Biggest mistakes I made on my first rental property-new landlord-investor
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- Опубликовано: 16 июн 2024
- Today I want to talk to you about the biggest mistakes I made on my first rental property. Being a first time landlord is no easy task, like I thought it was going to be. You see, back in 2005 I thought after I bought the house, I'd hire a property manager and let the money start rolling in on auto pilot. That wasn't the case. I lost 3 houses to foreclosure because I didn't know what I was doing. I could go on for hours about all the mistakes I made but I decided to narrow it down to the ones that will have the most impact on your real estate rental business. Don't forget to download the accompanying pdf checklist and all the supporting docs so you'll be successful with your first rental property, even if you haven't bought it yet. It's out there waiting for you!
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00:00- Intro
2:07 - #1 Allowing my tenants to have pets
3:40 - #2 Doing one year leases with my tenants
4:43 -#3 Trying to be friends instead of being friendly w/ my tenants
6:17 - #4 Only doing 30 day notices to vacate the property instead of 90 day notices
7:45 - #5 Taking personal checks
8:52 - #6 Not keeping track of late fees when the tenant paid rent late
10:14 - #7 Being the owner instead of being the Property Manager
11:36 - #8 Not verifying income with the Employment Verification document
13:14 - #9 Making the rent due on the 1st of the month
14:58 - #10 Not sending out and filing the proper Landlord/tenant paperwork when rent is late
17:05 - #11 Communicating w/ my tenants too much
18:32 - #12 Not trying Section 8 tenants
19:21 - #13 Not taking pictures of damages when the tenant moves out
21:02 - #14 Refusing to try Lease Options as a strategy
21:45 - #15 Not charging court fees to tenants
22:45 - #16 Not checking eviction past filings on prospective tenants
23:36 - #17 Not giving out Air Filters for Central Heating and Air systems
24:35 - #18 I didn't speak to previous Landlords of my prospective tenants
27:11 - #19 Not driving by my properties
28:10 - #20 - Thinking the Property Management company will take care of everything
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#firsttimelandlord, #1strentalproperty, #howtomanagerentals
• Biggest mistakes I mad...
![Calculating Numbers on a Rental Property [Using The Four Square Method!]](http://i.ytimg.com/vi/T_7vhsSBi7c/mqdefault.jpg)
👉Download my 20 MISTAKES PDF along w/ my rental docs here: aw8d9fb.aweb.page/p/5833df8d-f0fd-48c7-9318-01ff7d3f156e
When experience talks, i listen!
Hold up, I'm only 47, and I've got mentors been in the game for 10 years longer than me, BUT, I'll take that. I never thought I'd be the big homie. It just kinda happened after 19 years of this messy business. I appreciate your support.
@@krishaskinsneed more videos like this bro
90 days is a stretch. You need to be fair with the tenant. A 60 day notice is reasonable for both parties.
Exactly😂😂😂 like he lost me there
No 90 days is great it works great😊
What’s wrong with 90? Just curious
You know your moving in 90 days 60 your narrowing down where already. 90 is fine cut it out
I’m only halfway through the video and I just had to pause it just to write this comment. This video is gold. All the other videos are always about how to buy your first place this and that this is actually the best video I’ve seen in a long time.
I’m currently in my third year of being a landlord and purchasing my third multifamily right now. So there’s a lot of tips and tricks in here.
What is up bro how did you get your second property?
No nonsense landlording. Good stuff - I learned some things. Thank you boss!
I just bought my 1st rental in Flint Michigan. My entire circle is laughing @ me.I had to start somewhere. I'm not to proud
Hold up, what are "they" laughing at".. It pains me when I see peeps taking action, while others sit on the sidelines scared to pull the trigger. Just stay in the market and you'll win. Time IN the market is the secret.. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Congratulations!!! Everyone needs a place to live and you’ll be even more proud in the years to come. Wish you the best.
CONGRATULATIONS on your new property!!!
Don’t listen to the noise from others. Keep watching Kris and others like him. Listen to podcast. Read landlord books. Arming yourself with knowledge and educating yourself about real estate will not allow you to fail. Start figuring now how you’re going to buy property number two. Good luck and wish you the best success.
Man when I read your comment I felt happy until the "not proud" part. I'm from Michigan and currently in underwriting for my first rental. Be proud my friend. I get it. Ppl like us gotta get properties in the more C class neighborhood,but it's a start. My market is Detroit,Flint,Toledeo. We have the ability to get affordable homes that cashflow being in the Midwest. Also I keep my business as private as possible. Let them laugh. Fast forward a cpl years and you'll be laughing to the bank. Your boys laughing have hearts full of fear they don't have the balls to do what you've done. God bless my friend. Go hard! The grind don't stop baby!!!
