Biggest mistakes I made on my first rental property-new landlord-investor
Today I want to talk to you about the biggest 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 rolling 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!
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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 friendly 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
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#firsttimelandlord, #1strentalproperty, #howtomanagerentals
• Biggest mistakes I mad...
Пікірлер: 681
👉Download my 20 MISTAKES PDF along w/ my rental docs here: aw8d9fb.aweb.page/p/5833df8d-f0fd-48c7-9318-01ff7d3f156e
When experience talks, i listen!
@krishaskins
9 ай бұрын
Hold up, I'm only 47, and I've got mentors been in the game for 10 years longer than me, BUT, I'll take that. I never thought I'd be the big homie. It just kinda happened after 19 years of this messy business. I appreciate your support.
@djcook
Ай бұрын
@@krishaskinsneed more videos like this bro
I’m only halfway through the video and I just had to pause it just to write this comment. This video is gold. All the other videos are always about how to buy your first place this and that this is actually the best video I’ve seen in a long time. I’m currently in my third year of being a landlord and purchasing my third multifamily right now. So there’s a lot of tips and tricks in here.
@RichieCoolBreeze
26 күн бұрын
What is up bro how did you get your second property?
I just bought my 1st rental in Flint Michigan. My entire circle is laughing @ me.I had to start somewhere. I'm not to proud
@krishaskins
3 ай бұрын
Hold up, what are "they" laughing at".. It pains me when I see peeps taking action, while others sit on the sidelines scared to pull the trigger. Just stay in the market and you'll win. Time IN the market is the secret.. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
@mizzdione
3 ай бұрын
Congratulations!!! Everyone needs a place to live and you’ll be even more proud in the years to come. Wish you the best.
@connieyourlifeinsuranceadv2713
3 ай бұрын
CONGRATULATIONS on your new property!!!
@krisallen9194
3 ай бұрын
Don’t listen to the noise from others. Keep watching Kris and others like him. Listen to podcast. Read landlord books. Arming yourself with knowledge and educating yourself about real estate will not allow you to fail. Start figuring now how you’re going to buy property number two. Good luck and wish you the best success.
@BScott-hi2hc
2 ай бұрын
Man when I read your comment I felt happy until the "not proud" part. I'm from Michigan and currently in underwriting for my first rental. Be proud my friend. I get it. Ppl like us gotta get properties in the more C class neighborhood,but it's a start. My market is Detroit,Flint,Toledeo. We have the ability to get affordable homes that cashflow being in the Midwest. Also I keep my business as private as possible. Let them laugh. Fast forward a cpl years and you'll be laughing to the bank. Your boys laughing have hearts full of fear they don't have the balls to do what you've done. God bless my friend. Go hard! The grind don't stop baby!!!
No nonsense landlording. Good stuff - I learned some things. Thank you boss!
If you place your property on Zillow for rent, they do the income, prior evictions , lease agreement, credit score and more for the landlord
That was at least $1,000.00 worth of advice. One thing I would like to add (because of my brother) is that there are a million hard luck stories about a tenant being temporarily short of cash. Even if that is true, will your bank, insurance company and tax collector tell you to skip a payment because you gave someone a break? Don't let them make their problem your problem. You'll be getting a lot of stories during these hard times. Kris is the best! (I'm a licensed Real Estate Broker)
@krishaskins
3 жыл бұрын
yes, sounds like you may have some stories of your own, let me know if you want to come on the channel to share some of them Kris@krishaskins.com, and you made me remember another tip I didn't include "train or be trained" Tenants will train us IF we let them, so those stories can get deeper and deeper, I wish I would've recorded some of them over the years as their never ending. Thnx for watching.....
@krishaskins
Жыл бұрын
I'm re-reading this comment. I love the fact that "hard luck stories" are out there waiting to take your money. Thnx for this one.
@angelofamillionyears4599
Жыл бұрын
True but landlords need to not overcharge on rent.
@teancoffee208
Жыл бұрын
It costs nothing to be a good person and give someone a break when they bring themselves low enough to ask for one.
@propertypaul
Жыл бұрын
@@teancoffee208 Yes it does! It can cost plenty.
