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Remote Property Management with Becky Nova
Episode 40022nd September 2022 • Real Estate Investing with the REI Mastermind Network • REI Mastermind Network | Real Estate Investing
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Becky Nova is a real estate investor and founder of Lady Landlords. She owns and manages properties in New York City and the Dominican Republic. She helps women achieve financial independence through real estate investing with courses, coaching and free Facebook group of 30k+ women. Invest with confidence and start building your portfolio the best way possible.

We chat about:

  • From Losing $100k to Building a 7-Figure REI Portfolio
  • 3-Step Process to Overcome Analysis Paralysis
  • How I Manage Tenants While Traveling.

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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack

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Remote-Property-Mangagement-with-Becky-Nova.mp3

Transcript

::

Welcome to the REI Mastermind Network, where host Jack Hoss gathers amazing stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works, what they've tried, that failed, and best of all, you'll learn actionable steps to take your real estate investing.

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To the next level.

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Now here's Jack with another value packed episode.

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We have Becky Nova with lady-landlords.com. I'm going to have everybody head over to your web page.

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You got a lot of great content there. So again, it's lady-landlords.com and Becky also has a podcast, so you might want to check that out as well as we're going to cover how to remote be a remote.

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Landlord as you're traveling, right Becky, you do a lot of trash.

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I do a lot of traveling.

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I've lived in four different countries, and I split my time between the United States and the Dominican Republic, so I find it really important to make sure that I can run my.

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Properties from the beach.

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Yeah, well, this is especially interesting.

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So, first of all, you, you say you have properties in, in.

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Was it New York, New Jersey?

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New York.

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New York and the Dominican.

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Public how did you find property?

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I gotta ask there.

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I mean, that's unique to my show, Dominican Republic.

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What made you decide to buy rental property there?

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Kind of have a little inside scoop there.

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My husband is a dual citizen and so that's why it was really important to us when we started to build our portfolio.

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Oh, OK.

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In New York.

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It was really, really important for him to be able to give back and to purchase property in his home country.

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First thing I always tell people is no, you cannot go stay on the beach.

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There it is.

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Actually, we own city properties there in the capital, so they are not the Airbnbs.

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We actually rent long term rentals to those that live full time in the Dominican Republic.

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Oh OK, yeah, that's really interesting.

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And then you said you travelled down there in the wintertime, so thus the need to learn how to do this landlording remotely, because you do manage all your own properties.

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I my goal in life was to.

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Be the youngest snowbird, I.

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Could be I don't want to.

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See snow here in New York again.

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So, we do go live down in the Dominican Republic during the winters and for that we are all we will have.

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Then that beach property there, there, I'm living on the beach myself, but I needed to make sure that the way we built our portfolio was that I could manage.

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In both countries.

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With that all being said, you know a lot of people aspirational goal is to eventually hand over their portfolio to a property manager.

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Are you planning on doing that yourself or is that something that your kind of it sounds like you pretty much.

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Have a process in place.

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I do have.

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A process in place.

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My original goal Jack was actually to do exactly that, self-manage my properties.

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Then a certain point in time when I.

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Got a little.

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Bit older here than to go and hand them off to a property manager.

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But I've put systems in place that have made self-managing so easy and so systemized, but it only takes me kind of a couple hours.

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Out of the.

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Month to really be able to manage my property.

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I kind of almost want to keep that.

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Extra cash flow.

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Yeah, and who would blame you for doing that?

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I mean that there is, depending on the part of the world you're in.

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That that additional cash flow can mean the world.

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And I've done over the time that we've owned properties, I've done rehabs from the complete opposite side of the world, I've overseen tenants moving out, tenants moving in, all of those different things.

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So, it's really kind of showed me and giving me kind of that.

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Proof of concept that this can be done that.

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So, to me, I might kind of keep that going as long as I want and then.

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Hopefully My Portfolio just be so big.

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That I'll just have some extra money and.

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Then we'll move it to a property manager.

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Sure, well, with all that being said, let's talk about the processes and and what you have in place regarding this, because you know, I've even with COVID.

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I had to get a little creative, if you will, regarding some of my property management because I do some of our property management as well and and.