That was at least $1,000.00 worth of advice. One thing I would like to add (because of my brother) is that there are a million hard luck stories about a tenant being temporarily short of cash. Even if that is true, will your bank, insurance company and tax collector tell you to skip a payment because you gave someone a break? Don't let them make their problem your problem. You'll be getting a lot of stories during these hard times. Kris is the best! (I'm a licensed Real Estate Broker)
yes, sounds like you may have some stories of your own, let me know if you want to come on the channel to share some of them Kris@krishaskins.com, and you made me remember another tip I didn't include "train or be trained" Tenants will train us IF we let them, so those stories can get deeper and deeper, I wish I would've recorded some of them over the years as their never ending. Thnx for watching.....
I'm re-reading this comment. I love the fact that "hard luck stories" are out there waiting to take your money. Thnx for this one.
True but landlords need to not overcharge on rent.
It costs nothing to be a good person and give someone a break when they bring themselves low enough to ask for one.
@@teancoffee208 Yes it does! It can cost plenty.
I liked, commented, shared, and subscribed for how much value you have provided others and myself. Thank you
Absolutely great mistakes to highlight! Thanks kris!
Kris... you ALWAYS give great content. THANK YOU FOR BLESSING US👏👏👏👏👏
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 63 and my husband 65 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Nice one Stephanie .Any investment tip?. I would love to know how you made it this far
Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with REGINA LOUISE COLLARO an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself.
Impressive Stephanie! Your investment advisor seems quite skilled. I've come across success stories of individuals enhancing their financial stability through advisors. Could you provide further details about this individual?
@skoopqueen she is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message .She works with anyone independent of their location.
I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
Thank you - this was
useful information as I have made many of mistakes you mentioned here. Please make more useful contents like this to help us beginners
Thank you for the valuable lesson today. Your advice will save me so much headache, money and of course insanity. I’m a new landlord trying to learn how to properly manage a student rental. Comes across your video and watched till the end. I will carry your advice on this video until I fully retire. Thank you a lot again. ❤
Best advice I’ve seen on RUclips. Thank you
Thank you so much. I have learnt so much from your one video that I accidentally found. From now on I will b extra careful and not make mistakes. Thank you thank you
I'm amazed by the information on this video. THANK YOU!
This is best video I ever seen about managing my property.
Thank u so much for all info❤
One been researching getting a rental, and I have to say. This is the most informative, useful video I’ve seen.
youre brilliant my friend.. excellent teaching and motivational skills. it's so informative, real and pleasant to hear your wisdom in the RE rental realm!
Love the amount of good info packed in this info.
Thanks I’m about to get my 2nd rental property. This will help a lot
Very informative and great use of time. Thank you!
Hi Kris, thanks for sharing your "Biggest Mistakes" journey with us! Your honesty is refreshing. It's all part of the learning process. Your video is like a roadmap for rookies, helping them avoid those same potholes on rental property adventure! Keep the insights coming, and grow together with your audiences! You deserve the like, share and subscribe!
Hey man let me tell you I probably never write a comment, but you make amazing videos, supper informative and you give alot of value with your documents, keep it up man your a boss. I will sure be sending this video to family and friends. You have a new loyal follower 👍👍
I appreciate that my friend, it's an honor to serve my people and get this message out...
Thoroughly enjoyed this
Thanks Kris! Great stuff as usual!
Great information Chris!!! I appreciate you ❤
This was SO GOOD, and I'm currently a renter. Thanks for the tips!!!!
This was very good information!!! I will be following you going forward!! Thanks
You are fantastic! This information is extremely helpful and certainly not common knowledge! Thank you for sharing!
Great advice. Especially the air filter tip. The best apartment buildings I’ve lived in did all of the things you did. The worst ones didn’t.
Thank you so very much for sharing this valuable information with us. Thank you.
Thank you for sharing your experiences. These are elpful. You rock.
Love this! Thanks for the great info.
Perfect, so many mistakes you mentioned I did and still doing.
Great video. Great advice on managing renters! Thank you so much.
Friendly Vs Friends absolutely hit me. I had one who just kept pushing and pushing, and soon as I gave him the notice to Vacate when he already told me he can’t afford the new rent and I had given him a 3 month extension at the same lower rate, he got mad and started having an attitude. DO NOT LET THEM THINK YOUR FRIENDS.
They act friendly on purpose, to manipulate.
exactly! its the same tactic being used by tenant and landlord...its all good we can act as friendly and respectful as possible but in the end, everybody knows its about business and NOT personal@@sunnynsydney4705
Glad i came across this video. Thank you man. There's things on this list that i never would've thought of. Stay blessed brother!
This was really thorough and helpful. Thanks! You have a new subscriber.