While I understand the concept of a 3 year lease, I wonder how many good tenants walk away from that. If I was renting, I would want 1 year leases depending on the situation
@hardart-
9 ай бұрын
1 year lease just means your rent will go up next year. Might as well lock in a multi year agreement
@kimjongil5200
8 ай бұрын
What about tenants you want to boot? Unless they break the lease, you'd have to wait for the whole 3 year lease to run out to non-renew
@Jayy554
6 ай бұрын
@@kimjongil5200I was wondering the same thing
@roadtohealingandfertility
5 ай бұрын
Yeah I know especially people who travel a lot. Like myself at the time when I was renting I preferred 1 year I wouldn’t want to be locked into something for 3 years.
@fpm8338
2 ай бұрын
Agree with 3 year lease being a bit too long. But it makes me think you can at least offer it to your potential new tenant. I don't think that would be a terrible idea.
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 63 and my husband 65 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
@skoopqueen
10 ай бұрын
Nice one Stephanie .Any investment tip?. I would love to know how you made it this far
@stephaniefythm
10 ай бұрын
Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with REGINA LOUISE COLLARO an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself.
@skoopqueen
10 ай бұрын
Impressive Stephanie! Your investment advisor seems quite skilled. I've come across success stories of individuals enhancing their financial stability through advisors. Could you provide further details about this individual?
@stephaniefythm
10 ай бұрын
@skoopqueen she is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message .She works with anyone independent of their location.
@Alexedmartin.
9 ай бұрын
I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
I’ll add something to the air filter thing. GO CHANGE IT YOURSELF!!! you will drop it off, and the tenant won’t even put it in. Not only does putting it in your self make sure that the air filter makes it in, but it also gives you a chance to look around and check for leaks, dog shit, rats, trash, anything!
@krishaskins
11 ай бұрын
Sounds like you have some real world experience with this my friend.
@biohazardpro-crimescenecle9728
Ай бұрын
As someone who cleans properties for landlords every week, this is the best advice. I'm writing this comment as I sit in front of a customer's house who has a tenant that has hoarded trash up to the ceilings. If you've never paid a biohazard remediation bill, or even seen an estimate for the work to be performed, this is a very smart way to keep tabs on the condition of the interior. Hoarding doesn't just happen overnight; you can keep a record of the maintenance the tenant is keeping by making a quick note.
@dlemmon1276
Ай бұрын
@@biohazardpro-crimescenecle9728Can you do an un-announced visit, or do you have to make an appt. with your tenant?
@biohazardpro-crimescenecle9728
Ай бұрын
@dlemmon1276 generally speaking, the landlord should have something in the lease agreements that mention they can access the unit at anytime as per maintenance and management of the property; unannounced if it is an absolute emergency (pipe burst, utilities, etc) and semi-unnanounced by giving them reasonable notice that you will be entering the unit for those purposes (24 hours is good rule of thumb). Most tenants would never have a place like this fully clean within 24 hours. I'm not a lawyer and this isn't legal advice. And this isn't business advice either; I'm not a consultant.
@CoffeeAndBusiness
Ай бұрын
@@dlemmon1276 You can, yes. But I do the air filter thing so that I can do an inspection every three months without making an excuse, because I already have one. Check for rocking toilets, leaks, everything.
Absolutely great mistakes to highlight! Thanks kris!
I liked, commented, shared, and subscribed for how much value you have provided others and myself. Thank you
This is probably the best video that I've watched for helping me out! Thank you!
@krishaskins
11 ай бұрын
You're very welcome! It's my honor to serve to help prevent you from taking the bullets I had to take..
@singingwindrider9881
2 ай бұрын
@@krishaskins... agree with cmrncrick above. Thank you very much. Especially since I'm wanting to rent out my 1st home (an older farm house with no shower). Question: is it better to rent as is with clause for tenant to do repairs or do upgrades and then rent? Do I have to provide appliances, air conditioner, heater, stove, refrigerator, washer and dryer?
Kris... you ALWAYS give great content. THANK YOU FOR BLESSING US👏👏👏👏👏
Best advice I’ve seen on KZread. Thank you
Meeting my first renters tomorrow, a dream finally coming true. Thanks for the advice.🎉🎉🎉
@topdoochannel6609
Ай бұрын
Do you have an mentor? Or what avenue do you take ?
