The SmarterLandlording Podcast

Episode 19 of the Smarter Landlording Podcast is a continuation of the series "Conversations With Real Estate Investors." Sit in and listen as frequent guest Richard Scarbrough and I look back at turbulent 2020 and ahead to 2021. Will there be more turbulence? Probably. But there will also be opportunities for the focused and persistent investor. Pull up a chair and listen close as there are numerous nuggets for you to mine out of this episode.And do not forget to order your copy of Advice From Experience today.

Episode 18 of the Smarter Landlording Podcast is a detailed discussion with Attorney Joe Kirkland of CloseTrak Title and Closing Services on one of the most important documents you will use in your real estate investing career, your purchase and sale contract. On the surface, this topic may not seem very interesting or stimulating, but your purchase and sale contract is the blueprint you use to acquire investment property. And, if this blueprint is not worded properly, it can cost you time, money and even the deal.This in depth conversation with Joe on the nuts and bolts of a purchase and sale contract will make you a better and smarter real estate investor. Follow along as we discuss:· Minimum terms and clauses your purchase and sale contract must have.· Items that lead to the most disagreements and how they can be cleared up.· The clause that lets you set the standards.· The assignability of contracts (listen up wholesalers!).· Working both the purchase and sale sides to make the contract happen.· Earnest money.· Escape clauses.· Is “Time of the Essence?”· How my own personal purchase and sales contract should be improved.I know that I will be making some changed to my own purchase and sale contract after talking with Joe, and I bet you will to yours as well after listening.If you are looking for a purchase and sale contract to get yourself started in real estate investing you can download the one I have used over the years by clicking here and then listen in as Joe and I pick it apart. 

Episode 17 of the Smarter Landlording Podcast is a conversation with Matt Cates of AACQ Deals to discuss building a brand and a marketing plan to find, buy and wholesale properties.  Matt has successfully built his real estate investing business by creating a name for himself and using extensive marketing techniques to get his phone ringing with active real estate leads. My conversation with Matt touches on many topics, including:· Understanding real estate wholesaling.· The value a wholesaler brings to a real estate deal.· Why you need a brand for your real estate business.· How to market for real estate deals and what strategies work best.· Which social media sites give the best bang for your dollar.· How a virtual assistant can help grow our business.· How to get over the fear of talking to property owners on the phone.  Will they get angry with you?· Tips on negotiating your deal.This episode of the Smarterlandlording Podcast is filled information that every real estate investor must think about and learn if they want to take their business to the next level.  Matt definitely provides great Advice From Experience.

Episode 16 of the Smarter Landlording Podcast starts a new series called Conversations With Real Estate Investors.  Conversations With Real Estate Investors is exactly what it sounds like, a conversation with a real estate investor who is actively working in and on their investing business.  Episode 16 begins this conversation series by sitting down and talking with fellow landlord Delois Brown.  Delois has been building up her portfolio of rental properties here in Memphis, TN for the past dozen or so years.  Since that time she has earned her stripes as a real estate investor and she shares part of her real estate investing journey with me today on the show.The conversation begins by talking with Delois about how she got into real estate and better yet, why she largely got into real estate after she retired from her full-time job of 30 years!  Delois had a great job that she generally liked with the great salary that nearly everyone strives for.  She had a family and two kids.  Many of us would have said that Delois had it all.  But, even having it all, she still felt there was more to life and that real estate would be able to provide it for her.  What more did she want?  Listen in to find out and to hear about the many lessons that both Delois and myself have learned as we bought, rehabbed and managed rental properties. Our conversation touches on many topics, including:· The advantages of having a real estate license.· Understanding and timing the real estate market.  Maybe buy in bulk?· Buying properties at tax sales and the issues that can come with them.· Who you should talk to before buying that investment property.· The Section 8 Program.  A guaranteed check but with strings attached.· We even got into Air B and B and how you “live on your ratings.”This podcast episode runs a little long, but that is only because the conversation was great and there was so much information discussed.  Delois has built up a outstanding business for herself and her family.  She definitely provides great Advice From Experience.  