Awesome notes! Thank you!
thanks for this info, you're cutting the learning curve
Great video! On point and good advice. The only thing different that I do is #9. I have the monthly payment due on the 10th of each month with a 5 day grace period. Believe me, in 8 years I haven’t had a problem with folks not paying on time. I give them time to pay their other bills at the beginning of the month. Has worked out well for me and some of my close friends/family. Thank you for the effort put into this informative video.
One of the best and real video on line to date. Great. Thanks for all 20 + pointers
You are welcome, now get out there and you better not make these mistakes. let me know how things go for you...
This advice is Gold. Thanks brother
Solid advice around the 26 minute mark on figuring out if your talking to someone's friend or the actual landlord.
Thank you! Excellent startup advice.❤
I am learning about rental properties, and your video has the best advice I've found thus far. Great tips. Thank you!
So glad I found you. You answered 2 questions I have been wondering for five years. I own a duplex I live In the bottom unit.. thank you
Wow...One of the very best videos on this topic. Thanks man!
Yes it’s my honor, it’s always a pleasure to simply tell the TRUTH about this business.
Thank you for sharing your wisdom and experience. I'll carry this in my mental toolkit for life.
I rarely add comments to RUclips, but this one was a very good video. Love the advice and love how it was very straightforward. Just know I clicked that subscribe button!
Glad it was helpful! It's really just years of giving away money to bad tenants paying for their housing. Now you know....
Omg Kris, you just saved me SO much headache!!!
THANK YOU!!!
It’s my pleasure, I absolutely LOVE seeing my peeps get they’re head and plan together BEFORE they jump into this thing. U can really lose ur shirt
This was so helpful, thank you!
I’m 24 years old and got preapproved for a loan. I hope to do this too. Thank you for so much information. I subscribed which I never do. You the truth
Thanks a lot. I just rented for first time and I am managing it too and it started bad. Thanks for your advises.
Super sincere guy! Thank you
Just because of this video subscribed! Can’t wait to go through the rest of your channel.
Thank you for all those tips, I learnt alot!
Welcome aboard! I HIGHLY suggest putting on your seat belt my friend, it's going to be a bumpy ride
@@krishaskins ahaha I’ve seen it all , just love the way you broke down the video. Also…. I love roller coasters ! Am ready 🤓
This is a really great video!
I definitely learned some tricks.
Thank you!
True facts! Thanks for sharing.
I like the way you explain, Kris. The pace is excellent and easy to understand. Keep it up
Much appreciated! It's an honor to be in a position to serve, 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
You know, this is relevant and applicable even in Greece, Europe (where I'm watching you from). Thank you for the good advice. God bless you!
WOW, that's amazing. It's interesting the rules are kinda the same there. I'd love to see how real estate markets are doing there as well. ?
Thank you for making this video! About to rent our my first rental property!
Oh snap, I’m so glad ur taking the time to educate ur self UNLIKE I did. I know ur going to do a great job
Thank you for the time stamps!
Thank you though! Have a nice night.
Learning to set rent payment deadlines smartly can ensure timely payments and better financial planning for tenants. I found the idea of regular property inspections and driving by properties beneficial. It's a hands-on approach to property management that can prevent maintenance issues. Thank you for highlighting the importance of verifying tenants' income for financial security. It's a crucial step in establishing reliability and stability in rental agreements!
Great information. Thank you for sharing
Great video excellent content! Thanks for all the good info💪
Some really simple, very easily implemented advice here that could definitely save a whole lot of headaches.
thanks for this great content Kris
Great video Kris. Great info, great vibes.
While I understand the concept of a 3 year lease, I wonder how many good tenants walk away from that. If I was renting, I would want 1 year leases depending on the situation
1 year lease just means your rent will go up next year. Might as well lock in a multi year agreement
What about tenants you want to boot? Unless they break the lease, you'd have to wait for the whole 3 year lease to run out to non-renew
@@kimjongil5200I was wondering the same thing
Yeah I know especially people who travel a lot. Like myself at the time when I was renting I preferred 1 year I wouldn’t want to be locked into something for 3 years.
Agree with 3 year lease being a bit too long. But it makes me think you can at least offer it to your potential new tenant. I don't think that would be a terrible idea.
Great video. I have been procrastinating on renting my place out. I quit the property management company I was using back in October because I felt they were dragging their feet purposely in an attempt to pressure my to sell my place. Anyway, a couple people I know said maybe I should rent the rooms out individually and I was considering that. It is a newer home. I definitely want to continue management as time goes on and I retire from the military in 3 years. I downloaded your forms a little while ago.
This video is going to be so helpful. I plan to have rental property soon. Thank you so much!!
YES, speak it out loud and claim it. I know it's possible for you.. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Thank you for sharing all this information. Your a blessing!
It’s my honor and obligation plus commitment to my culture to get this wisdom out! Are u in the rental game now?
Thanks Kris, such great advice!! This is the advice I needed in order to protect myself as a landlord.