90 days is a stretch. You need to be fair with the tenant. A 60 day notice is reasonable for both parties.
@angelmagana422
2 ай бұрын
Exactly😂😂😂 like he lost me there
@carboncopies706
Ай бұрын
No 90 days is great it works great😊
@roderickwilliams2408
Ай бұрын
What’s wrong with 90? Just curious
@ChozenNYC
Ай бұрын
You know your moving in 90 days 60 your narrowing down where already. 90 is fine cut it out
Thoroughly enjoyed this
I'm amazed by the information on this video. THANK YOU!
Thank you for the valuable lesson today. Your advice will save me so much headache, money and of course insanity. I’m a new landlord trying to learn how to properly manage a student rental. Comes across your video and watched till the end. I will carry your advice on this video until I fully retire. Thank you a lot again. ❤
Thank you so much. I have learnt so much from your one video that I accidentally found. From now on I will b extra careful and not make mistakes. Thank you thank you
Love the amount of good info packed in this info.
One been researching getting a rental, and I have to say. This is the most informative, useful video I’ve seen.
Glad i came across this video. Thank you man. There's things on this list that i never would've thought of. Stay blessed brother!
Perfect, so many mistakes you mentioned I did and still doing.
youre brilliant my friend.. excellent teaching and motivational skills. it's so informative, real and pleasant to hear your wisdom in the RE rental realm!
This is best video I ever seen about managing my property. Thank u so much for all info❤
Very informative and great use of time. Thank you!
Thanks I’m about to get my 2nd rental property. This will help a lot
Hey man let me tell you I probably never write a comment, but you make amazing videos, supper informative and you give alot of value with your documents, keep it up man your a boss. I will sure be sending this video to family and friends. You have a new loyal follower 👍👍
@krishaskins
3 жыл бұрын
I appreciate that my friend, it's an honor to serve my people and get this message out...
One of the best and real video on line to date. Great. Thanks for all 20 + pointers
@krishaskins
Жыл бұрын
You are welcome, now get out there and you better not make these mistakes. let me know how things go for you...
Great information Chris!!! I appreciate you ❤
You are my new favorite landlord educator! I’ve been a landlord for decades and love your attitude. I’ll check out your docs
Thank you! Excellent startup advice.❤
Thanx bro, I needed this, bc I just purchased my 1st rental property.
@1_South_Business_Services
3 жыл бұрын
Congratulations 🎊
@krishaskins
3 жыл бұрын
sweet, I'd love to have you on the channel to tell us about your experience, this would be so positive for my RU fam and will help a lot of people, let me know if you can share, kris@krishaskins.com
@brykit1972
3 жыл бұрын
Congrats!
@lyla.iipheung
Жыл бұрын
Thank you for your video! It is very valuable! Just closed my first rental property.
@Foreveryoungandstrong
Жыл бұрын
@@lyla.iipheung , love to hear your story!
Friendly Vs Friends absolutely hit me. I had one who just kept pushing and pushing, and soon as I gave him the notice to Vacate when he already told me he can’t afford the new rent and I had given him a 3 month extension at the same lower rate, he got mad and started having an attitude. DO NOT LET THEM THINK YOUR FRIENDS.
@sunnynsydney4705
8 ай бұрын
They act friendly on purpose, to manipulate.
@michaelpaul5801
7 ай бұрын
exactly! its the same tactic being used by tenant and landlord...its all good we can act as friendly and respectful as possible but in the end, everybody knows its about business and NOT personal@@sunnynsydney4705
Thanks Kris! Great stuff as usual!
Thank you - this was useful information as I have made many of mistakes you mentioned here. Please make more useful contents like this to help us beginners
This was SO GOOD, and I'm currently a renter. Thanks for the tips!!!!
Thank you so very much for sharing this valuable information with us. Thank you.
You are fantastic! This information is extremely helpful and certainly not common knowledge! Thank you for sharing!
Thank you for sharing your experiences. These are elpful. You rock.
Omg Kris, you just saved me SO much headache!!! THANK YOU!!!
