Welcome to another exciting episode of Money Talk with Tiff! Today, Tiffany Grant brings on a very special guest, Chad Carson, the acclaimed author of "The Small and Mighty Real Estate Investor." Chad and Tiffany dive deep into a fresh perspective on real estate investing, challenging the popular notion that bigger is always better.

Chad shares his unique philosophy on how starting small in real estate can lead to more flexibility, freedom, and a happier, balanced life. They discuss practical strategies like house hacking, the distinctions between short-term and long-term rentals, and tips for finding good tenants.

Chad also offers valuable insights on maintaining properties and dealing with common landlord challenges. Whether you're a seasoned investor or just starting, this episode is packed with actionable advice to help you succeed in the real estate market.

Be sure to listen in as we explore how to build a "small and mighty" real estate empire!

About Our Guest

Chad Carson (aka Coach Carson) is an author, investor, podcaster, and life-long learner who used real estate investing to reach financial independence in his 30s. His current passion is teaching other investors how to build a small and mighty rental property business so they can get out of the financial grind and do more of what matters.

Based in Clemson, South Carolina, Chad and his family have also lived abroad in other countries, including 17 months in Cuenca, Ecuador and 12 months in Granada, Spain. When not writing about himself in 3rd person, vying for the silliest dad award, or playing pick-up basketball, Chad enjoys volunteering with a local non-profit he co-founded to create a network of walking and bike paths in his hometown.

Connect with Chad

Get the book: The Small and Mighty Real Estate Investor (affiliate link)

Website: Coach Carson

Podcast: Real Estate Investing with Coach Carson

YouTube: Coach Carson on YouTube

Instagram: @coachcarson1

Facebook: Coach Carson on Facebook

Connect with Tiffany

Website: https://www.moneytalkwitht.com

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant

YouTube: Money Talk With Tiff

Pinterest: @moneytalkwitht

TikTok: @moneytalkwitht

Timestamps

[00:00] Introduction to Chad Carson and his book "The Small and Mighty Real Estate Investor."

[03:15] The philosophy of being a small and mighty real estate investor.

[06:45] House hacking as a strategy to start real estate investing.

[11:30] Differences between short-term and long-term rentals.

[16:20] Transitioning your lived-in house to a rental property.

[20:10] The realities of being a landlord and managing tenants.

[25:00] Tips for finding good tenants and maintaining your property.

[30:45] Where to find more information about Chad Carson and his work.

Key Topics Covered

1. Small and Mighty Real Estate Investing:

Chad explains his approach to real estate investing that focuses on achieving personal goals and financial freedom without the need to scale massively.

The benefits of smaller, manageable investments that align with one's lifestyle and aspirations.

2. House Hacking:

Introduction to house hacking as a beginner-friendly strategy.

Examples of how to turn your primary residence into an investment property.

3. Rental Strategies:

Comparison between short-term rentals (like Airbnb) and long-term rentals.

Considerations for choosing the right rental strategy based on your lifestyle and investment goals.

4. Landlord Insights:

Common fears and misconceptions about being a landlord.

Practical tips for managing properties and tenants effectively.

5. Finding Good Tenants:

Strategies for attracting and screening reliable tenants.

The importance of maintaining your property to attract quality renters.

Support this Podcast

Copyright 2024 Tiffany Grant

This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

Speaker: 00:00:00

Intro/Outro: You know what it is. That's right. It's time to talk

Speaker: 00:00:03

money with your money nerd and financial coach.

Speaker: 00:00:06

Now tighten those purse strings and open those

Speaker: 00:00:09

ears. It's the money talk with Tiff. Uh,

Speaker: 00:00:11

podcast.

Tiffany Grant: 00:00:15

Hey, everyone. I am so excited because I have Chad Carson on

Tiffany Grant: 00:00:18

the line. Now, if the name sounds somewhat

Tiffany Grant: 00:00:21

familiar, um, he is the author of the small and

Tiffany Grant: 00:00:23

mighty real estate investor, and we met at

Tiffany Grant: 00:00:26

Fincon and I was like, oh, Chad, you should come on

Tiffany Grant: 00:00:29

the show and talk about this because so many people are interested in

Tiffany Grant: 00:00:32

real estate investing, and we finally made it happen. So,

Tiffany Grant: 00:00:35

hey, Chad, how are you?

