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This episode is all about rent control and how it affects landlords. Where we get and understand the premise behind rent control, the issues that landlords must deal with while navigating the laws around rent control can be problematic.

There are several states with cities that already have rent control ordinances, and two states with statewide rent control.  Not to mention more cities and states considering adding laws or ordinances regarding rent control on the horizon.

For landlords, rent control makes it difficult to keep up with maintenance and repairs.  And for tenants, rent control is only helpful if they stay in the same rental for years on end.  Because once they move, they’re paying market rates to landlords who are working to recoup lost income from their previous tenant.

Bottom line, rent control has been found that it’s not all cracked up as it appears to be.

Want to know what you should be prepared for in case it comes to the town of your rental property?  Lots of good stuff in there for ALL landlords, regardless of whether your rental is in a rent-controlled area or not.

Check out this week’s podcast where we are discussing what it is, who it benefits, the challenges landlords face, and how to work around them.

LINKS

👉 Episode 38: Avoid Evictions with Tenant Buyouts That Work

👉  EZ Landlord Forms:

✔️State Specific Leases

✔️ 400 Forms to make your landlord-tenant relationship top notch! 

✔️ 200 FREE forms for those not ready to purchase.

✔️ 4.8 Rating with over 5000 Reviews!

✔️ Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership.

✔️ YOU CAN BUY LIFETIME FORMS for $399!

USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE ANNUAL or LIFETIME FORMS!
Check out EZ Landlord Forms Today!

👉 Episode 7: 7 Ways to Increase Profit for Your Rental Property

👉 Course Waitlist:  From Marketing to Move In, Place Your Ideal Tenant

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Working on real estate investments is challenging enough but what if you are operating a business of owning and managing rental properties with your spouse or life partner?

This episode covers so much from tips on what not to do and tips on how to do this work better.

And let’s face it, much of this information is common sense and many of us already know it…but we may not be doing it.

We polled our favorite husband and wife real estate investment teams and got their take and best advice on what it takes to work with your significant other and they did not disappoint!

So, whether you are already married and investing with your spouse or you hope to do so one day, this is a great episode to listen to.

LINKS

👉 Basic Tax Strategies, Episode 45

👉 Advanced Tax Strategies, Episode 46

👉 Link to our Place Your Ideal Tenant course waitlist

👉 Amanda Han Forbes Article: 5 Real Estate Investing Tips for Married Couples

👉 Amanda Han Book: Advanced Tax Strategies

👉 Connect on Instagram with the REI couples who contributed to this episode:

Casey Franchini, Brick by Brick Wealth

Aheli & Gabriel, The Hungry Investors

Danielle Dickens, Fit to Invest_Dani

Anam & Amir, The Hash’s Invest

Herb Honore, Honore Empire

Erik & Gelerie Stenbakken, Winning with REI

Kier & Todd Vogt, Real Estate Kier

Kamohai & Tristen Kalama, Hawaii Real Estate Investors

Amanda Han & Matt McFarland, Amanda Han_CPA

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Accepting physical checks for payment is becoming a thing of the past.  Many landlords looking to replace this method without increasing expenses have considered using cash apps such as Zelle, Venmo, or Paypal.  However, where these apps make receiving rent very cost effective and convenient, they are risky.  

In this episode we are discussing these risks and why landlords should NOT accept cash apps for rent payments.

Of course, we do advise you on what the better options are for you to operate a secure, professional rental property business.

LINKS

👉 Rent Reporters: According to TransUnion, 70% of tenants are more likely to pay rent on time if their payments are being reported to the credit bureaus.

👉QuickBooks Online Accounting Software We use QuickBooks daily in our rental property business!

Take advantage of 30% off your first 6 months of QuickBooks Online using our exclusive Business Affiliate link.

👉 TurboTenant: Is a great option for landlords with just a few doors or for those who may be new to using rental property software.  

👉 DoorLoop: Founded by property managers and landlords who wanted to save time, make more money, and grow their portfolio’s.

👉 Hemlane The software that is built to grow with your needs as a landlord. 

👉 Avail: A great alternative when searching for a rental property management software.  Use this link to receive a $50 credit towards your fees!

👉 BiggerPockets: Pro members get the use of RentRedi landlords software for FREE.

👉 Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!  

