Get Real Podcast

We've spent a lot of time talking about how to set down a path for success and achieve your dreams.Today, however, we're going to branch off of that and discuss what obstacles will try to block your path – and how to overcome them.

Tenant turnover costs property owners money. You lose a month's rent at a minimum while looking for another tenant and doing minor repairs. Learn tactics for avoiding turnover on this podcast. To start, find good tenants. If in a market flooded with similar vacancies, give an incentive for choosing yours. Be responsive to repair requests. You know this stuff, but it's good to get a 'booster shot' from the pros.

While working toward goals is a good thing, it is not everything. Many people, even smart investors, say they are building wealth now and will enjoy it later. Not a good plan. You can learn to find joy in everyday things. Ron and Angela believe it has to do with the satisfaction of living your vision and recommend that you listen again to episodes 26 and 27 with Shaun McCloskey. Shaun teaches about establishing and living your vision.

When the time comes to sell an investment property doing it the right way can potentially mean the difference in thousands of dollars and fewer headaches. The first and biggest decision is whether to sell it retail or as an investment property. They suggest making a list of the pros and cons of each method. The podcast brings up factors that go on that list. Bottom line: It's far less hassle to sell it as an investment, but being easy comes at a price.

Do you know how to correctly address setting rental rates at your properties? It's math, but it's math with a lot of moving parts to consider. Raising rents causes tenants to reconsider their situation. If you lose a tenant, you lose income for a month at a minimum. And if you purchase property that's not been taken care of, you may have to displace every tenant so renovation can be done. It's not an easy calculation.