Real Estate Guru: Watch Your Wallet!

I had a great evening, real estate wise. The best part was working with an investor who has owned rental houses before but has never had to do any tenant selection on her own. So I’ve been walking her through advertising the income property and answering calls/emails and tonight we met together with a prospective tenant couple. She let me do all the talking, question answering/asking and such. She seemed to show tenants houses the same way I show houses to her…I let them look around and leave them alone. But she said she wasn’t suprised at how I went over in detail what I would expect from them as tenants and, in turn, what they could expect from her as a landlord.

We have a couple more prospective tenants to show the house to on Friday evening and she’ll be there to continue to learn. She wants to be her own property manager for a while to learn how it works from that angle.

I tell you all of this because I’ve been having a good time surfing around the web tonight and reading some very good real estate blogs. And on a few of them there are backhanded references to real estate gurus. (Deservedly so, IMO.)

If you are starting out in the real estate game you have three choices as I see them:
  1. Read all you can and go out on your own. Figure things out as you go.
  2. Hire an investment “mentor” and follow him down the path. (Someone who can actually show you what they are doing NOW…not 5 years ago.)
  3. Work with a professional real estate agent that has a proven track record. My guess is, and this is only a guess, that each major city only has about 4-7 of these guys. Here in KC my figure is about 6 out of the 13,000 agents. Better interview carefully!

But whatever you do…Don’t buy the books, tapes and seminars of the real estate gurus! Why? Give me a call or email. We can discuss it.

Here are a couple links to sites that would be worth your time to visit:

The Successful Landlord Blog

Tenant Tales

1 Comment

Filed under Property Management, Real Estate Investing

One response to “Real Estate Guru: Watch Your Wallet!

  1. Jeff Brown

    Amen brother.

    In my talk with prospective tenants I used to tell them this:

    Your rent is due on the 1st and late on the 3rd. You will be served with a pay or quit notice on the 4th. Are there any questions.

    I became known as Darth BawldGuy. 🙂

    Great job Chris – as usual.

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