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Frankly, I've just kept rolling with it because some of the stuff actually works.

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Really well, so.

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andlords than there were ten,:

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So, it's really great to be able to take advantage of some platforms out there and some other just simple kind of fixes to be able to really put things in place to manage your own properties from anywhere.

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So like talk a few of those strategies, what are, what are you doing that's that might be new to the listeners?

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So, my first thing that I'm going to tell you that I do that has made my world so much easier.

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It's really not going to be unique, but I think it's just maybe a different way to use it.

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And that first tool is this.

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My phone.

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Clearly these things go absolutely everywhere with us, but one of the most important things is to make sure that you have in your contacts your trusted vendors, right?

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Meaning your electrician or plumber, a wielder, whoever it may be to make sure to have their numbers stored.

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So then that way you can use them as needed.

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There are a ton of platforms we could talk about some of the ones that.

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I used to for tenant screening, for tenant management, rent collection, all of those different types of things, but really where a lot of people get stuck is those emergency situations, right?

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So, it's incredibly important to.

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Either have your boots on the ground, have somebody that's in that area that you know or to then at least have your handyman, you and your other service providers, somebody that you can actually really kind of call to take care of those things in the emerge.

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I find it really important when people start thinking about investing long distance.

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To be very.

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Strategic in the area that you pick?

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If you think about, well, OK, I'm not going to buy New York, right, and we hear this.

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All the time.

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In New York.

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Where a competitive market, we have high prices, here people want to.

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Buy in other places.

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And they almost get overwhelmed with what I can buy anywhere.

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Oh great, you can go buy anywhere, but let's at least start by focusing on a place where you know at least one per.

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They don't have to be your mom.

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They don't be your best friend.

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It could be somebody that you still know on Facebook.

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Maybe you went to college with them years ago, but at least somebody there, or if you've actually been there before.

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So, you have.

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An idea of what that area looks like, but if you can pick a place that at least has one person you can call in case of emergencies, it is going to make longness it's investing.

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So much easier for you.

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And for all you need for that.

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That's all.

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Right.

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So, what type of apps and systems have you put into place for this?

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We're going with that context.

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When you think about those long-distance investing, one of the things that's most important is now finding those good contractors.

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There's good service providers in those areas.

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So, for that I actually use Facebook.

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Facebook is a great way to find local groups.

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You don't have to be in that neighborhood.

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It's not like you have to.

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Go to whatever small Town USA you're buying in and find their local newspaper to get their classifieds and figure out who plumbers are, and electricians are.

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You can go into a local neighborhood group, maybe a mom and dance group, and you can find out who everybody in that neighborhood is using, and now you also know who you should be using.

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Is your electrician, your plumber and those other?

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So, to me, Facebook is a great way, right?

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We all kind of have a love and hate relationship sometimes with social media, but Facebook is a great way to get a feel for what's going on in another neighborhood that you maybe never have actually been to in your life and to really find great referrals.

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In fact, again, ECHO that enough.

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I was, I manage, or we have a couple properties that are in a small town.

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So, you know we're kind of.

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In a rural.

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Area and every small town has its own Facebook group, so I use that all the time, including boasting when I have available rental rentals, and 99% of the time that's when I find my next renter.

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It's also a great way that for me to do my market research.

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Maybe it's an area I don't necessarily know, but I can go in that group, and I can find out, hey, everybody kind of says avoid this neighborhood.

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Maybe it's dangerous or how they like to live in this area because.

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They have really good.

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It's really a great way to get.

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A pulse on what's going in.

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Location and you don't have to pay to fly there.

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You don't have to spend the take your PTO from work, you don't have to spend time in a hotel and just track around a neighborhood.

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You can really do all your main market research and some of those small local Facebook groups.

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So, well, if you don't mind walking us through the process, let's say you have a vacant unit and you're going from beginning to end.

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Like what?

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What do you start things off with?

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Did you use any tools or solutions in sourcing those renters?

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Yes, so I still use.

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For so one thing I do is I have a file on my computer that has all my information for each of my different properties.

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So, if now all of a sudden, I have a vacant unit, I already have all my pictures taken from when it was vacant.

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I don't have to be like, oh my God, now I gotta wait for these people to move.