Episode 15 of the Smarter Landlording Podcast welcomes back real estate investor extraordinaire Richard Scarbrough.  Focusing on my new book, Advice From Experience To New Real Estate Investors, Richard and I discuss 5 key pieces of advice from experience that every new real estate investor must learn and know.   During the first part of the show, we remember why we both got into real estate investing and Richard explains why real estate is more advantageous than just about any other investment out there.Listen in as Richard and I go over 5 key pieces of Advice From Experience taken from the book:Don't Wait to Buy Real Estate, Buy Real Estate and Wait - Learn how time is a great healer that can cover almost any newbie mistake.Work On Your Business, Not In It - Change your mindset and avoid “entrepreneurial optimism.”Don't Fudge the Numbers - Learn what numbers you can and cannot control in any deal and what number you must have in any rehab budget.Don't Be Too Trusting - You would think that people will do what they say, but that is not always the case.  What you as a new investor must do to protect yourself.  On Working with Friends and Family - Doing so may sound like a good idea.  But give us a listen first.Everyone out there wants to share their advice on real estate investing.  But before you take that advice, ask this question.  “How many houses have you bought and sold?”   If the answer is one or none, you may want to think about where that advice is coming from.  If the answer is in the hundreds, like Richard and I can say, than you may want to listen to that Advice From Experience.

Episode 14 of the Smarter Landlording Podcast is a discussion with mortgage broker Herb Hyman.  Herb has been in the mortgage and loan business for over thirty years.  He has seen the ups and downs of the real estate market along with the good and the bad.  In this episode Herb shares his knowledge on acquiring loans for investment properties.  This episode is focused towards and will be especially helpful to those just starting out in the investing world as Herb knows what it takes to get the loan process going. Listen as Herb and I discuss:Beginning your search for investor loans.Common types of loans for new investors.The documents you need to get together for the loan approval process.Getting pre-approved.Down payments.The importance of your credit report and having your own house in order.AppraisalsWhy a local underwriter is key.

Episode 13 of the SmarterLandlording Podcast is an extensive interview with friend and super knowledgeable real estate professional Pablo Pereyra. Pablo is perhaps the hardest working man I know. Not only does he have 5 kids, he owns his own real estate brokerage and property management company. He is an investor and a master at working both sides of the real estate deal. If you want to think about doing things a bit better and a bit differently than your competition, then this conversation with Pablo is a good place to start.Listen as Pablo and I discuss:Why the win/win strategy is perhaps outdated and the strategy to use today.The keys to bring the deal together.What to do in order to keep the deal moving forward.The value you can add to any transaction.The best way to find properties in a tight real estate market.The toughest real estate deal Pablo has put together.The deal Pablo is proudest of.Four questions to ask yourself before you get started in real estate or tackle any deal.

Episode 12 of the Smarter Landlording Podcast features the very first guest I ever interviewed, Jenna Stonecipher-Williamson. Back when we first talked Jenna was just getting started in real estate and was knee deep in repairs and finding tenants. Now almost five years later, Jenna is still in real estate and going strong. In this episode we discuss what went right, what went no so right and if she would do it all again. A newbie no more, Jenna shares some valuable insights and demonstrates that becoming successful in real estate can be done, just not perhaps in the way you thought it would.  Listen to hear Jenna and I discuss:· What she did to move into real estate full time.· Where real estate took her, from selling high end homes to new construction.· How you have to follow your market.· Lessons she has learned, especially when talking about her business.· The many hats a real estate investor has to wear.· Finding tenants and tenant screening red flags.· Lessons she has learned.· Advice for the newbie from a former one.Getting started in real estate investing never quite goes the way you think it will.Listen in as Jenna describes where here journey in real estate took her.