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📩Email us at: [email protected], [email protected] 

➡️ Give us a review: Apple or on Spotify or YouTube 

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You know the phrase happy wife, happy life?  Well, we couldn’t think of something snappy like that, but the same concept rings true for landlords and tenants.  Keep your tenants happy and your experience as a landlord will be much easier and enjoyable.

This podcast episode is all about concepts and things you can do to enhance your tenants experience while living in your rental property.

We discuss communication, maintenance, gifts, upgrades, offering amenities, and technology.

You’d be amazed at what implementing just a few of these concepts can do to boost the landlord tenant relationship!

LINKS:

👉 Heatwave email: This is the email we send to our tenants at the beginning of the summer to supply them with tips on handling hot weather and heat waves.

👉 Hemlane a software that is built to grow with your needs as a landlord. 

For a minimal amount, there's a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on.  

It gets better!  If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.

👉 TurboTenant: A great option for landlords.  Perfect for those with just a few doors or for those who may be new to using rental property software.  

👉 DoorLoop has easy rent collection, top tier organization and support, and scalable portfolio growth.

Connect with Us: 

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👆 FREE Landlord Forms and Doc’s

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📩Email us at: [email protected], [email protected] 

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The process of vetting a prospective tenant is likely one of the most important tasks a landlord has.

Think about it.  The person you place to live in your unit needs to have personal and financial characteristics that meet your rental criteria.

For us that means they need to have two positive referrals from previous landlords, a credit score of 725 or above, and net income that is at least 2.5 times the rental amount. But that’s just our qualifiers.

Because income is such an important part of the investigation process for this prospective tenant, we spend a lot of time looking at their credit report.

Sure, it’s likely that if they have our required score they will qualify, but we look deeper into the report to look at debt and if after paying that debt, will they have enough money to still pay rent to us?

In this episode we discuss what we look for when reading someone’s credit report, because it’s a whole lot more than that one little FICO score. 

LINKS

👉 Rent Reporters: According to TransUnion, 70% of tenants are more likely to pay rent on time if their payments are being reported to the credit bureaus.

👉 TenantAlert: They provide the ONLY instant tenant screening service with LeaseGuarantee. The credit screening company with options AND guarantees.

👉 Tenant Alert PDF

👉 TurboTenant: Is a great option for landlords with just a few doors or for those who may be new to using rental property software.  

For the most part, TurboTenant’s software is free to use so they are perfect for landlords on a tight budget.

👉 FTC Tips for Landlords: Using Consumer Reports, What Landlords Need to Know.

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Retirement is a subject that used to be synonymous with Medicare, but those days are long gone.  As we are close to retirement (in age and financial position), we thought you would like to know the things we considered and implemented when creating our own retirement plan.

Now, we hear of people retiring in their early 50’s, 40’s, and even some are really tightening their financial belt and retiring in their 30’s.  Where this takes focus and dedication, there is something we can all learn from the methodology these early retirees use.

In this episode, we are discussing:

·       The concept of FIRE (Financial Independence, Retire Early) and the variety of ways to achieve it.

·       Things to consider before retiring.

·       Budgeting for your retirement.

·       How much rental property income is needed to retire.

·       What to invest in if you haven’t bought a property yet.

We do our best to roll through all this information concisely but check out the links below for additional resources to help with your retirement planning.

LINKS:

👉 Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence.

👉 Podcast Episode 45: Basic Tax Strategies

👉 Podcast Episode 46: Advanced Tax Strategies

👉 Microsoft Excel: Microsoft for Small Business ($6/month)

👉 YNAB(You Need A Budget):  Simplify spending and saving, once and for all. Organize your finances (and your life!) with a free trial of YNAB.

👉 Retire Early with Real Estate by Chad Carson

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Where it is not every rental property investors dream to quit their traditional 9-5 job and work at self-managing their units, it is a consideration for many landlords we know.

Some desire FIRE (Financial Independence from Real Estate) where they don’t have many management tasks to take on, some are willing to swap their full-time gig for working to manage their rentals instead.

The desire is freedom.  Freedom from reporting to someone else, somewhere else, for a defined time of at least 40 hours during the week.

Freedom to get up in the morning and go to the gym, travel, spend more time with family, and the freedom to develop, scale, and grow their real estate investments so that they and their family can enjoy a comfortable life financially.

But how easy is this to obtain?  What are the things that need to be considered before making a life changing move like this?

This is what we are discussing this week so tune on in if you think this is a subject you want to learn more about.