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I have to fly out there, take pictures I already.

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A file of all my pictures ready to go.

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It also has my ad already written out.

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Maybe I have to update some of the information, but in general I have everything ready to go where I just upload picture.

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Here's and cut and paste what my ad looks like.

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I do that and I usually advertise same thing those local Facebook groups.

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And I also advertise through Zillow and Facebook marketplace.

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One thing I.

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Have done in the past for certain properties.

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Is let me say this.

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1st when I do it myself and I decide that I'm going to screen.

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That's where having that boots on the.

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Ground is really helpful.

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You either can call that friend or I use my handyman to be able to open the door to be able to show a property.

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Right, I already have sent them their pictures they've already got in the video tour, so they know what the properties like.

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But people are clearly going to want to see a place before they actually apply.

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So, by having somebody that I can just pay a nominal fee to go and open a door for me, that's fantastic.

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I can still do that.

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From the beach there?

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Are times though, that I will use.

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The wielder to be able to rent out those places, right?

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They then take care of your screening, your application, they do all the showings, they do the listing, they have that set.

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It works a little better in my area in New York because where they're used to brokers fees.

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You're right.

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And that strategy might not work in other places because here in New York it's really the people that are renting that actually will pay the broker's fee.

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So, it doesn't cost me a penny to be able to use that wielder, but I do understand that's really location dependent.

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Yeah, and another thing that, you know, I'm going to throw in something when it comes to showing units on my end, you know, and and I we're talking about smaller communities and a few other things.

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But one of the things that has worked really well for me that I've, I've adopted and just kept going with it is I put a lock box on the door and then buy those $30 wise cameras that are connected.

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And the Wi-Fi throw that in there.

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Unit and then when somebody wants to see it, I let them show themselves around they can they just and then on occasion I changed the code.

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So that would work.

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Same thing with location dependent.

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I'm not doing that over here in New York City.

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That would be like giving you a little bit of a heart attack, but it definitely works in a lot of places.

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And some of our women that are part of the lady Landlord community, that's actually what they do.

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As well they use their lock boxes, but it usually brow looks a little bit better and a place where kind of everybody knows each other, not the end we.

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Yeah, I.

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In New York.

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I go a little bit extra with like AT mobile hotspot or something for the Wyze camera, so I know when people are coming and going, and I have them.

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On camera of.

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Course, but it it's I do have that a little extra security and when it's when they're vacant, that just seems.

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To work really well.

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And I'm just surprised how well it can.

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It is great, yeah.

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It doesn't work for the skeptical New Yorkers, though.

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That's that rural area again.

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I mean, I there's been times where I've had, I have had places that are in really small towns and we don't even, we might put a wise camera in there, but we might.

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Even not even bother with the lock box.

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Yeah, yeah, that would give me a heart attack in New York City.

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So, you know you definitely emphasize the.

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Concept of those boots on the ground, somebody.

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That you can rely.

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On are there outside of making those connections.

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There's sometimes you gotta just.

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Make sure it's a good fit.

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Like you gotta vet the people out just a little bit.

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Are there any?

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Kind of questions that you asked.

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Just to make sure that these people that you're working with, those boots on the ground are in fact that good fit.

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For me, usually find that boots on the ground.

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Like I said, it's either somebody that I know personally from some chapter of my life, so that makes it a little bit easier, or if there are something that I'm going to hire once again, that handyman that I'm going to maybe have open that door, that's really checking referrals, right?

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That's not the idea of just kind of going to the Yellow Pages, looking up handyman and just calling the first number out of them.

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It's really once again using.

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If you don't know anybody in the area, figure out who everybody else is using.

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Not only get those referrals and check those references, but.

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Also, kind of interview.

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That person really gets to know them and talk to them on the phone.

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For a couple minutes before.

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You say OK.

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You're going to be the person I'm going to let show.

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Please show my house, right?

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Make sure I have a conversation and get to know them.

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And know that they were used, and that other people were happy.

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Using their services previously.

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Well, when you're onboarding a new resident, is there a particular platform that you've been recommending for anybody?

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Usually for applications I use rent ready running has become a little bit of a platform that I go to for a couple different things.