Chad Carson: 00:00:37

I am doing great. I'm so good to be here. Thank you for having me.

Tiffany Grant: 00:00:40

Yes, thank you so much for coming. So let's just hop right

Tiffany Grant: 00:00:43

in when I say small and mighty real

Tiffany Grant: 00:00:45

estate investor. Now, we've talked about real estate

Tiffany Grant: 00:00:48

investing probably ad nauseam on the

Tiffany Grant: 00:00:51

podcast, but I feel like you have a

Tiffany Grant: 00:00:54

unique point of view. So what do you mean by small and

Tiffany Grant: 00:00:57

mighty real estate investing?

Chad Carson: 00:00:59

Well, I'll tell a quick story to explain this because I feel like

Chad Carson: 00:01:02

in the real estate space, particularly if you look online, like

Chad Carson: 00:01:05

Instagram, YouTube, that kind of thing, there's almost a division

Chad Carson: 00:01:08

between this one camp that says you should go big

Chad Carson: 00:01:11

and that being successful in real estate investing, and really

Chad Carson: 00:01:14

any business is the person who keeps climbing this

Chad Carson: 00:01:16

ladder. You get bigger. You go from a house to a duplex, and then

Chad Carson: 00:01:19

eventually you own apartments, then you have 1000 units.

Chad Carson: 00:01:22

And if you're like a starting investor or somebody's like, I don't have

Chad Carson: 00:01:25

that big of ambitions, it's almost like, wow, you're not

Chad Carson: 00:01:28

successful because you only want to have one property

Chad Carson: 00:01:31

or three properties or ten properties. And so

Chad Carson: 00:01:34

the small mighty investor is a different philosophy. The

Chad Carson: 00:01:36

philosophy says that success means

Chad Carson: 00:01:39

you're accomplishing whatever it is that matters to you in your life,

Chad Carson: 00:01:42

which is, you know, money's a tool. Real estate investing is a

Chad Carson: 00:01:45

tool. And what I found is that actually simpler

Chad Carson: 00:01:48

and smaller actually achieves more

Chad Carson: 00:01:51

flexibility, more freedom, allows you to travel, allows you

Chad Carson: 00:01:54

to be with your family, allows you to do things that matter in your

Chad Carson: 00:01:56

community. So I like small and mighty

Chad Carson: 00:01:59

investor investing. Uh, and I like to push back on that,

Chad Carson: 00:02:02

go big ten, x. That's the best thing, and say, no,

Chad Carson: 00:02:05

this is just fine. There's lots of people who are very

Chad Carson: 00:02:08

happy who could do just fine with just a couple units if

Chad Carson: 00:02:11

they wanted to.

Tiffany Grant: 00:02:12

And, you know, I appreciate that because, you know,

Tiffany Grant: 00:02:15

being on Twitter, um, well, x, formerly

Tiffany Grant: 00:02:18

known as Twitter, uh, there's a lot of real estate people

Tiffany Grant: 00:02:21

on there, and that's what you hear. They're like,

Tiffany Grant: 00:02:24

you know, you get one door, then you get three doors, and

Tiffany Grant: 00:02:27

ten and 20, so on and so forth. But I

Tiffany Grant: 00:02:30

know that there's a lot of people that don't even enjoy being a

Tiffany Grant: 00:02:33

landlord or don't want to be a landlord. So

Tiffany Grant: 00:02:36

when we're thinking about being a small and mighty investor,

Tiffany Grant: 00:02:39

what does that look like? How would we get started? Um,

Tiffany Grant: 00:02:42

and then once we get started, how do you

Tiffany Grant: 00:02:44

scale if it's not getting more doors?

Chad Carson: 00:02:48

Yeah. So, getting started. The beautiful thing about real estate

Chad Carson: 00:02:50

investing is that the main concept is sort of

Chad Carson: 00:02:53

intuitive. We've all lived in an apartment, a house.

Chad Carson: 00:02:56

We live somewhere, and so we get what it

Chad Carson: 00:02:59

means to have a good neighborhood or a place that's good place to

Chad Carson: 00:03:02

live. We. We kind of get what a nice house is to live in

Chad Carson: 00:03:05

or a nice apartment. So getting started, to me, like,

Chad Carson: 00:03:08

my favorite way, is something called house hacking,

Chad Carson: 00:03:11

where you live at a. You live in a property,

Chad Carson: 00:03:14

and you turn the house that you live in, or the duplex that you

Chad Carson: 00:03:16

live in, you turn that into an investment somehow.