Well, I can only give it to u how my TENANTS gave it to me. Back in the day I was hanging on by a string. So now, unfortunately, I have to be extremely vigilant about dates and time for rents👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Man, I love all in your video. Your information, your voice, your way to talk, and your posture 👍🏼👍🏼👍🏼
Thanks for the video.
I appreciate that! It's all in truth my friend. BUT, the only reason it sounds like this is because your boy has been through HELL to get here. I don't think this stuff can be read, you gotta go through it before you can get to it.. It's my pleasure...😉
@@krishaskins 🥰 can’t agree more 👍🏼👍🏼
This is great stuff. Thank you !
Thank Kris,this was so informative and clear.
Thank you again!
You are so welcome! It's an honor to be able to breathe this life in. No, it's not easy, BUT if you focus and make the work your goal, things will pay off over time. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I’ll add something to the air filter thing. GO CHANGE IT YOURSELF!!! you will drop it off, and the tenant won’t even put it in.
Not only does putting it in your self make sure that the air filter makes it in, but it also gives you a chance to look around and check for leaks, dog shit, rats, trash, anything!
Sounds like you have some real world experience with this my friend.
As someone who cleans properties for landlords every week, this is the best advice. I'm writing this comment as I sit in front of a customer's house who has a tenant that has hoarded trash up to the ceilings. If you've never paid a biohazard remediation bill, or even seen an estimate for the work to be performed, this is a very smart way to keep tabs on the condition of the interior. Hoarding doesn't just happen overnight; you can keep a record of the maintenance the tenant is keeping by making a quick note.
@@biohazardpro-crimescenecle9728Can you do an un-announced visit, or do you have to make an appt. with your tenant?
@dlemmon1276 generally speaking, the landlord should have something in the lease agreements that mention they can access the unit at anytime as per maintenance and management of the property; unannounced if it is an absolute emergency (pipe burst, utilities, etc) and semi-unnanounced by giving them reasonable notice that you will be entering the unit for those purposes (24 hours is good rule of thumb). Most tenants would never have a place like this fully clean within 24 hours. I'm not a lawyer and this isn't legal advice. And this isn't business advice either; I'm not a consultant.
@@dlemmon1276 You can, yes. But I do the air filter thing so that I can do an inspection every three months without making an excuse, because I already have one.
Check for rocking toilets, leaks, everything.
I love you! This is so so so helpful! You are the best!
Love it!!!! Best video in a LONG time!!! Ain’t nothing to talk about 😂😂😂 Even back when I was on the other end and only paying rent - and these atrocious NYC rents at that- I never talked. What’s there to discuss? I know when it’s due. Either I pay it on time or I don’t ain’t nothing to talk about. The “I’m just a manager” is genius! I’m very new to this and that was def an💡😮 moment. THANK YOU!!!
Exactly!! You have no idea how many of my coaching clients call me starting off their question like; "Kris, what do I say to my tenant when they haven't paid rent and they call to say.........." I'm like "Why are you entertaining trying to figure out how THEY are going to pay YOU?" SO, we do our best to pull people over to the force that will empower them. Thx for recognizing the real game..... 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
This is a good video. Bookmarked and reviewed multiple times. Friendly vs friends absolutely!
Really good video, thank you for sharing.
Respect for your guidance 🎉
Really good info, thank you!
Excellent advice. Thanks
bro this video was very helpful and easy to follow along. Thanks!
Glad it helped! I was sitting around one day and I said "hhmm, how can I bring some value to my peeps?" Well, it just popped out, because I lost so much money, I figured I could help others NOT lose as much money as I did. Let me know if I can help....
I really liked this content. I definitely got a few tips from this.
Awesome information. Definitely gonna use this once I'm done renovating my 1st rental property. So glad I hit that subscribe button months ago.👍
This is probably the best video that I've watched for helping me out! Thank you!
You're very welcome! It's my honor to serve to help prevent you from taking the bullets I had to take..
@@krishaskins... agree with cmrncrick above. Thank you very much. Especially since I'm wanting to rent out my 1st home (an older farm house with no shower). Question: is it better to rent as is with clause for tenant to do repairs or do upgrades and then rent? Do I have to provide appliances, air conditioner, heater, stove, refrigerator, washer and dryer?
Clear, concise, and informative. great video partner
much appreciated my friend. It's a pleasure to be along on your journey w/ you...👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Subscribed and Liked. Thank you for the information.
Great video and outstanding key points.
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
I see this comment in every real estate investor.stop it 😂
Thank you so much for this video! I got so much valuable information from it!
Glad it was helpful!
Great info brother
Great information I appreciate it ❤
Kris, I enjoyed the info and have subscribed.
Great video. Learn from people’s mistakes is the key to success.
this was very valuable content thank you!