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I like it because I can have, I can actually send a prescreening questionnaire which is fantastic.

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So, then that way I don't even have to worry about setting up showings for people that it's just not going to work for.

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I do my full application.

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Through rent ready it gives me all the information that I need, and it also has a portal that where they can upload documents.

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That I would need meaning like their W twos their paste not W twos, their pay stubs to make an employment verification type document.

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So that side I like because I can then also use that for rent collection and that's just nice to have like one tool altogether that does those couple different activities.

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Yeah, I used rent ready as well. That's kind of funny. I was originally on Cozi and then it got transitioned to apartments.com and then that, right?

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That was.

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Then we.

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All jump ship, right?

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We just became too cumbersome.

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They just want something easy.

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And that's what you really mean, right?

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People are going to stick with things that are just easy and simple, and I look at that not only from my own standpoint, right where I'm trying to be really efficient with my time, but that's also something that I want to make sure that my tenants are going to be able to use it.

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And use it easily as well because.

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If they're not going to use.

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It kind of doesn't help me.

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Yeah, one of the neat aspects of rent ready that I've actually experienced a couple times too is that they can pay in cash at like a local Dollar General or what have you.

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So in in a lot of these small communities at least have like a Dollar General so they can go through that process if they're, if they don't want to use, you know, I have a lot of older residents.

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Just don't use.

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Work phones.

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Well, that's what we need to give people another option than just sending money electronically, right?

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So yes, that is definitely one of the systems I use.

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Whenever I have a tenant that moves in, they always ask me like oh how do you accept like payment?

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And I was like, I accept all forms of cash, right, like you can give me a roll of quarters, I will take it to the bank.

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I don't care like.

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You pay rent, I'll take your money, but clearly using some of those electronic systems.

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I tend to use Zelle a lot, but I really work with the tenant and kind of whatever platform them are more comfortable with.

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If they have Venmo people, I'll take them though.

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They're cash out people, I'll take cash out, whatever kind of makes it.

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Or I do like staying with rent ready because of the fact that you can set it up to be attached to their credit, which can then help or hurt that tenant deciding depending on how they decide to pay their rent.

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But that's just a really kind of cool feature to have and I have noticed that does keep tenants a little bit more accountable.

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But yes, you always need to set up another little.

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Strategy to make sure that if you do have a person that doesn't want to send money electronically, but you can still take it and we gotta do it in a way where we're not going and knocking on their door and ask him.

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For a check every month, right?

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Yep, and that's a that's a big one there.

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I got.

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I got one resident too.

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Just doesn't seem to get it.

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So, I'm, I'm, I'm still, I'm still knocking on his door on a monthly basis and it's getting downright annoying to.

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It.

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Be I, I just.

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Right. What's his objection?

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I don't know actually it.

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OK.

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It's that's just it.

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It's just it.

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He's got the money.

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He always has the money.

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But for some reason, unless I maybe give him a stack of envelopes preaddressed and stamped, maybe that's what I have to do.

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That's not a bad idea though, but one of the things that I did a couple years ago, same thing I had come in that tenant that wasn't necessarily following instructions made my life not as much fun as I wanted it to be.

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So, what I did was.

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I sent a letter as if I was sending it to all the tenants in the location, but I really only put it in his mailbox and I said hey as of this date.

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This is the structure I expect you to follow.

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So as of September 1st, your options for paying rent would be mailing me a check at this address.

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Remember that it needs to be received by the 1st.

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And then you also have option 2, which is to deposit this money into this bank.

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So, and he was like, oh my God, I didn't realize you're changing the policy over.

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Got him back on track.

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Yeah, I might have to try that again.

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It was what was strange is that he even I did send him a letter at one time, just saying, hey, you're going to have to.

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And I sent it to every all of the residents and it has a peel box on there, of course, where I near that, near the place where I live.

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And he showed.

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Up to the post office box address.

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Thinking that that was my place of business and then and then he got upset with the post office worker because she wouldn't take his rent payment.

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She wouldn't take his letter.

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Yeah, I have to ask, was this a young person?

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Or an old person.

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An older person.

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OK.

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That's just so funny.

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That they like went to the PO Box.