Chad Carson: 00:03:19

And I'll give you a couple of examples of how you could do that. When I

Chad Carson: 00:03:22

was. When I was 24 years old, when I was first

Chad Carson: 00:03:25

starting, um, I bought a fourplex,

Chad Carson: 00:03:27

meaning this is a one building, has one roof, and

Chad Carson: 00:03:30

has four apartments in the four in this building.

Chad Carson: 00:03:33

And I moved into one unit, fixed it up, and

Chad Carson: 00:03:36

I rented out the other three units. And I happen to live in a college

Chad Carson: 00:03:39

town, so we have a. We have more of those small, kind of multi unit

Chad Carson: 00:03:41

properties. And so I lived in one unit, and I

Chad Carson: 00:03:44

rented the other units out, and that basically paid for all my

Chad Carson: 00:03:47

living expenses while I lived in that

Chad Carson: 00:03:49

fourplex. So that was cool. That was

Chad Carson: 00:03:52

great. That's kind of a classic house hack. But I think a

Chad Carson: 00:03:55

more common house hack is to take, like, a single

Chad Carson: 00:03:58

family house, and you move into the house, and maybe

Chad Carson: 00:04:01

you don't rent it to anybody else at all. You live in the three bedroom house,

Chad Carson: 00:04:04

or maybe you buy a house that has, like, a basement apartment

Chad Carson: 00:04:07

or a garage apartment. They call those, uh, accessory dwelling

Chad Carson: 00:04:10

units now adus. So maybe you can get a little bit of

Chad Carson: 00:04:13

income while you're living there, renting it to somebody else. But let's say

Chad Carson: 00:04:16

you live there for two or three years, and you decide to move, or

Chad Carson: 00:04:19

you don't want to move up to a bigger house. You just keep that

Chad Carson: 00:04:21

house as a rental property instead of

Chad Carson: 00:04:24

selling it, like a lot of people do. And that

Chad Carson: 00:04:27

turns into your first rental property, and it's a very natural way

Chad Carson: 00:04:30

to do it. The financing's a lot easier to do it that way.

Chad Carson: 00:04:33

So I like doing one of those where you either kind of rent the place

Chad Carson: 00:04:36

out to other people while you live there or

Chad Carson: 00:04:38

you live there for a while and then instead of selling

Chad Carson: 00:04:41

it, keep it as a rental. And you could do that two or three times,

Chad Carson: 00:04:44

and that could get you two or three rentals, and maybe that's all you need.

Chad Carson: 00:04:47

And if you wanted to scale bigger, we could talk about how to

Chad Carson: 00:04:50

get bigger from there, but that would give you a really good

Chad Carson: 00:04:52

foundation.

Tiffany Grant: 00:04:53

Gotcha. Gotcha. Now, when you say rent it out, are you

Tiffany Grant: 00:04:56

referring to, like, short term rentals? Long

Tiffany Grant: 00:04:59

term rentals? Like, where does, where does all of that stuff

Tiffany Grant: 00:05:02

fit in? And also, what does that mean? Because some people may be

Tiffany Grant: 00:05:05

listening and don't know what short, medium, or long

Tiffany Grant: 00:05:08

term are.

Chad Carson: 00:05:08

Yeah, I mean, short term rental. If people heard of Airbnb

Chad Carson: 00:05:11

or vacation rental by owner, it's a, it's a pretty cool

Chad Carson: 00:05:14

strategy because if done well, and there's some, there's

Chad Carson: 00:05:17

some caveats to that. There's some, some harder things about it. It

Chad Carson: 00:05:20

can generally get more rent than you could doing

Chad Carson: 00:05:23

a long term rental. So just to give you a real example, like

Chad Carson: 00:05:26

in my town in Clemson, South Carolina, maybe I could rent

Chad Carson: 00:05:29

a long term rental to somebody who's going to stay there for, you know, a year or