@krishaskins
Жыл бұрын
It’s my pleasure, I absolutely LOVE seeing my peeps get they’re head and plan together BEFORE they jump into this thing. U can really lose ur shirt
thanks for this info, you're cutting the learning curve
Great video. Great advice on managing renters! Thank you so much.
This advice is Gold. Thanks brother
I am learning about rental properties, and your video has the best advice I've found thus far. Great tips. Thank you!
Thank you though! Have a nice night.
I like the way you explain, Kris. The pace is excellent and easy to understand. Keep it up
@krishaskins
4 ай бұрын
Much appreciated! It's an honor to be in a position to serve, 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Just because of this video subscribed! Can’t wait to go through the rest of your channel. Thank you for all those tips, I learnt alot!
@krishaskins
11 ай бұрын
Welcome aboard! I HIGHLY suggest putting on your seat belt my friend, it's going to be a bumpy ride
@Esiddik
11 ай бұрын
@@krishaskins ahaha I’ve seen it all , just love the way you broke down the video. Also…. I love roller coasters ! Am ready 🤓
This was very good information!!! I will be following you going forward!! Thanks
True facts! Thanks for sharing.
Super sincere guy! Thank you
Thank you for making this video! About to rent our my first rental property!
@krishaskins
Жыл бұрын
Oh snap, I’m so glad ur taking the time to educate ur self UNLIKE I did. I know ur going to do a great job
So glad I found you. You answered 2 questions I have been wondering for five years. I own a duplex I live In the bottom unit.. thank you
Thank you for the time stamps!
Hi Kris, thanks for sharing your "Biggest Mistakes" journey with us! Your honesty is refreshing. It's all part of the learning process. Your video is like a roadmap for rookies, helping them avoid those same potholes on rental property adventure! Keep the insights coming, and grow together with your audiences! You deserve the like, share and subscribe!
Wow...One of the very best videos on this topic. Thanks man!
@krishaskins
Жыл бұрын
Yes it’s my honor, it’s always a pleasure to simply tell the TRUTH about this business.
Great advice. Especially the air filter tip. The best apartment buildings I’ve lived in did all of the things you did. The worst ones didn’t.
Great video! On point and good advice. The only thing different that I do is #9. I have the monthly payment due on the 10th of each month with a 5 day grace period. Believe me, in 8 years I haven’t had a problem with folks not paying on time. I give them time to pay their other bills at the beginning of the month. Has worked out well for me and some of my close friends/family. Thank you for the effort put into this informative video.
Love this! Thanks for the great info.
This video is going to be so helpful. I plan to have rental property soon. Thank you so much!!
@krishaskins
4 ай бұрын
YES, speak it out loud and claim it. I know it's possible for you.. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Respect for your guidance 🎉
You know, this is relevant and applicable even in Greece, Europe (where I'm watching you from). Thank you for the good advice. God bless you!
@krishaskins
9 ай бұрын
WOW, that's amazing. It's interesting the rules are kinda the same there. I'd love to see how real estate markets are doing there as well. ?
Man, I love all in your video. Your information, your voice, your way to talk, and your posture 👍🏼👍🏼👍🏼 Thanks for the video.
@krishaskins
Жыл бұрын
I appreciate that! It's all in truth my friend. BUT, the only reason it sounds like this is because your boy has been through HELL to get here. I don't think this stuff can be read, you gotta go through it before you can get to it.. It's my pleasure...😉
@kle-j-cung-me
Жыл бұрын
@@krishaskins 🥰 can’t agree more 👍🏼👍🏼
Awesome notes! Thank you!
Solid advice around the 26 minute mark on figuring out if your talking to someone's friend or the actual landlord.
This was so helpful, thank you!
Some really simple, very easily implemented advice here that could definitely save a whole lot of headaches.
This was really thorough and helpful. Thanks! You have a new subscriber.
Thank you for sharing all this information. Your a blessing!
@krishaskins
9 ай бұрын
It’s my honor and obligation plus commitment to my culture to get this wisdom out! Are u in the rental game now?
Thanks a lot. I just rented for first time and I am managing it too and it started bad. Thanks for your advises.
Great information. Thank you for sharing
Thanks Kris, such great advice!! This is the advice I needed in order to protect myself as a landlord.