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Yeah, well, and it's like an hour away from where he lives, like, so he would have driven, you know, 45 minutes to an hour to.

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The PO Box.

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And then had this interaction with this poor post office worker who isn't going to know anything.

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And I'm sure that person, that post office worker, they probably went home and whoever their spouse was probably remembers hearing that story over dinner about this person that came trying to give him the rent check.

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So, God.

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It's really an odd relationship.

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I just I'm just struggling to understand how to how to deal with this anyhow.

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But it's just reminder everybody check out lady-landlords.com for some more information on how Becky can help you out regarding this. So, we talked about showing.

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Properties you how about, how about talking a little bit about you have repairs or updates and you get somebody involved.

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Is there any process associated with that piece of it like so you can track those tasks?

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For me, that really is then just getting on the phone and calling people.

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That's how I deal with it there.

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You know, I think it's really important as landlords that we do provide safe, clean housing for our tenants when.

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You start with.

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The property that already is kind of put together, it does make maintenance a lot easier.

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Kind of moving forward, you don't get as many calls, you don't have as many problems.

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Now there's just those couple things that pop up you really have to handle.

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So, I do tend to lean towards making sure that when I make repairs, I go with a quality perspective.

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So, in that way, it's not something that I'm patching up multiple times.

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It's just let's.

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Go out.

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Let's fix what the problem is.

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And have it done with and that's where really, it's important to make sure that you keep those relationships with those vendors.

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So, whenever I end up purchasing a new property or needing a new vendor, I make it very clear after that first time that I meet them always after the first estimate.

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I make sure that they understand that I do have other rental properties and I am looking for somebody that's going to be a little.

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Bit of a larger relationship.

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Rather than just a one-time job.

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I do tend to get people that like that idea of kind of having that solid work.

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For a long time, I actually used a contractor that we were covering.

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Basically, his monthly expenses just with the projects that we had and then any other projects he took outside to me was really his profit.

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But at least he knew that all of his carrying costs were covered with the amount of work that I was sending him.

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So, it was a beautiful relationship because he wanted to make sure that he had all of his expenses covered as he was starting his, as he was growing his contracting.

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Then it kind of goes with that relationship business that you have to make sure to kind of continue to keep those people happy.

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We might not always have a project.

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I might not have a reason for my electrician to be calling him on a regular basis.

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So, what I do?

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There is.

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I make sure to be referring that person when I'm able to refer somebody out.

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And then they're getting other business for me.

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I'm going to get my calls answered much faster.

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We actually had here.

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In New York.

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What was the last summer there was a hurricane that came through?

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I actually had the day after the hurricane at like 8:00 o'clock.

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That morning I had one of our handymen call me and say, hey, did you have any water damage?

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I have a ton of calls for today to go fix this problem, this problem, this roofing problem.

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Wanted to check on you guys first.

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I saved my morning time slot.

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If you want me to come by and you have if any of your properties need help, we actually did have damage.

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Edge from that hurricane.

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I actually had that problem solved before 9:00 AM.

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That is awesome.

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I can't that.

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That is that is a lesson, right there is a great way to, especially where there's so much competition right now.

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I don't know about New York, but in my part of the world it's almost impossible to get prioritized with any.

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Trade right now.

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Correct that and that's something I just actually close.

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And another duplex here in New York about 2-3 weeks ago. And there were a couple pieces of work that I needed to get done that were above my pay.

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Great, so same thing.

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I went to a local Facebook group, found a fantastic handyman.

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I actually had three or four people come out one afternoon, got my estimates, decided who I was going to work with, explained to him, hey, I have rental properties.

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This is what I'm going to be looking for.

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He did.

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Say hey, I.

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Have a lot of work right now and I said, listen, this is the deadline that I need to get this project completed.

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By is there any way you could do that?

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And, you know, he kind of had been hot about it.

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So, what I did was I actually offered a financial incentive for he did for him to be able to complete that project, and I also guaranteed him two other projects on that same property.

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I had him at that property at 8:30 on Sunday morning, finishing my project for me a week earlier than I needed it.

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Yeah, when is it?

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Then I had him out for the two other projects and then he did, and he did great work.

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So, I actually went and left him a review on his Facebook page and then shared it across my different sites.