Chad Carson: 00:05:31

two or three, maybe for $1,500 or 1800

Chad Carson: 00:05:34

bucks. Uh. Uh. If I did the short term rental with

Chad Carson: 00:05:37

that same property, then I could probably get

Chad Carson: 00:05:40

$150 to $200 per night. And

Chad Carson: 00:05:43

it depends on how often I keep it full. But

Chad Carson: 00:05:46

very typically, I could probably get three thousand bucks to four thousand

Chad Carson: 00:05:49

bucks per month for that same rental, that I could

Chad Carson: 00:05:52

get $1,500 in rent for a long term

Chad Carson: 00:05:55

rental. Now, I say there's a caveat there because there's also

Chad Carson: 00:05:57

expenses. Like if you do an Airbnb, you've got to pay for the

Chad Carson: 00:06:00

utilities, you have to have turnover. It's not always going to be

Chad Carson: 00:06:03

full. So there's a lot. It's more of a job. When you

Chad Carson: 00:06:06

do an Airbnb, you can think about, like running a hotel. It's like

Chad Carson: 00:06:09

a little mini hotel. So that, that's a challenge.

Chad Carson: 00:06:12

It's not. You can solve that. There's systems and processes and

Chad Carson: 00:06:14

technology, but you need to think about it more like a business

Chad Carson: 00:06:18

than really, uh, kind of more of a semi passive

Chad Carson: 00:06:20

investment. And then you also have to deal with some more like

Chad Carson: 00:06:23

some cities and towns have banned Airbnb

Chad Carson: 00:06:26

altogether. So you really have to be careful

Chad Carson: 00:06:29

about which properties you buy, making sure the zoning

Chad Carson: 00:06:31

allows it, making sure there's no rules locally. So that's a

Chad Carson: 00:06:34

risk you have to think about and consider. But if

Chad Carson: 00:06:37

it works, it's a great strategy, especially if you're

Chad Carson: 00:06:40

getting started, because it gives you that extra cash flow

Chad Carson: 00:06:43

that maybe you're okay spending an extra 5 hours a week

Chad Carson: 00:06:46

managing the Airbnb if it gives you an extra thousand bucks a

Chad Carson: 00:06:49

month, like, that'd be pretty nice. And so that I think that's the

Chad Carson: 00:06:52

distinction is whether you're willing to do it, whether you have the time to do

Chad Carson: 00:06:54

it. And eventually, like, most of my rentals now

Chad Carson: 00:06:57

are long term rentals because I work a couple hours a

Chad Carson: 00:07:00

week on my real estate. Like, I don't. I don't want to spend

Chad Carson: 00:07:03

as much time, but I used to spend 60 to 80 hours

Chad Carson: 00:07:06

per week doing real estate. But it just depends on where you are in life.

Chad Carson: 00:07:09

And, uh, we've been traveling with our family. We lived in Spain for

Chad Carson: 00:07:12

a year. So I'm kind of living off the fruit of some

Chad Carson: 00:07:15

of the work I did earlier. And so I'm not doing as much of

Chad Carson: 00:07:18

the short term rental stuff now.

Tiffany Grant: 00:07:19

Gotcha. Gotcha. Okay, so let me back up just

Tiffany Grant: 00:07:23

a little bit. I just wanted to get that piece out. But

Tiffany Grant: 00:07:25

if someone has a house right now, let's say they want

Tiffany Grant: 00:07:28

to move so their house will become available and

Tiffany Grant: 00:07:31

they want to rent it out. Um, you are referring

Tiffany Grant: 00:07:34

to using some of the

Tiffany Grant: 00:07:37

capital or something from the house to scale

Tiffany Grant: 00:07:40

and get enough. Like, how would all of that work?

Chad Carson: 00:07:43

Yes. You're saying if someone is, they've already lived in the

Chad Carson: 00:07:46

house. So let's say they lived there for two years, right? Is that the situation

Chad Carson: 00:07:49

you're talking about?

Tiffany Grant: 00:07:50

Two plus years?

Chad Carson: 00:07:51

Yeah. Yeah. So they've lived there for a couple years

Chad Carson: 00:07:53

now. Let's say, like, that was a, uh, 1500 square

Chad Carson: 00:07:56

foot house, or let's say even smaller, like a 1200 square foot house.

