Quick Announcements: The Podcast is Coming Back
The RentalRookie Podcast
Emily shares two quick announcements regarding the return of the podcast and an upcoming virtual investing summit that you can attend for free.
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Show164: How we Doubled our Unsecured Line of Credit
The RentalRookie Podcast
Lines of credit can be a great financial strategy when it comes to financing rental property. Whether it be a HELOC, secured line of credit or unsecured line of credit it allow you some flexibility to acquire property. What is an unsecured line of credit? An unsecured line of credit is a revolving account that allows you to draw and repay based on your need for the money. What's great about an unsecured LOC is that you don't have to put any...
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Show163: This is Your Year...Chase Your Dreams
The RentalRookie Podcast
Yep....not just a new year...it's a new decade. And with that comes excitement and inspiration and motivation. It's like you wake up one morning a totally changed and motivated individual.... because that's what happens. We go to bed on December 31st every year and wake up a new person the next morning. Right? I'm here to tell you that this year.....is your year. Stop letting your fears get in the way.... Stop letting what other people think about you get in the way... Sit down and take control of your life and where you want to go. Be intentional about what you want your like to look like....
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Show162: 4 Things to Kick off Your Investing Journey
The RentalRookie Podcast
We've made it to the end of our 12 days of Christmas and I hope I've inspired and motivated you to kick some butt in 2020. So to end our 12 day long focus of learning about investing in real estate I'm giving you 4 things to do right now to jumpstart your journey toward buying that first property. !. Do a financial audit of your finances Take a look at everything. Calculate you total monthly income (include work income, side job incomes, child support, etc. ...
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Show161: Overcoming stage fright with investing
The RentalRookie Podcast
It's the 11th Day of Christmas Stage fright. Have you ever felt this? When you've worked so hard at something (dance, piano, athletic event, choir concert) you've put your blood, sweat and tears into really mastering the skill so you can perform well. And you get to the event…..and your slammed with stage fright. It can totally inhibit your performance. Fill you with anxiety and fear, Even when you know you've done the work to get out and do your best. Some of us can push through and face that stage fright head on ….. …while others can't. I see this same 'stage fright' happen with newbie...
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Show160: Tax benefits of buying rental property
The RentalRookie Podcast
We are about to kick off a brand spanking new year. And if you already own a rental property but have not kept track of your tax deductible items for investing in rentals now's the time to clean that side of the business up. If you're coming in hot to 2020 ready to buy your first property…then knowing the things you should be keeping track of from the start will make your life 100x more easier when it comes time to do your taxes. ----Tax time of the year can be such a drag for a lot of people. Although it is a time to financially reflect on your year, it also is a time that can cause a lot...
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Show159: The importance of tenant experience
The RentalRookie Podcast
It's the 9th day of Christmas and it's my birthday!! And in the spite of gift giving in receiving I want to talk about tenant experience and how providing tenants with unexpected gifts can be huge in having proud, loyal tenants. Think about it. We put a lot of effort, time and money into buying these investments and we want to have a great experience ourselves so we need to have our tenants have a great experience. How do we do this? We have welcome packages for our new tenants. We provide new tenants with a welcome gift. It could be a gift card, welcome flowers, a gift basket of items you...
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Show158: Running numbers on properties to ensure it's a good deal
The RentalRookie Podcast
What is awesome about investing in real estate is that we know before we ever close on a deal and sign the dotted line whether a property is a good deal. The process of buying rental property is in a lot of your control. Which either… A. people love because they like control or B. scares the daylights because they don't want to be responsible for the make or break of their financial investment. And a big part of this comes down to knowing how to run numbers. Knowing how to determine the return on investment that a property is going to yield you. Knowing how to property find and estimate...
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Show157: How do I find good deals on rental property?
The RentalRookie Podcast
Guess what….I love to travel. IT's my passion…it's my jam. So I subscribe to many different email newsletters dedicated to travel. Travelzoo, Sherman's Travel, Hotel Tonight, you name it I'm on it. And I don't just let those email go to my junk email address and not read them I know what days those emails come out every week and I look for them in my email inbox week in and week out. WHY? Because I want to see what the deals are this week. Are there any that we want to jump on and schedule for the upcoming year. I once was able to get Kirk and I RT flights to Denver for about $170 per...
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Show156: Running a Rental Market Audit
The RentalRookie Podcast
Running a rental market audit is critical to your success as an investor.
info_outlineIf you're anything like Kenny who recently said his obstacle is "worrying about the fear of failing"
or like me
who was scared to start because I lacked confidence and knowledge.
Then you're not alone.
And sometimes it can be reassuring to know that others are feeling the exact same way you are in your journey right now.
Getting started with rental property is not easy and is very intimidating as a rookie investor.
You've probably thought to yourself…
"I'm not smart enough to do this"
"I don't have the money to be doing this"
"What are people going to think when they hear we are doing this"
"I don't know anyone else who does this…what will my family say"
"What if we buy a bad property and lose money"
"What if the market turns and we bought at the top of the market"
Give me a 'hell yeah' if you've said any of these things….thought any of these things…or felt any of these things.
You are not alone!
But as Warren Buffet has said "risk comes from not knowing what you are doing"
The good thing about all of those limiting beliefs that we all feel is that we can overcome them by simply realizing 2 things.
- There are people who have gone and done this before you who are here to teach you what they've learned, the mistakes they've made and how to find success.
Investing in rental property is controllable. You have a lot of control over the outcome of the endeavor.
So if you put the time in to learning and gaining the knowledge the risk factors go down dramatically because you will know what you're doing.
Lean on those who have been there!
Find a mentor to learn from.
Find a friend to learn together.
2. People don't think about you.
This might be harsh but I feel like in a lot of podcasts and books I've been reading lately this is a common statement that keeps coming up.
So I will pass it on to you because it hit me like a ton of bricks when I read it.
All the time I spend worrying about what my family will think or what our friends of parents of our children's friends will think…..
No one cares.
Everyone cares about themselves.
Most people are not spending any extra energy thinking about you and what you are doing.
Why??
We are all busy and tired and going 100 miles per minute.
We are so focused on ourselves and what we are doing there isn't much time to sit and think about what Sally's parents from Jamie's school are thinking about you.
Forget about others.
Focus on you, your family and the goals that you want to achieve.
If you believe so deeply in what your mission is together and what you want to achieve you can't take time letting the fear of failing or the fear of what other people think stand in your way.
So commit….right now and as we begin a new year…..
Commit to your goals and your mission because this is your life.
Are you going to stand up and fight for your life?
You only get one chance!