Sometimes all it takes for success is taking the first plunge. Those are the sentiments of Emily of the Rental Rookie Podcast. She and her husband Kirk became part of the Real estate investors list after purchasing their first residence which they later turned it into a rental. In this podcast, she shares her experiences and also interviews real estate experts.
Real Estate Investors List: Points That Every List Should Have
Making Your First Flip
Show 74, highlights how they made their first flip. She points out that for success, one has to step out of their comfort zone. She says that buying rental property consists of a system that one has to follow. According to her, it’s an elaborate process and procedure. When you get the property, you just plug in the numbers into the system to ascertain if it conforms to your individual standards. This involves checking it against your set Return on Investment (ROI) standard. You don’t have to force things. If it meets or doesn’t meet your standard, then you make the necessary action.
Emily and Kirk show that they had a burning desire to try a flip, but not because they wanted to stop investing in the rental property road. She hints that this should be on every real estate investors list.
Formula for Working with Contractors
In show 75, Emily indulged listeners to the modalities of working with contractors. She accepted that sometimes it could be a scary and an intimidating affair to work with contractors for the very first time. Beit general contractors or subcontractors, all are placed to make you have chills.
Most of the time, one doesn’t know what to ask. At times, you have no idea of where to get a genuine contractor. To make things worse, there are a lot of horror stories out there of shady contractors who never finish their jobs and those who take off immediately after you give them some money. Well, it’s not that she is cynical, but she brings a practical experience of what to expect with contractors. She advises:
- Always find insured contractors
- The importance of setting up a payment schedule and why it should be on every real investor’s list.
The Pros and Cons of Partnerships
In show 52, Kirk and Emily bring in the topic of partnerships. More specifically, the advantages and disadvantages of partnership deals. The bulk of this show revolves around why it’s a nice idea for rookie investors to embrace partnership deals with established investors. In every real estate investors list, the following aspects should be ascertained:
- Whether all parties will contribute to the deal financially
- Who will be responsible for management
- Whose names will be appended to the title deed
- Who will track expenses and ensure the bills are paid
In any case, they drew conclusions that on the onset of every partnership, there has to be a discussion of ‘what if’ scenarios. Nature and manner in which both parties will respond will greatly influence the success of the partnership.
In show 39, Kirk and Emily indulged listeners to the practical value of preparing for the worst. Well, I’ll urge you to check out the Rental Rookie podcast for these and many more practical lessons in the real estate world. Indeed, checking out her experiences should be on every real estate investors list.