Chad Carson: 00:07:59

And you're just, your family's growing and you're like, all right, we need another

Chad Carson: 00:08:02

bedroom. We want a fourth bedroom. So you save up

Chad Carson: 00:08:05

money to go buy the second house that you're going to move

Chad Carson: 00:08:07

into. And so you go shopping, you go look for a house,

Chad Carson: 00:08:10

you buy this new house, you move your family into that second

Chad Carson: 00:08:13

house, but instead of selling that first

Chad Carson: 00:08:16

one, maybe you clean it up, you fix it

Chad Carson: 00:08:18

up and you just put it on the market. Either

Chad Carson: 00:08:21

Airbnb, you could keep furniture in there and do an Airbnb

Chad Carson: 00:08:24

rental and just manage that yourself. Or you

Chad Carson: 00:08:27

could keep it as a long term rental and rent that out as

Chad Carson: 00:08:29

well. The cool thing is you already got the

Chad Carson: 00:08:32

loan on the property, you got the financing, you've owned this

Chad Carson: 00:08:35

property, you've lived there for a couple of years, you know it really well. So

Chad Carson: 00:08:38

you've probably, does it work to it and fix it up?

Chad Carson: 00:08:41

So if you were just to go out and buy a rental

Chad Carson: 00:08:44

off the street, you might not know as much about the property,

Chad Carson: 00:08:47

whereas this is one you've lived in. And it just makes a really

Chad Carson: 00:08:50

natural transition to being able to do that because

Chad Carson: 00:08:52

the financing is in place. Maybe you got a 30 year fixed, uh,

Chad Carson: 00:08:55

loan. You can keep making payments on that financing,

Chad Carson: 00:08:58

and then, yes, you have to get financing on the next property, which that's probably

Chad Carson: 00:09:01

the biggest challenge, is you have to save up the money in the cash to

Chad Carson: 00:09:04

buy the next down payment on the next house.

Chad Carson: 00:09:07

But that's why you take a couple of years, take a few years

Chad Carson: 00:09:10

to save up the money and to do that. And now you have two

Chad Carson: 00:09:12

properties, the one you live in plus the one you used to live

Chad Carson: 00:09:15

in, and you're kind of building your little real estate empire

Chad Carson: 00:09:18

just one house at a time.

Tiffany Grant: 00:09:19

Yeah, that sounds fantastic. So

Tiffany Grant: 00:09:22

as we're thinking about being a small and mighty

Tiffany Grant: 00:09:25

investor, um, what are some other things we

Tiffany Grant: 00:09:28

should consider? Like is being a landlord for

Tiffany Grant: 00:09:31

everybody or, you know, what type of people

Tiffany Grant: 00:09:34

would probably do best with this?

Chad Carson: 00:09:37

Yeah, I think a lot of people get scared about

Chad Carson: 00:09:40

landlording because of stories you heard. Somebody's going

Chad Carson: 00:09:43

to have, ah, a leaky toilet in the middle of the night, and that's going

Chad Carson: 00:09:45

to be really stressful. Or they might have,

Chad Carson: 00:09:48

I think, the landlord tenant relationship in general,

Chad Carson: 00:09:51

whether, if you go on Twitter, for example, there's just a lot of

Chad Carson: 00:09:54

people who, if you're a tenant, you're supposed to be critical of

Chad Carson: 00:09:57

the landlord. If you're a landlord, you're supposed to be really skeptical of the

Chad Carson: 00:10:00

tenants. I found the opposite to be the case. I

Chad Carson: 00:10:02

found that, yes, there's some exceptions here and there,

Chad Carson: 00:10:05

but for the most part, my tenants have been amazing

Chad Carson: 00:10:08

and they're good people

Chad Carson: 00:10:11

who want a safe, clean, long term place to live in

Chad Carson: 00:10:14

without a lot of drama. And if you give them that

Chad Carson: 00:10:17

and you treat them well and you maintain your property

Chad Carson: 00:10:19

and they'll appreciate your property,

Chad Carson: 00:10:22

they'll take care of it. Even through Covid, we had one

Chad Carson: 00:10:25

situation out of a lot of units where

Chad Carson: 00:10:28

somebody didn't pay because they had something going

Chad Carson: 00:10:30

on. Everybody else, even during that time,

Chad Carson: 00:10:33

was they wanted their home, they wanted to stay there. And

Chad Carson: 00:10:36

so I think that the drama that you hear a

Chad Carson: 00:10:39

lot about is just what it is. It just makes

Chad Carson: 00:10:42

good Twitter posts, makes good media for the most part.