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Then he same.

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Thing was calling me being like, thank you for your business and that's the relationship I want.

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Yeah, that's those are awesome tactics.

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In fact, you know, I'm going to add just one more thing to the sooner you can pay them the faster they'll respond as well because a lot of these contractors.

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Well, they're waiting quite often for to get payment, so I do my best, especially when they're local to get the.

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When the work is done, they get paid as quick as I.

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Can get it out.

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And to me, same thing.

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I've been able to use FaceTime, I've been able to use photos to do some that rehab because remember, I'm not there.

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In most of these places.

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I've been able to check the work, get everything resolved, make sure it's done, and then easily be able to pay that person right there on the spot through some of these electronic platforms that we're talking about.

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Right.

::

So, when you're rehabbing a unit, is there any platforms or steps that you go through in order to make sure that it's up to par?

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My favorite, actually.

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I gotta give props to Home Depot.

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I love the fact that with the Home Depot Pro account I can have my service providers go there, pick up the materials that.

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They want I can actually put things on my list to make sure that they pick the right type of the right color tile.

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I want the white color paint that I want.

::

Then they pick out all those other materials that I don't know that they need.

::

For the project.

::

And then with the Home Depot Pro account when they go check out.

::

I literally just have to.

::

Click a button to answer a text message to let my contract.

::

To be able to.

::

Pay these that goes then right to my account, so they don't have to actually front load any of that.

::

Oh yeah.

::

Money, because it's they just charge it because Home Depot has my credit card on file.

::

Yeah, that's a neat process.

::

I guess I I've never gotten that far.

::

I have a pro account, but I guess I didn't understand that.

::

Then had that.

::

Functionality I signed up for the discounts.

::

That is my figure.

::

No, it's absolutely fantastic.

::

To be able to put to do all of the materials, I just had to redo a vestibule and what I'm missing this property that I bought and the front.

::

Stairs were just really kind of messed up and it was just so nice to be able to say, hey, this is the tile I want, this is the color grout I want.

::

And you know, then I got.

::

A picture and he.

::

Went to Home Depot, purchased all the other materials that he needed.

::

I got the little message from Home Depot.

::

Hey, do you approve Miguel for this price?

::

Here are the contents of what the order is.

::

So, I knew that everything there was really for my project and was correct.

::

Then he went to the property.

::

I let him in using electronic.

::

Block so I didn't have to be there to let him in.

::

He sent me pictures.

::

Saying hey, do you want the tile to go this way, or do you want the tile to go this way?

::

How do you want this to look in the room?

::

Got that style set to make sure that it looked the way that I want, sent me pictures and face timed with me so that I knew he was still there.

::

FaceTime with me showing me that the rest of the project was complete.

::

I then was able to watch him on the camera leave.

::

Right now, he's off my property, Zeldin.

::

His money we have done.

::

5 minutes later I got a message from the tenant saying that they came home, they loved the new vet.

::

Yeah, that's awesome.

::

It couldn't be any smoother even if you were in in the actual backyard, I mean.

::

That that's awesome.

::

So, the only thing that I've I the only thing I can add here is that I've been using, we've been using it for quite a while as a sauna if you've heard of the sauna.

::

Yes, yes.

::

And I and I thankfully a lot of the contractors we work with hasn't been opposed to it.

::

Like, some of them will even know what I'm even talking about, and I'll set up a project in a sauna.

::

Oh, wow.

::

With the tasks and then we communicate within that project within the app.

::

So yeah, it's been working really well.

::

I'm I've, I've been very pleased and when and then I've even found contractors once I've introduced them to asana, they incorporated into their own business and the next thing you know it becomes part.

::

Of their process.

::

That's great.

::

No, that's something that once again, if the contractors willing to use that and work with you.

::

I love the idea of being able to.

::

Use a nice, settled plate and they settled.

::

Location where you can.

::

See what the progress is kind of going.

::

Back and forth. That's great.

::

And then there are any questions or tide to that task, you know, so it's, it's, yeah, it's been working really well at least that's one of the things that we've been doing so well.

::

Right.

::

Outside of that, is there anything else people should be aware of?

