriminate. Never. Period, end of story. If you discriminate, the problem is you not them.
The perfect tenant unicorn is a mythical object you should not seek. You cannot screen for the perfect tenant; you can only screen for a qualified tenant. There are a ton of quality tenants out there. If you think you have the perfect tenant, then you are probably listening to stories rather than background checks and documented income.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com or over on Twitter at https://twitter.com/aaronsilverman.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. The podcast is on iTunes!!! Search "The Successful Rental Podcast" or click this link https://podcasts.apple.com/us/podcast/the-successful-rental-podcast-with-aaron-silverman/id1494822195?uo=4
I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 35
Yes, you should charge a late fee. The fee needs to be reasonable and follow state and local laws. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 34
You should review your property's expenses every year or at the least every few years. A few days ago, I received a new quote for insurance on a property, and for the same policy terms, I will be saving over $700 per year when I switch. Review those expenses; do not set and forget it with expenses. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 33
A tenant ledger tracks the charges and payments during the tenant's lease. A tenant ledger is important for accurate record keeping because you never know when you will need the information. The video has more details.
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The 1 Minute Property Management Tip: Tip 32
Online rent payments increase timely payments. Select an online payment platform that provides a tenant ledger. Numerous free options out there and a few paid. Never cash as it cannot be tracked. The video has more details.
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The 1 Minute Property Management Tip: Tip 31
You also need a team of vendors to contact when maintenance occurs. Emergency maintenance can be a major stress point for landlords, and if you vetted and selected vendors ahead of time, those emergency maintenance events become easier to manage and resolve. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 30
You need a team of professionals around you to provide guidance when needed; at a minimum, you should have a real estate attorney and a CPA. Preparation is one of the keys to success, so build your team before you need them. The video has more details.
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The 1 Minute Property Management Tip: Tip 29
Having a separate bank account for your rental property will make life much easier. Rent money is deposited there, mortgage, maintenance and other expenses are paid out of that account as well. A separate account will make your financial life easier, especially at tax time. The video has more details.
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The 1 Minute Property Management Tip: Tip 28
You should install blinds in all of your windows. Some tenants will not rent houses without privacy. Do not count pennies while losing dollars. The video has more details.
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This episode starts slow, and it takes me a few minutes to get rolling. Please bear with me while I get warmed up.
When advertising in business, including rental properties, the rule is "advertise where your customers are looking." Over the last 10 years, rental property advertising has significantly shifted to online. Prospective tenants are looking online, and if your property is not online, you will have more difficulty locating a new tenant.
Your property pictures need to represent the accurate appearance of your property. You can use old pictures only if your property still looks the same. If you painted the walls or changed the flooring, you need to take new pictures. Not much turns off a prospective tenant more than viewing a property that looks nothing like the pictures.
Take your advertising a step further by using video. You can do it for free using the phone in your pocket, and you can host the video online for free.
Part of advertising is how you schedule prospective tenant showings, and when you cluster showings, you decrease the time spent showing the property and increase a prospective tenant's sense of urgency.
Advertising and tenant screening overlap via the prescreening processing. Next week, we will take a deep look at tenant screening, which will include tenant prescreening.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
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The 1 Minute Property Management Tip: Tip 27
You can repair 2" wood and faux wood blinds by replacing the individual blades. A blind set usually has spare blades at the bottom to replace a broken blade. This is especially helpful when you have multiple windows in a room as manufacturers change blind styles causing you not to be able to replace the entire blind set with a matching blind set. The video has more details.
Today's tip might make more sense if you watch the video on the Podcast website at https://successfulrental.com/podcast-1mt-27-blind-repair/.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 26
You should write out your application criteria before you speak with prospective tenants, and then follow that written criteria when you process the application. That will help prevent you from making a subjective decision that costs you $1,000s. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 25
Do not lower the advertised rental price "to attract quality tenants." The lower rent usually attracts prospective tenants trying to stretch their budget. The video has more details.
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The 1 Minute Property Management Tip: Tip 24
You need to charge an application fee for 3 reasons: 1 - without the application fee, you are less likely to order the credit and background reports, 2 - there are hard costs to ordering those reports and 3 - it is part of the screening process. The video has more details.
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The 1 Minute Property Management Tip: Tip 23
Focus more on recent credit history rather than credit score, and good credit scores can hurt your property's cash flow. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 22
Run the credit, criminal and eviction reports. Sounds simple but many people skip that step and go with their gut. Your gut is not objective. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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There are two parts to a Rent Ready rental property with three components.
Part 1 - Ready to advertise and show. The property needs to be cosmetically good and clean.
Part 2 - Ready for a tenant to move-in.
Part 2a - Everything functionally works. Have a stove? It works properly. Have a bathroom exhaust fan? It works properly. All of it - repair or replace it. Period. You are renting a quality property to a quality tenant. Give the tenant something to turn into their home and they will live there longer and take care of the property.
Part 2b - Physical security and safety. Change the locks or -re-key (if you have re-keyable locks) between tenants. Have windows? Makes sure they all lock. Have exterior doors? Make sure they all have deadbolts. Sliding glass door? Install a security bar. Garage door? Make sure it locks. Remote opener? Erase the memory and reprogram. Install a fire extinguisher, smoke detectors, carbon monoxide detectors, radon detectors and/or whatever safety devices are necessary for your area; if you are unsure, contact your local fire department or building code department.