Chad Carson: 00:10:45

There's a lot of tenants and landlords who work together

Chad Carson: 00:10:48

well. And so I would say that, like, just the, uh,

Chad Carson: 00:10:51

idea is that you're serving your tenants, you're helping your tenants,

Chad Carson: 00:10:54

you're providing affordable housing to

Chad Carson: 00:10:57

good people, and that's a wonderful service. Like,

Chad Carson: 00:10:59

that's something that people need. And then from the management

Chad Carson: 00:11:02

standpoint, you don't, you know, you can start off doing a lot of

Chad Carson: 00:11:05

stuff yourself, but there's really good technology

Chad Carson: 00:11:08

to help you collect rent, for example, basically free

Chad Carson: 00:11:11

technology online now where you can, the tenant could pay their

Chad Carson: 00:11:14

rent online, they can do their lease online,

Chad Carson: 00:11:17

you can screen them online, and all of that

Chad Carson: 00:11:20

is possible for almost free now. So that makes it a lot

Chad Carson: 00:11:23

easier. And then for my maintenance, you know, yes,

Chad Carson: 00:11:26

you're going to every once in a while, have a weird situation where there's a

Chad Carson: 00:11:29

leak in a toilet or something happens. But if you prepare

Chad Carson: 00:11:32

for that and you have a good list of contractors or

Chad Carson: 00:11:35

handymen, then you can hire that

Chad Carson: 00:11:38

out and you can even, like, I even give some of my

Chad Carson: 00:11:40

tenants the plumber's phone number. Say, hey, if there's an emergency like

Chad Carson: 00:11:43

this, this is what we do in an emergency. Call this plumber.

Chad Carson: 00:11:46

They have an after hours emergency number. They'll come out and fix

Chad Carson: 00:11:49

it and they'll charge me for it. We'll take care of it.

Chad Carson: 00:11:52

Like, that solves a lot. That solves, like, the worst things that people worry

Chad Carson: 00:11:55

about. And yes, it costs a little bit of money, but it can save you a

Chad Carson: 00:11:58

lot of headaches.

Tiffany Grant: 00:11:59

Gotcha. Gotcha. So, question that I know people

Tiffany Grant: 00:12:02

probably have as well. I know I do. How do you

Tiffany Grant: 00:12:04

find good tenants? So let's say, for instance, you want

Tiffany Grant: 00:12:07

to do a long term rental. You know, you've decided on that

Tiffany Grant: 00:12:10

because maybe Airbnb, it'll be too much

Tiffany Grant: 00:12:13

work. You want to be a little hands off. Um, you

Tiffany Grant: 00:12:15

know, all that stuff. So how do you go about

Tiffany Grant: 00:12:18

finding good long term renters?

Chad Carson: 00:12:21

This sounds a little counterintuitive, but

Chad Carson: 00:12:24

finding the best tenants means you have to, you have to have the

Chad Carson: 00:12:27

best property. So you need

Chad Carson: 00:12:30

a couple things there. Number one, you know, I think a lot of

Chad Carson: 00:12:32

landlords unjustifiably complain their

Chad Carson: 00:12:35

tenants. I've heard this happen before. Oh, I

Chad Carson: 00:12:38

can't ever find a good tenant. And then I look at their property

Chad Carson: 00:12:41

and how they maintain it, and I'm like, well, no

Chad Carson: 00:12:44

wonder you're not treating your property very well. You're not

Chad Carson: 00:12:46

maintaining it, you're not cleaning it, you're not doing the maintenance on the

Chad Carson: 00:12:49

property. And so I say all that to say. Most of us

Chad Carson: 00:12:52

know that intuitively, especially if we've been a tenant

Chad Carson: 00:12:55

before, we know that there's those bad landlords out there

Chad Carson: 00:12:58

who just kind of, they're slum lords, they don't fix stuff. And

Chad Carson: 00:13:01

so if you treat your property well and you treat it

Chad Carson: 00:13:04

like a home that you would want to live in, then I think

Chad Carson: 00:13:07

you'll tend to attract tenants who also

Chad Carson: 00:13:10

are going to be considerate of the property, who also take care of it, who

Chad Carson: 00:13:13

also take pride in it. So that's number one. Like, you just

Chad Carson: 00:13:15

gotta, you gotta treat the property right in order to

Chad Carson: 00:13:18

find the good tenants. But then once you have a property that's

Chad Carson: 00:13:21

worth living in, then it's really a simple,

Chad Carson: 00:13:24

just advertising. Like, I, the last house that

Chad Carson: 00:13:27

I rented for myself, um, we just put it on Zillow.