@krishaskins
3 ай бұрын
Well, I can only give it to u how my TENANTS gave it to me. Back in the day I was hanging on by a string. So now, unfortunately, I have to be extremely vigilant about dates and time for rents👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I’m 24 years old and got preapproved for a loan. I hope to do this too. Thank you for so much information. I subscribed which I never do. You the truth
Thank Kris,this was so informative and clear. Thank you again!
@krishaskins
2 ай бұрын
You are so welcome! It's an honor to be able to breathe this life in. No, it's not easy, BUT if you focus and make the work your goal, things will pay off over time. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Excellent advice. Thanks
This is a good video. Bookmarked and reviewed multiple times. Friendly vs friends absolutely!
This is a really great video! I definitely learned some tricks. Thank you!
We appreciate the knowledge good brother. All the best of blessings.
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
@roolayousif8082
Ай бұрын
I see this comment in every real estate investor.stop it 😂
Great video Kris. Great info, great vibes.
I rarely add comments to KZread, but this one was a very good video. Love the advice and love how it was very straightforward. Just know I clicked that subscribe button!
@krishaskins
Жыл бұрын
Glad it was helpful! It's really just years of giving away money to bad tenants paying for their housing. Now you know....
Learning to set rent payment deadlines smartly can ensure timely payments and better financial planning for tenants. I found the idea of regular property inspections and driving by properties beneficial. It's a hands-on approach to property management that can prevent maintenance issues. Thank you for highlighting the importance of verifying tenants' income for financial security. It's a crucial step in establishing reliability and stability in rental agreements!
thanks for this great content Kris
Michigan calls it Residential Landlord-Tenant Law benchbook. Thank you sir for the guidance!!
Love it!!!! Best video in a LONG time!!! Ain’t nothing to talk about 😂😂😂 Even back when I was on the other end and only paying rent - and these atrocious NYC rents at that- I never talked. What’s there to discuss? I know when it’s due. Either I pay it on time or I don’t ain’t nothing to talk about. The “I’m just a manager” is genius! I’m very new to this and that was def an💡😮 moment. THANK YOU!!!
@krishaskins
Ай бұрын
Exactly!! You have no idea how many of my coaching clients call me starting off their question like; "Kris, what do I say to my tenant when they haven't paid rent and they call to say.........." I'm like "Why are you entertaining trying to figure out how THEY are going to pay YOU?" SO, we do our best to pull people over to the force that will empower them. Thx for recognizing the real game..... 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I appreciate you sharing this information with us man really means a lot. I’m a 16 year old and have aspirations in becoming a real estate investor very soon.
@krishaskins
7 ай бұрын
Best of luck! I wish this info was out when I was younger. If you start now, you won't have to push so hard when you get older. Most people WAIT, I'm glad you're not one of them. 👉Make sure to join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Thank you for sharing your wisdom and experience. I'll carry this in my mental toolkit for life.
Great video! All lessons learned and relearned in my decade plus of landlording. This is knowledge worth paying for.
@krishaskins
3 жыл бұрын
Great to hear! sweet. Perhaps you can come and share some landlord stories to help the people as well. kris@krishaskins.com, thnx
Clear, concise, and informative. great video partner
@krishaskins
24 күн бұрын
much appreciated my friend. It's a pleasure to be along on your journey w/ you...👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I love you! This is so so so helpful! You are the best!
This video was sooooo resourceful, thank you for sharing to help us first time landlords🤗
@krishaskins
Жыл бұрын
Oh man, it's nothing but an honor to even have your attention for this short moment in time. Get out there and make it happen.....
@positivechic1463
Жыл бұрын
@@krishaskins Thanks I’m trying, have you ever tried using Zillow Rental Manager?
Subscribed and Liked. Thank you for the information.
This is great stuff. Thank you !
Thank you for your advice 😊
We are looking to get our first real estate property and will definitely make sure not to make certain mistakes based on what you taught us. Thanks so much for this information.
@krishaskins
8 ай бұрын
It’s all about being a good Steward of what we have and that includes knowledge and wisdom and experiences plus information. Go make it happen
@michaelpaul5801
7 ай бұрын
such a wise response too@@krishaskins
Thanks for the great advice
Really good video, thank you for sharing.
Great info brother