::

Like are there any tips or strategies when it comes to selecting a resident, like anything that it's somebody?

::

Especially starting out in landlord being a landlord that they might overlook.

::

Well, it's definitely making screening is definitely one of the most important parts of being a landlord.

::

That's something.

::

One thing that I feel like people tend to skip is actually checking references.

::

So, what I mean by that is that when a person or application, we still need to call and verify that information.

::

Like I said, I do collect pay stubs, but I will still actually call people jobs to confirm that their employment.

::

Most companies, once again, especially larger firms, they can only just kind of confirm or deny that a person works there, which is perfectly fine.

::

I like being able to have an HR contact that I can reach out to there, but I do also call former landlords and I do call personal references as well.

::

The key there, though, is to make sure to be asking questions to make sure you're not just talking to somebody brother, so claiming that there are.

::

Good and what I.

::

Mean by that is to ask very specific questions so when I call, I will not just say like, hey, did you rent an apartment to like Jack?

::

Yes, there's Jack, a great tenant.

::

Yes, he was.

::

Do you think I should learn to, Jack?

::

Yes, of course you should.

::

I'm honest.

::

Question saying, hey, can you please confirm the address of where Jack lived, what was?

::

That apartment number again.

::

And how much money did he pay in rent?

::

My friends aren't going to know necessarily what I'm paying in rent, right?

::

They're not going to necessarily. They know where my house is, but they're not going to know my 194 or my.

::

195.

::

They're not going to know the answer those questions, so make sure to ask very specific questions confirming the information.

::

That the tenant gave you about that property so once, then I can make sure that they that this is actually the previous landlord that I'm talking to.

::

Then I can kind of get into the other questions of you know, did they pay rent on time, and you know, what were they like as a tenant?

::

Then I can ask those questions, but we've got to make.

::

Sure, that we're actually verifying who we're talking to 1st.

::

Right, one of the things.

::

That I've always been preaching is the fact that when we're buying rental properties, you should define what you're looking for or actually write things down and like stick to your plan, stick to your numbers.

::

Wait for buying a house or for the price for buying a house itself you mean?

::

Before buying a house itself, I would suspect that that you have a similar situation when it was when it comes to screening tenants like you are establishing this relationship.

::

These are the rules you set.

::

You write them down and you establish those rules.

::

Do you go through that process?

::

Is that something you would recommend somebody doing?

::

Always you have to make sure and that's something that also when you kind of get into that line of you know, fair housing here we need to make sure that we actually have a written out set rental criteria before we play.

::

Missing ads?

::

We shouldn't be getting applications saying, oh do should I accept this credit score or is this enough money for this person to be making?

::

We should know the answers for that before we even place the ad, but I will accept three times the rent as an income level, but they need to have at least a 650-credit score, whatever those numbers are that needs to be.

::

Laid out clearly before.

::

So, in that way, as applications come in just the same as when I'm buying a property and I have my purchasing criteria listed out, then when all of a sudden, I start to have applicants come to me, there's no decision to.

::

Make its they either.

::

Fit my criteria.

::

Yeah, or they don't fit my criteria.

::

It makes it much easier.

::

And that's really if in case you end up in a situation where someone feels that you violated fair housing or that you discriminated against them, it's going to look a lot better when you say, well, here's my criteria, this is what they didn't meet.

::

Now the reason I bring it up is this is coming from experience when it comes to.

::

Dealing with this every time, every time that I've made an exception for somebody you know, it's leading with the heart instead of your head.

::

It's always gone bad.

::

Like every single time.

::

Like every time I've made an exception, it's never, it's never turned out right.

::

Now, no exceptions, no exceptions I will say and I'm going to give them a little shout out.

::

I do have a little secret weapon when it comes to screening tenants and that is actually.

::

My husband, I'm one of those people.

::

I love people.

::

I love talking to them.

::

I love learning about them.

::

I think everybody is a fantastic person when I first meet them.

::

My husband is not that life he's he has.

::

A little bit of a.

::

He's a very good like knows for, for kind of who people are and kind of how they operate.

::

So, it is really something that I will say he's my little secret.

::

Up and when it comes to when it comes to screening tenants, because he can really get a great sense of a person.