Chad Carson: 00:13:30

And I think we had to pay $15 to have like the premier

Chad Carson: 00:13:33

ad on Zillow, so that they promoted,

Chad Carson: 00:13:36

um, our house to everybody. And we got

Chad Carson: 00:13:39

as many leads, like within seven to ten days, we

Chad Carson: 00:13:42

had lots and lots of people applying to rent our

Chad Carson: 00:13:45

house. And so sometimes it's as simple as that. A

Chad Carson: 00:13:48

zillow ad, maybe you put, uh, a sign in the yard,

Chad Carson: 00:13:50

depending on what location you're at, maybe that would help out. And so you

Chad Carson: 00:13:53

get your point. There is you just want to advertise to get people who are

Chad Carson: 00:13:56

interested in the property. You have pictures, you have a description.

Chad Carson: 00:13:59

I like to put some of my requirements in the

Chad Carson: 00:14:02

advertisement for the property, like in the Zillow listing, for

Chad Carson: 00:14:05

example, if you have a credit score. So I might want to have a

Chad Carson: 00:14:08

credit score minimum. So like, let's say you wanted a

Chad Carson: 00:14:11

650 credit score minimum for somebody to rent your

Chad Carson: 00:14:13

house. You could go ahead and put that in the,

Chad Carson: 00:14:16

uh, advertisement. That way if somebody

Chad Carson: 00:14:19

doesn't have that, they're like, okay, well, that's this requirement. You're being

Chad Carson: 00:14:22

fair. You're being treating everybody the same,

Chad Carson: 00:14:24

and then they'll know it upfront. And so the people who tend

Chad Carson: 00:14:27

to call will already have seen that and then you'll have a

Chad Carson: 00:14:30

free, a brief call with them, um, you know, talk about the house.

Chad Carson: 00:14:33

But, uh, eventually you're going to probably show them the house and then

Chad Carson: 00:14:36

get an application from them. And so there's an application with a lot of

Chad Carson: 00:14:39

questions. And this is where you have screening

Chad Carson: 00:14:42

criteria to make sure they have a, uh, you know, they have enough income

Chad Carson: 00:14:45

to afford the house, they have a good credit score. They've

Chad Carson: 00:14:48

paid their other landlords on time. So it's kind of like

Chad Carson: 00:14:51

borrowing money. When you rent a house to somebody, you want to go

Chad Carson: 00:14:54

through an application. And some of the mistakes I made early in my

Chad Carson: 00:14:57

career, it was, I wanted to be a nice person. I wanted to help

Chad Carson: 00:14:59

somebody who probably a good person, but they didn't.

Chad Carson: 00:15:02

They haven't demonstrated that they can pay on time. And

Chad Carson: 00:15:05

so for you that you have to be. You have to make some hard

Chad Carson: 00:15:08

decisions like that sometimes to say you, uh, have to

Chad Carson: 00:15:11

separate the person from their ability to pay.

Chad Carson: 00:15:14

And if the person can't, has not demonstrated they can pay,

Chad Carson: 00:15:16

then you're asking for trouble. As a landlord, you need to. You

Chad Carson: 00:15:19

need to only rent to people who have demonstrated that they

Chad Carson: 00:15:22

can do that.

Tiffany Grant: 00:15:23

Gotcha. Gotcha. And that makes complete sense. So

Tiffany Grant: 00:15:26

you've covered so much. Um,

Tiffany Grant: 00:15:28

I'm, um, over here, like, feverishly taking notes, but

Tiffany Grant: 00:15:31

I know we can't give it all away. So you have a

Tiffany Grant: 00:15:34

book. How can people find out a, more information about

Tiffany Grant: 00:15:37

the book or b, more information about you? How can

Tiffany Grant: 00:15:40

they find you?

