As we continue the Living the Dream series, you are now the owner of a property and you have a tenant. Matt is going to explain how you should manage maintenance and repairs, manage your finances, and how to manage your tenants efficiently. But, you might be wondering, exactly when does the dream actually begin? How does freedom happen?
Today’s episode concludes with answers to these important questions. Matt talks about how the key to success is whether you have an accumulation mindset or a residual income mindset. This is what separates those who follow popular financial “gurus” like Suze Orman and Dave Ramsey, and those who follow Robert Kiyosaki and Matt Theriault. Sure, Matt may not be rich enough to brag, but he can certainly brag about being free. The financial freedom that he’s achieved allows him, at just 44 years of age, to have a lifestyle that most people will work their entire lives to get by the age of 64.
What You’ll Learn:
- Why you still need money even though you can purchase real estate without your own money.
- What you’ll learn in Matt’s upcoming free training session.
- How many properties you will need to purchase to live off of your rental income.
- Why you need to be financially literate to be a successful investor.
- The different banking accounts that you will need as a real estate investor; and
- Which one(s) should be interest-bearing accounts.
- Why Matt recommends hiring a financial planner for your business.
- Why you might want to consider setting accounts payable on auto pay.
- Whether you should set up a corporation for your business or not.
- What to look for in a CPA; and
- Why it is important to have an accountant who has experience in real estate investing.
- Why you should be prepared for everything to break in your rental property; and
- How to vet repair and maintenance professionals.
- The importance of preventative maintenance in real estate investing.
- Where most real estate investing “losers” make their mistakes.
- Why you may want to hire a handyman for your properties.
- What types of maintenance should be the responsibility of the tenants.
- How to use repair cycles to time repairs between tenants.
- Why you should respond to repair requests promptly.
- How to behave if you are acting as the property manager for your rental unit.
- What to do when it is time for lease renewal.
- How you will assess the return of the security deposit when a tenant moves out.
- Why you want to collect the keys before performing the move-out inspection.
- How to deal with lease non-compliance; and
- When to send notices of delinquent rent, non-compliance, and eviction.
- Where you can learn more about the eviction laws in your state.
- How to minimize the likelihood of running into complications with your rental properties.
- The difference between Matt’s financial philosophy and that of Suze Orman or Dave Ramsey.
- Why Matt flies first class and stays in 5-star hotels when traveling for his business.
- Why the proximity of your rental property to your primary residence has nothing to do with your likelihood of success.
- Where you should be spending your time if you want to be making the most possible money per hour.
You don’t need to know the tax code back and forth to benefit from RE tax breaks. Hire the right CPA! [Click to Tweet]
The most valuable skill you can acquire in this business is the ability to deal with people. [Click to Tweet]
Learn how to get good tenants to renew their leases on today’s episode [Click to Tweet]
- It’s been great meeting you virtually. Would you like to meet in person? Our next live event is right around the corner! Go to EpicIntensive.com for the details.
- Need money? We have secured more than $15,000,000 of funding for the Epic community, people just like you. Get access to fast cash for your real estate investing business with our “one-of-a-kind” credit-based funding program at EpicFastFunding.com
- Need time? Work on your business rather than in your business by leveraging the time of others. Access free information and find real estate-trained virtual assistants to help you free up your time. Learn more at VAsForRealEstate.com.
- Need training? The ultimate training environment for real estate investors: Version 3.0 of The Epic Pro Academy! New look, new lessons & new content – we’ve got everything you need to know to get your first paycheck!
- Need someone to do it all for you? If you’re an Accredited Investor, you can diversify your portfolio by hitching your wagon to our train and share in the profits. Go to EpicWealthFund.com to download the executive summary.
- EREI 96: After the Deal Closes, Finding Good Tenants, Virtual Wholesaling Update
- EREI 94: How to Sort Your Leads, Get Your Offers Accepted, and Close the Deal
- Financial Freedom Friday – HOW TO USE OTHER PEOPLE’S MONEY (OPM) TO PAY DOWN YOUR DEBT
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