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20 mistakes I made on my first rental property-new landlord-investor

Wise Phenomenal
Wise Phenomenal
20 Jun 2021

Today I want to talk to you about the dumbest mistakes I made on my first rental property. Being a first time landlord is no easy task, like I thought it was going to be. You see, back in 2005 I thought after I bought the house, I'd hire a property manager and let the money start coming in on auto pilot. That wasn't the case. I lost 3 houses to foreclosure because I didn't know what I was doing. I could go on for hours about all the mistakes I made but I decided to narrow it down to the ones that will have the most impact on your real estate rental business. Don't forget to download the accompanying pdf checklist and all the supporting docs so you'll be successful with your first rental property, even if you haven't bought it yet. It's out there waiting for you!

Join this channel to get access to perks and your questions answered FIRST:

Need financing? Find out how much you qualify for in Business Credit Lines: https://www.fundandgrow.com/we....binar-registration/k

Get the best software for Real Estate Investors: http://trial.propstreampro.com/kris/

Need an investor website that's already optimized: https://az122.isrefer.com/go/main/kriz1204/

Get started with Section 8 housing here: https://aw8d9fb.aweb.page/p/6a....dc04d3-0118-48ee-b47

Register for the Valuetainment Vault Conference W/ Patrick Bet-David: https://www.eventbrite.com/e/t....he-vault-2021-ticket

Download the PDF along w/ my rental docs here: https://aw8d9fb.aweb.page/p/58....33df8d-f0fd-48c7-931

00:00- Intro
2:07 - #1 Allowing my tenants to have pets
3:40 - #2 Doing one year leases with my tenants
4:43 -#3 Trying to be friends instead of being freindly w/ my tenants
6:17 - #4 Only doing 30 day notices to vacate the property instead of 90 day notices
7:45 - #5 Taking personal checks
8:52 - #6 Not keeping track of late fees when the tenant paid rent late
10:14 - #7 Being the owner instead of being the Property Manager
11:36 - #8 Not verifying income with the Employment Verification document
13:14 - #9 Making the rent due on the 1st of the month
14:58 - #10 Not sending out and filing the proper Landlord/tenant paperwork when rent is late
17:05 - #11 Communicating w/ my tenants too much
18:32 - #12 Not trying Section 8 tenants
19:21 - #13 Not taking pictures of damages when the tenant moves out
21:02 - #14 Refusing to try Lease Options as a strategy
21:45 - #15 Not charging court fees to tenants
22:45 - #16 Not checking eviction past filings on prospective tenants
23:36 - #17 Not giving out Air Filters for Central Heating and Air systems
24:35 - #18 I didn't speak to previous Landlords of my prospective tenants
27:11 - #19 Not driving by my properties
28:10 - #20 - Thinking the Property Management company will take care of everything

Follow Kris on Social media:
Instagram: https://www.instagram.com/kris.haskins/
Facebook: https://www.facebook.com/kris.haskins.7
Twitter: https://twitter.com/kriz1204

#firsttimelandlord, #1strentalproperty, #howtomanagerentals


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1 Comments Sort By
Zen_Qi 4 months ago

Valuable information. Even if you are already an income property owner.

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