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Eric Willner For Cameron Dunlap’s Mentorship Target Training
How To Avoid the 5 Biggest Mistakes of Buy & Hold Investing, So You Can Make More Money While You Sleep Eric Willner For Cameron Dunlap’s Mentorship Target Training
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Which Translates Into The 5 Things You MUST Do:
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There are 2 Primary strategies for Investing In Real Estate:
1. Buy & Sell 2. Buy & Hold
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1. Buy & Sell Buy + Fix + Sell 2. Buy & Hold Buy + Fix + Hold
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Welcome To The World Of Property Management
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Who is Eric Willner? -One of Cam’s 4 Hand picked Coaches
-1st & Foremost an active investor -Landlord -Realtor since 1985, escaped from the “dark side”, Investor-Realtor -Mortgage Broker- 23 years as a top producing broker, set free -Property Manager known as both “The Automatic Landlord”, and “The Property Doctor” -Radio Host of South Florida’s Longest Running Show about Real Estate 16 Years – Thru the Good times and the Bad.
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Success is …
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Why “Buy & Hold” ? The I.D.E.A.L Investment
I Income Monthly … recurring over and over… D Depreciation & other Tax Advantages E Equity Build-up - up, down or sideways markets A Appreciation – Bonus, “Icing on the cake” L Leverage – Positive, “The Turbo” on the engine “I”
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3 Keys to Profits in the IDEAL Investment RE:
1. Finding 2. Financing 3. Management. “The Business” “Run it Like A Business, Get Paid Like a Business”
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The 5 Things You MUST Do:
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1. Locating Tenants -- For Rent Sign in the Yard (Slow Take-down, Permanent?) -- Classified Ads in local papers --MLS (better tenants, smarter people) Leverage a Pro -- Online Ads: Craigslist, Etc. -- Social Media? --Networks, BNI, Schools, Universities --LL and Real Estate Associations --(Lower end) Bulletin Boards at Super Markets, laundromats --Direct mail to Rental Communities – “free list” “Dear Resident – No More”
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2. Screening Prospects
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Vacancies Are Cheaper Than Evictions
Special Alert: Vacancies Are Cheaper Than Evictions
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-- The Application – weed out the liars
“Old School” – Apps in the Drawer, (Rented or Right) “Automatic Landlord” – 24/7 Online -- Credit – Yes, but NOT looking at score! -- Criminal – CYA . Professional or local police, … -- Background – packages available -- Last (2) Landlords – 1st might be lying! Call ALL References -- Extra Credit - Visit current residence
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** 3. Training Tenants -- Test personalities – Ready for Tenant Boot Camp? -- Approval & Lease Preparation – 48 hours or less, unless… -- Resident Move-Ins = Process, Have a System Providing Keys, Early move-ins, collecting first month rent, security deposits, pet fees, and walk-thru Inspections NO CASH !!!
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4. Keeping Tenants
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“New Math” (Landlording Math)
2 + 3 = 4 +++ 1 + 3 <> -4 1 + 2 <> -3
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4. Keeping Tenants Ongoing Collection -
Rent Collection with Automated Systems Ongoing Maintenance Emergency Repairs : What’s That? Or “It’s The Boogie Man” Communication is the “Secret Sauce” Delinquent Accounts & Evictions. The Legal work. “Tenant’s Shaped Up, or Shipped Out!”
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5. Upgrading Tenants “Raise The Rent” Upgrade to Better Properties
Transform Tenants into Owners Rent-to-Own Flips Lease Options
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Conclusion I.D.E.A.L “Rents 2 Riches” 1. Locate 2. Evaluate
3. Train What You Expect 4. Keep Tenants 5. upgrade
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The Benefits of an Automated and Communicated System: The Automatic Landlord Way
Fewer headaches, more cash flow The benefit is More Profitable, positive cash flow Better Image Professional, “Treat it Like a Business, Pays like a Business” 24/7/365 “Business Always Available & In Business
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Owner-> You or Your Buyers –
If you do decide to add this BUSINESS SEGMENT: (Realtors entered the PMGT Market to survive) As the market recovers, they will leave it for big commissions Who needs PMGT 1.Remote Owners 2.Investors 3.Baby Booomers, Age 60+, 2nd Homes 4.Realtors
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The Resident Side: More professional experience Better quality of Life, service Always Available Appeals to and Attracts Better Tenants Referrals
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Q & A
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