In this episode, Brian and John focus on a property that they bought in 2016. The guys have been on a roller coaster ride with this property, but thankfully, everything worked out in the end! Brian and John learned a lot from dealing with this property and are now passing these lessons on to us. They share how they got a short-term tenant that paid a premium for rent, their discovery of illegal items in the house, and how they were able to convert a tenant into an owner.
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This Episode is Sponsored by
Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.
Covered Topics:
- Purchasing the property on Williams
- The different types of tenants that have lived at the property
- Dealing with bad tenants
- Selling the property to a tenant
Show Notes:
01:12 What’s been happening the past couple of weeks.
- Dealing with multi-family units.
- Refinancing a property.
- Finally getting the required permits for some buildings.
- Bringing on a new employee.
- A deal getting delayed and wholesalers.
- Selling a home that the guys have been renting for about a year.
08:44 The property on Williams.
- The day that Brian showed up to the house after purchase in 2016.
- An interesting event that happened a few months later.
- Repairing and renting the house.
11:55 – The tenants that have lived at the Williams property.
- Being approached by an insurance rep.
- Getting short-term rentals that pay well.
- A tenant that had no red flags but turned into a bad situation.
- Cleaning up the house after bad tenants.
17:30 – Renting the property again.
- The new tenants wanting to buy the house.
- Everybody winning.
- Not holding out for value appreciation.
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Topic Takeaways
- Do regular inspections on your properties.
- Reach out to insurance reps for potential tenants.
- Take tenants who want to buy your rental property seriously.
Tweetable Quotes
“It was after this property that we drew the line and said “absolutely; we have to do quarterly inspections on every property.” (Tweet This!)
“We had a tenant that really liked living with us, they really liked the property that we provided them, they asked us if they could buy it from us, we agreed, and everybody won.” (Tweet This!)