::

Then, and honestly, that's a skill set he has much better than me.

::

Right.

::

Well, this has been a great conversation, Becky.

::

You can tell we probably could keep going, but with all that being said, I wanted to remind everybody one more time.

::

Lady-landlords.com, I'll make sure to have that as a clickable link in the show notes so you can easily find Becky and her team, but I do have some rapid fire.

::

Questions for you Becky, if you are game.

::

Absolutely go for it.

::

So, first of all, I'm sure you have heard and experienced all of those get rich quick schemes that are associated with real estate.

::

Interesting, but what is 1 real estate investing myth you'd like to bust right now?

::

Probably that.

::

I feel like for real estate, most people think to be successful in it you need to have some.

::

Type of trust fund or.

::

You know, inheritance and kind of come your way.

::

Or parents that, you know have a ton of money in order to be successful, and that's just really not the.

::

Not the case.

::

Is it different strategies that you might?

::

Have to employ.

::

Compared to somebody that has a trust fund, well, yes.

::

It is.

::

But what I think is actually great about real estate investing is there is a way for absolutely everybody to become involved in it.

::

It doesn't matter if you have money or if you don't have money, there is a strategy out there.

::

That will work.

::

For you to be able to get.

::

Involved in real estate investing.

::

You're not allowed to say rich Dad, poor dad.

::

But what?

::

What is one book you would recommend everybody checking out?

::

And actually, that would not be the book that I would start with.

::

The book I would have told people to start with is actually start with why?

::

By Simon Sinek.

::

Many people probably know his Ted talk, but I also suggest reading his book. It really talks about what a person's motivation is for doing something.

::

And honestly, before you undertake anything, we really need to understand why it is that we want to do something and start with why by Simon Sinek is the best place to do that.

::

What is the best piece of business advice you've ever received?

::

Best piece of business advice identify what your values and expectations are before hiring other people.

::

Oh, excellent.

::

What is the biggest real estate investing mistake you've ever made?

::

And what?

::

Did you learn from it?

::

It's interesting 'cause when I first bought, when.

::

I bought my first property.

::

I didn't know anything about the listing.

::

I kind of just jumped into it and then I was the site and then luckily it worked out.

::

But every time that I've kind of gone through and purchased another property after another property, it's interesting to see how much more critical I get.

::

Or there's now things that like, you know, on the 10th property, but I'm like, oh.

::

I can't buy this house because of this.

::

But meanwhile like the first like 9, I would have never thought of that or even consider.

::

So, I actually.

::

Don't think that I've ever made a mistake.

::

I feel like it's the growth in the path that like I've kind of.

::

Had to go.

::

The only mistake I.

::

Feel like I probably made is that I didn't.

::

Start investing in real estate sooner.

::

And that probably leads to my next question, if you could go back in time and give your younger self.

::

One piece of advice.

::

What would it be?

::

Buy real estate.

::

Well, Becky, this was great.

::

I hope you'll consider coming back again.

::

But before I let you go, is there a question or concept you wished we would?

::

Have covered here today.

::

One thing that a lot of people usually actually ask me about is owning in New York, the fact that I do buy in the place that's not exactly considered very landlord friendly.

::

And that just has a different, a little bit of a different investing strategy than you'll necessarily see in some rural areas.

::

Yeah, I was going to go there, but I figured that almost could be an entire episode because I frankly, on the East and West coasts, I don't run into a lot other than as well, senior assisted living seems to work pretty well.

::

And then, you know out for college kids when they when they kind of rent by the room, but you're not doing either of those.

::

Right.

::

No, I do have a college rental, but all, all the people, all my tenants are actually on a lease together.

::

So, it's not really, it's not by the room in that same kind of app.

::

Sure, yeah, well, if you're a.

::

Game for it.

::

Maybe we'll you'll come back on and kind of fill us in on how you're making it work.

::

Absolutely, I would love to do.

::

That Jack so.

::

Well, thank you Becky.

::

Again, Lady Dash landlords dot.

::

If you learned at least one actionable step to incorporate into your real estate investing.

::

If so, please consider returning some of that value by leaving a positive review, subscribing to our YouTube channel, or joining our growing network on Facebook and Twitter.

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