Tenant safety and security should be your top priority. If it is, the cash flow and profit will follow. If you ignore tenant safety and security for whatever reason, either to save a few bucks or through incompetence, you will lose money in the long run and deservedly so.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
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The 1 Minute Property Management Tip: Tip 21
Cluster prospective applicant showings to save time and rent your property faster. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 20
Should you permit pets? Since approximately 70% of tenants have a pet, it makes sense to be a pro-pet landlord, which can improve your property's cash flow. Remember, you cannot charge any pet requirements, such as a deposit or fee, to a service animal or ESA. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 19
Yesterday (January 28, 2020), HUD issued their updated guidance on service animals and emotional support animals - "Assessing a Person’s Request to Have an Animal as a Reasonable Accommodation Under the Fair Housing Act." The document is on HUD's website at https://www.hud.gov/sites/dfiles/PA/documents/HUDAsstAnimalNC1-28-2020.pdf?fbclid=IwAR10UFTi4_Jegoe6LCLyfZu6gTl-VWncoY-GdynRzLRi-CsRYrehLVcZ4Nc. My management company uses https://www.petscreening.com/ to remain compliant. The video has more details.
If you liked today's 1 Minute Tip, you will probably like one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 18
Prescreening potential applicants is an important step is in selecting a quality tenant. Obtain my free e-book, 7 Proven Steps to Selecting a Quality Tenant, for a more in-depth discussion on the topic. Head over to https://successfulrental.com to receive it. The video has more details.
If you liked today's 1 Minute Tip, you should check out one of the full episodes where I dive deep into a topic.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
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The 1 Minute Property Management Tip: Tip 17
Tenant selection is the most important aspect of managing a rental property. For my 7 Proven Steps to Selecting a Quality Tenant e-book, head over to https://successfulrental.com. The video has more details.
If you liked today's 1 Minute Tip, you should check out one of the full episodes where I dive deep into a topic.
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The 1 Minute Property Management Tip: Tip 16
Kwikset SmartKey locks enable you to quickly and easily rekey between tenants. Three other property security tips in the episode. The video has more details.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
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The 1 Minute Property Management Tip: Tip 15
You should change or re-key locks between tenants. The video has more details.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
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The 1 Minute Property Management Tip: Tip 14
You must sell the idea of renting your property. The video has more details.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/successfulrental/.
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Cash flow is king in rental properties, and equity is a distant second. The school of hard knocks taught me that in 2008 and 2009. In this episode, I try to provide a different thinking process of looking at cash flow and your property's overall financial performance.
Cash flow is more than income and a monthly calculation. Yes, monthly cash flow is vital to paying your bill, but when you look at cash flow on an annual basis, you obtain a more accurate picture of your property's performance. Also, you need to balance cash flow and preserving your property's long-term value.
In the episode, we cover:
- Cash flow is king, equity shmequity
- No one answer fits all
- Time is a cost
- Debt level
- Short cash flow vs long term value preservation, aka preventive maintenance
- Home warranties
- Cash on Cash Return and Return on Investment,
- The cost of vacancy and lost revenue
- Raising rents
A few equations that are given in the episode:
I count mortgage payment as an expense for these calculations; the episode explains why.
Cash Flow = NOI (including the mortgage payment)
NOI = Net Operating Income = Income - Expenses
Cash on Cash Return = NOI / Invested Cash (multiply by 100 to obtain the percentage), usually an annual calculation
ROI = Return on Investment = NOI / Total Invested (multiply by 100 to obtain the percentage)
If paying cash, ROI = Cash on Cash Return.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
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The 1 Minute Property Management Tip: Tip 13
Although storm doors do not add to revenue, they can decrease expenses in the future.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
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The 1 Minute Property Management Tip: Tip 12
Lost future revenue can be more expensive than an expense today.
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The 1 Minute Property Management Tip: Tip 11
When a repair turns into a replacement, usage life becomes a factor.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
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The 1 Minute Property Management Tip: Tip 10
Bill tenant damage to the tenant.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
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The 1 Minute Property Management Tip: Tip 9
Never provide appliances "As Is."
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The 1 Minute Property Management Tip: Tip 8
Not providing appliances costs you money. The video has more details.
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The 1 Minute Property Management Tip: Tip 7
When should you not provide an appliance?
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The 1 Minute Property Management Tip: Tip 6
Should you provide a washer and dryer? The video has more details.
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The 1 Minute Property Management Tip: Tip 5
What kitchen appliances should you provide? The video has more details.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
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The 1 Minute Property Management Tip: Tip 4
HVAC filters - change them for the tenant.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 3
Here is an HVAC smell you do not need to worry about.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 2
Always receive a full security deposit upfront.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
The 1 Minute Property Management Tip: Tip 1
Always have a fully executed lease before a tenant moves into the property.
Thanks for checking out today's 1 Minute Tip. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
Today's episode sets the foundation from which I think about and manage rental properties. Simply put - It is a business; treat it as such. BUT, before business, be a good human. Being a good human is the right thing to do plus it translates to good business, especially in rental properties - win-win!!!
So, it is a business. What does that mean?? It means business setup, bank accounts, building a team (attorney, CPA, maintenance vendors, etc), cash flow, maintenance, budgets and so much more.
It is a rambling episode. Being a business involves many topics, and I only covered a few of them. I did not try to cover them all, but we will future podcast episodes. This episode's goal was to set the foundation for how to think about and manage rental properties and to start thinking like a business owner, even if you only own one rental property.
Thanks for checking out today's episode. I would LOVE your feedback and comments. Connect with me at https://successfulrental.com, over on Twitter at https://twitter.com/aaronsilverman., and you can also find the podcast on Facebook at https://www.facebook.com/SuccessfulRentalcom-1417678158522439.
If you liked today's podcast, make sure to subscribe through your favorite podcast player. I also have a newsletter to keep you updated about the happens on the podcast and blog articles as they become available; sign up at https://successfulrental.com.
This is a short introduction to the podcast and me, Aaron Silverman. The Successful Rental Podcast will focus on single-family rental properties.
Connect with me at http://successfulrental.com or over on Twitter https://twitter.com/aaronsilverman.