BROADCASTS.com

b'Taylor Loht dives into the importance of hiring a third-party property manager to manage long-term rentals with Colin Smith, a successful real estate investor and property manager. Colin shares his principles, strategies, and business systems for managing long-term rentals throughout the conversation. Taylor emphasizes focusing on value rather than cost when considering self-managing versus hiring a property manager. Learn how to find and place tenants, the importance of following fair housing regulations, and various methods for screening tenants, such as background checks, eviction checks, and landlord references. Discover why having quality photos and 3D virtual tours can help create trust with tenants. Plus, learn about the habits of successful investors, such as taking care of tenants, investing in repairs, not allowing tenants to do work instead of rent, and not letting late rent accumulate, which can lead to significant financial losses.\\xa0\\n\\xa0\\n[00:01 - 07:03] Opening Segment\\nColin Smith is a successful real estate investor and property manager\\nPrinciples, pitfalls, and mistakes that mom-and-pop single owners make when self-managing their properties\\nFocus on value rather than cost when considering property managers\\nProperty managers can help generate passive cash flow\\n\\xa0\\n[07:04 - 14:36] Understanding the Life Cycle of a Lease and How to Properly Screen Tenants: A Guide to Self-Managing Rental Properties\\nSelf-managing often leads to mistakes and errors\\nCreating procedures and building the business side of rental management are important\\nThe 3D virtual tour is a great way to document the condition of the property before and after a tenant moves in\\nAdhering to fair housing laws is critical when screening tenants\\nLooking at rental income, background checks, eviction checks, landlord references, and employer calls are all essential steps in the screening process\\n\\xa0\\n[14:37 - 27:59] Navigating Eviction Procedures in Colorado: What Property Managers Need to Know\\nThe eviction process in Colorado can take up to 50-60 days\\nColorado made changes in 2020 requiring a seven business day wait period before posting late notice\\nNon-communicative tenants force the eviction process forward\\nEviction can be canceled up until the second the sheriff knocks on the door\\nRent should be paid on time, and any exceptions should be taken into consideration\\nEviction laws are often not in favor of the landlord\\nBest landlords take care of their tenants by authorizing better repairs and not letting things slide\\nMost successful investors take care of their tenants and don\'t let them do work for free rent\\n\\xa0\\n[28:00 - 33:17] Closing Segment\\nColin\'s best investment\\nColin\'s worst investment\\nThe most important lesson in investing: Trying and failing is better than not doing anything\\n\\nConnect with Colin by visiting www.solidrockre.com.\\xa0\\n\\xa0\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\nParticipate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your terms.\\nJoin our Passive Investor Club to access passive commercial real estate investment opportunities.\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.\\n\\nQuotes:\\n\\xa0\\n"Focus on value rather than cost." - Colin Smith\\n\\xa0\\n"The underlying principle here really is that by hiring a property manager, you have policies, procedures, resources, and all these assets involved in the business that you." - Colin Smith'