LINKS

👉 Episode 45: Basic Tax Strategies for Rental Property Owners

👉 Episode 46: Advanced Tax Strategies for Rental Property Owners

👉 QuickBooks Accounting Software. 30% OFF your first 6 months.

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Last week we went over all the basic tax deductions that rental property owners can take.  And believe me, many of you are missing out on some of those expense deductions that have REALLY GOOD advantages.

This week we are digging a little deeper and discussing more advanced tax strategies that take a little time to consider and put in place.  

Like the tax benefits of holding your rentals in a legal entity, creative ways to use funds you already have to buy rental properties tax free or tax deferred, the ins and outs of cost segregation, and how if you can qualify as a real estate professional, you should!

If you know us, we are not just tossing out info to say you should, we are telling you why they are important to your growth as a real estate investor and how to implement these tax advantages to scale your portfolio of rental properties.

LINKS

👉 QuickBooks Accounting Software. 30% OFF your first 6 months.

👉 NOLO: Do it yourself legal guide to create your LLC

👉 Advanced Tax Strategies For Real Estate Book, by Amanda Han and Matthew MacFarland.

👉 Episode 16: Is Holding Your Rental in An LLC Right For You?

👉 Episode 12: Our Experience With A 1031 Exchange, Would We Do It Again?

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👆 FREE Landlord Forms and Doc’s

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If you’re like most real estate investors, tax season likely produces sweaty palms, an intimidating “to do” list, and an overwhelming sense of dread. 

It doesn’t have to be this way.  This is why we are discussing basic tax strategies early in the year so you can make the adjustments needed and do a little upfront work to self-educate on the “best practices” for tax strategy for rental property owners (which is why you’re here).

We are discussing valuable tax strategies you can implement now to minimize your 2024 tax bill—and maximize your annual revenue, making tax season actually enjoyable. After all, who doesn’t like found money?

From common everyday expenses to travel, home office, vehicles, and depreciation, we are going over all you need to know to maximize your deductions and have unexpected funds to use towards your next rental property.

LINKS

👉 QuickBooks Accounting Software. 30% OFF your first 6 months.

👉 Advanced Tax Strategies For Real Estate Book, by Amanda Han and Matthew MacFarland.

👉 12 Month Expanding File Folder (Accordion File)

👉 BiggerPockets: Real Estate Investor Community Forum

👉 EZ Landlord Forms

✔️State Specific Leases

✔️ 400 Forms to make your landlord-tenant relationship top notch! 

✔️ 200 FREE forms for those not ready to purchase.

✔️ 4.8 Rating with over 5000 Reviews!

✔️ Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership.

✔️ YOU CAN BUY LIFETIME FORMS for $399!

USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE ANNUAL or LIFETIME FORMS!

👉 IRS: Tips on Rental Real Estate Income, Deductions, and Recordkeeping 

👉 IRS: Travel, Gifts, and Car Expenses (Pub 463) 

👉 IRS: Residential Rental Property (Pub 527)

👉 CA Earthquake Brace and Bolt Program

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 So, you know how there’s laws in most states now pertaining to the health and safety of rental properties using smoke detectors, dealing with mold, about lead based paint, and how to handle tenants with bed bugs?

Several years ago, California passed a law, SB-721 which basically said rental property owners of certain sized properties had to have their decks and balconies inspected and remedied by 2025 and then within every 5 years thereafter.

This was in response to a deadly balcony collapse with several other instances across the state severely injuring people just hanging out to have a good time.

The point is, many other states have also experienced deaths and serious injuries from decks and balconies that collapsed since California has passed this law.  Now, those states are now following suit to force landlords to repair dry rotted or damaged decks or balconies.

And this my friends is the subject of this week’s podcast.

You may think it doesn’t apply to you but at some point, it will.

It’s risk management at its best!

Listen to what we have to say about the law pertaining to deck and balcony inspections regardless of what state your rental property is in.

LINKS

👉 Apartment Maintenance Guide, Deck and Balcony Inspections
👉 Get your California Deck and Balcony inspection: Let Dan Cronk know that Your Landlord Resource referred you! 
Phone:  (916) 238-0618 
Email: [email protected] 

👉 California Senate Bill 721: Building Standards, Decks and Balcony Inspection

👉 SB-326: Condominium Complex Health and Safety Code for Decks and Balcony’s

👉 San Francisco Housing Code 604

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