EP 27 - Cash for Keys: How to Get Tenants and Money Moving
Apr 13, 2022
Do you have trouble dealing with tenants?
Maybe you feel guilty having to evict people? Or it could be that you don’t know the approach to take without looking like the bad guy. Whatever the reason is, knowing how to deal with people, be it tenants or buyers, is an integral part of real estate investing.
In this episode of Collecting Keys Podcast, we talk about the most effective ways to deal with tenants in a “cash for keys” situation. We also explore the attitudes, mindsets, and habits you’ll need when dealing with people in real estate.
Here are some power takeaways from today’s conversation:
- Organize your schedule
- Keep an eye out for unique opportunities
- Be consistent and transparent
- Always look at the data when making decisions
- If you don’t know something, find someone who does
- Be firm, fair, creative, and kind with tenants
Episode Highlights:
[03:07] Make Professional Investor Deals
An amateur investor may try to make a purchase in cash for a number that doesn’t quite make sense. That would not be a good deal unless you’re willing to solve the problem that exists there. You need a good eye for unique opportunities.
[08:57] Look at the Data
Looking at your data is crucial. The comps can tell you what the price should be and can be. They will also determine whether renovations are needed or not. You need to believe in the fundamentals of your assets and improve them.
[19:48] Cash for Keys
Many investors get scared away from buying properties with tenants. The problem is, there are so many deals to be had if you are willing to tackle the tenant issue. Learning how to do cash for keys to encourage tenants to move along is a great tool and one we use on a regular basis.
Notable quotes from the Episode:
“You don't have to know how to figure it out. You just have to know who does know how to figure it out.”
“At [real estate’s] core, it’s just not being afraid to talk to people.”
Resources Mentioned:
instagram.com/collectingkeyspodcast
instagram.com/investormandan
Connect with us:
Connect with Michael DeHaan on LinkedIn
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Follow Dan Austin on Instagram
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