Flipping America 473, Single Family Rentals with Kim Kesterke
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I want to invest in real estate but I want to keep my day job. How can I manage it all? Today I have answers for you.
Passive income is (or should be) our goal. If you are starting with a big pile of money and/or good credit, you can skip flipping and go straight to rentals. Make money in your sleep and enjoy the tax advantages that come from owning income properties. But how do you go about it? What do you buy? What should the numbers look like? How do you manage them? When and how do you hire management? Get answers to these and all your questions.\\xa0
Kim Kesterke, author of \\u201cThe W2 Landlord\\u201d course joins me for a discussion of the ins and outs of owning single family rentals.\\xa0
How to contact us
www.RogerBlankenship.com. Leave a voicemail right from the home page!
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Email your questions to questions@flippingamerica.net. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don\\u2019t mind.\\xa0
Sponsors
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Flipping America Funding: Get the money you need for your business, for your training, for infrastructure, and for your projects. Flipping America Funding is your one-stop shop for all of your business funding needs. FlippingAmericaFunding.com.\\xa0
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\\xa0Announcements:
- Flipping America Funding is live! Monday May 16th.\\xa0
News and Resources:\\xa0
- https://www.marketwatch.com/story/5-things-to-know-about-investing-in-single-family-rental-homes-2018-05-29
- Targeted to women, but good advice for all. https://womenwhomoney.com/investing-single-family-rentals/
- Written for physicians, but pretty thorough for anyone. https://financialresidency.com/how-to-evaluate-a-single-family-house-for-a-buy-and-hold-rental-investment/
- One of the best set of arguments in favor of single family over multi-family investments I\\u2019ve seen. Plus - he\\u2019s a fan of John Shaub, as I am. https://www.coachcarson.com/why-single-family-houses-are-your-best-investments/
- This author makes the argument but confuses cap rate with return on cash, which are very different. A 5% cap rate might still yield double digit returns on cash. https://www.rentfaxpro.com/why-i-invest-in-single-family-homes-over-multifamily/
- This article makes a good cast for remote rental investing and does a nice job of explaining the benefits of leverage. https://learn.roofstock.com/blog/single-family-rental
- A few of the \\u201cpros\\u201d for single family here represent an attempt to manufacture logical support for something they are selling - namely turn-key rentals. That doesn\\u2019t make them wrong - but perhaps overstated. https://learn.roofstock.com/blog/single-family-vs-multi-family-rental-investments
- Good explanation of the concept of tenant \\u201cstickiness\\u201d. https://investorjunkie.com/real-estate/single-family-rental-homes/
- This is a balanced pros and cons comparison of single-family and multi-family investments written by someone who is NOT selling one or the other. https://passiveincomemd.com/is-it-better-to-invest-in-single-family-rentals-or-apartment-buildings/
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Mindset Moment:\\xa0
No one can do everything all the time every day. I find that my life has been the sum of several phases. Some of them are major phases - like this whole real estate thing. Some of them are minor. For example, after the pandemic started, we started buying deli meats and all the trimmings needed to make sandwiches for lunch at home - since that\\u2019s where I was. I really got into the art of making a great sandwich - for a couple of months. It was healthier probably than what I had been eating and I enjoyed it but I stopped. I don\\u2019t know why and I\\u2019ve given zero thought to it other than this moment of reflection. Why? Because it\\u2019s not important.\\xa0
You\\u2019re going through a phase in your life right now too. Probably several. One or two big ones and several minor ones. Perhaps you started the year in a \\u201clet\\u2019s get organized\\u201d phase and, well, it\\u2019s essentially over. Still need to get organized? Ok? Relax and try again. Don\\u2019t waste energy beating yourself up for what is not a natural ability. Just keep plugging away.\\xa0
Do you have a lot of plates spinning and every day seems like a battle just to keep them all going? Ok. Relax. Re-evaluate whether any of those activities could just cease without damaging you, your credibility, your income, or your relationships. If not, just keep plugging away.\\xa0
You\\u2019ll get through this phase. And perhaps this one is preparing you in some way, perhaps in combination with other past experiences for what is next. Embrace the phases. Enjoy the journey.\\xa0
Questions from Listeners:
- Santonio, Oklahoma City, OK, \\u201cI\\u2019m in the military and want to own rental houses, but I move around a lot. I don\\u2019t want to end up with houses scattered all across the country do I? That would seem like a management nightmare.\\u201d
- Peter, Colorado Springs, CO, \\u201cWould you explain the difference between cap rate and cash on cash return?\\u201d
Motivational Quote:
\\u201cWhen you invest, you are buying a day that you don\\u2019t have to work.\\u201d
Aya Laraya
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