Chad Carson: 00:15:41

Sure. Well, the book was published by biggerpockets, so if

Chad Carson: 00:15:44

anybody's ever heard of the real estate investing website, they're a really big

Chad Carson: 00:15:47

website podcast now. Um, so they published it. So you

Chad Carson: 00:15:50

can find it on biggerpockets, or you can find it on Amazon. It's also an

Chad Carson: 00:15:53

audible. Unfortunately, you won't hear my southern accent

Chad Carson: 00:15:56

on the books. We hired somebody else to read it, but,

Chad Carson: 00:15:58

uh, it is on audible or anywhere else you want to find it.

Chad Carson: 00:16:01

And if you want to find me, personally, I would love to hear

Chad Carson: 00:16:04

from you. I have a podcast that I have every Monday.

Chad Carson: 00:16:07

It's, uh, called real estate investing with Coach Carson. If you look on

Chad Carson: 00:16:10

any podcast app, Apple, Spotify, and

Chad Carson: 00:16:13

also on YouTube. I do a lot on YouTube, so you can

Chad Carson: 00:16:16

see the episodes and also do tutorials on, for

Chad Carson: 00:16:19

example, if you're trying to figure out how to run the numbers, you're like, all right, I'm going to

Chad Carson: 00:16:22

buy a rental property. But I have zero confidence that

Chad Carson: 00:16:25

I know if I'm running the numbers right and doing the math,

Chad Carson: 00:16:28

then I have a lot of tutorials on there, and I have a little

Chad Carson: 00:16:31

whiteboard where I draw it out and describe and explain how to

Chad Carson: 00:16:34

do it. So come check me out on YouTube. And so when you're

Chad Carson: 00:16:37

searching on podcast or YouTube, just look for Coach Carson.

Chad Carson: 00:16:40

You search for that? I'm on all of the platforms. I also

Chad Carson: 00:16:42

am on Instagram and Facebook and those kind of things. I don't check those

Chad Carson: 00:16:45

quite as often, but I have somebody helping me out, and I would love to,

Chad Carson: 00:16:48

love to hear from you on any of those platforms.

Tiffany Grant: 00:16:50

Gotcha. Gotcha. And is it Coach Carson on all

Tiffany Grant: 00:16:53

the platforms as well?

Chad Carson: 00:16:55

It is, yeah. If you search Coach Carson, it'll

Chad Carson: 00:16:58

sometimes it's a variation of that, but I'm out there

Chad Carson: 00:17:01

on all of those as.

Tiffany Grant: 00:17:02

Coach Carson, make sure that I have all of

Tiffany Grant: 00:17:05

the links, um, in the show notes. So definitely

Tiffany Grant: 00:17:07

check that out. I know when you said when you're looking at your

Tiffany Grant: 00:17:10

numbers and you want to see if you're doing it right, I'm going to go check

Tiffany Grant: 00:17:13

out video right now. So highly recommend

Tiffany Grant: 00:17:16

you, uh, all give him a follow. He has some really good information.

Tiffany Grant: 00:17:19

So thank you so much, Chad, for coming on the show today,

Tiffany Grant: 00:17:22

and I hope you have a wonderful rest of your day.

Chad Carson: 00:17:24

It was my pleasure.

Tiffany Grant: 00:17:25

Bye.

Tiffany Grant: 00:17:26

Intro/Outro: Thank you for listening, joining and being a part of the Money

Tiffany Grant: 00:17:29

Talk with TIFF podcast this week. You can check Tiff

Tiffany Grant: 00:17:32

out every Thursday for a new Money Talk podcast podcast.

Tiffany Grant: 00:17:35

But if you just can't wait until next week, you can listen

Tiffany Grant: 00:17:38

to previous podcast

Tiffany Grant: 00:17:39

episodes@moneytalkwitht.com

Tiffany Grant: 00:17:43

or follow Tiff on all social media

Tiffany Grant: 00:17:45

platforms at moneytalkwitht.

Tiffany Grant: 00:17:48

Until next time, spend wise by

Tiffany Grant: 00:17:50

spending less than you make. A, uh, word to the money wise

Tiffany Grant: 00:17:53

is always sufficient.