Episode 11 of the SmarterLandlording Podcast focuses on buying, rehabbing and managing class D apartments. Class D apartments look great on paper, but are more of a challenge than you might realize. My guest, Erik Nowacki, has taken on that challenge by investing in, rehabbing and managing distressed class C and D apartments. He has built up a portfolio of hundreds of apartments here in Memphis, TN. During this episode Erik and I discuss: The difference between apartment classes and the risks involved in investing in them. Why class D properties look so good on paper while other classes might not. What you must do if you are considering purchasing a class D property. The features of the Memphis, TN apartment market. The tenant base characteristics for class D properties, especially here in Memphis, TN. What to look for when screening tenants for class D properties. The goals when rehabbing a class D property. Property management for class D properties. How you can be scammed when looking at buying these types of properties. If you are looking at the numbers of a class D property and wondering how you can go wrong, then this episode of the SmarterLandlording Podcast is for you.

Episode 10 of the Smarter Landlording Podcast examines buying properties without using banks. My guest, real estate investor Sarah Shepherd, has been buying properties for over a dozen years without using bank financing. How? She does it using a variety of creative financing techniques and in this episode we go over four of those techniques. In discussing how Sarah got started and by going through some examples of how these creative techniques work, listeners can lean many key points that may help them take their business to another level, including - The key thing to do in any real estate deal - The most important thing a real estate investor has to do for a seller - Key issues to look for when seeking potential sellers - A technique to defer capital gains taxes - 4 creative financing techniques - Where to find potential investors. - What to say to potential investors - How to negotiate with sellers - And much more. If you want to begin to learn about how to buy properties without using banks, then this episode of the SmarterLandlording Podcast is for you.

Episode 9 of the Smarter Landlording Podcast focuses on something every landlord fears, lawsuits. In this episode, I sit down again with attorney Joe Kirkland to delve into this interesting and sometimes troubling aspect of the landlording business. Joe has over 40 years experience practicing law and this experience will show as we get into the nuts and bolts of getting sued. Joe and I start off by discussing what exactly a lawsuit is. What do the terms plaintiff, defendant, service, arbitration and bench trial really mean? We then move on and get into six types of lawsuits that a landlord is likely to face, including negligence, liability, breach of contract, code violations, discrimination and criminal activities. No conversation about lawsuits would be complete without an examination of the methods a landlord can use to protect themselves from them. There are many methods that Joe and I describe, but we take the discussion a step further by looking at some of the costs and burdens of those methods. Are they all worth it? What is right for you? Figuring out how to seek a balance between costly and cumbersome legal structures and other less complicated measures is a major part of our discussion. Finally, we briefly discuss what you should do if you find yourself on the wrong end of a lawsuit. Should you move assets? Sell everything and move to Brazil? Tune in to find out. Give us a listen today!

Episode 8 of the Smarter Landlording Podcast poses a question every landlord has asked at some point: Is there a good property management company? The answer may surprise you. To get to the answer, the SmarterLandlording Podcast talks again with Richard Scarbrough. Richard has over 40 years experience in all facets of real estate investing and has used numerous property managers during his career. In this podcast, Richard and I explain the five ways property management companies make their money and how these may create incentives that are not so beneficial to the landlord. We also describe two major issues with property managers that all investors should be aware of. Next, we talk about what a landlord should do if they choose to go the property management route, including the major questions you should ask when considering a property management company. Plus, we consider if you can and should tailor the contract with the management company to better suit your needs. Finally, we talk about some steps you can take to make self-managing your properties easier, including how to handle money flow and repairs. Richard is always a wealth of real estate investing knowledge and he again shares some great information regarding property management companies on this episode of the SmarterLandlording Podcast. Give us a listen today!

Episode 7 of the Smarter Landlording Podcast is an in depth discussion with Steve Woodyard. Steve is the President and principal broker of Woodyard Realty, a firm that specializes in selling multi-family apartment complexes here in Memphis and the surrounding Mid-South Region. Steve and his staff have been involved in about 40% of the total number of apartment sales here in the Memphis area recently. He works with individual and institutional buyers and sellers who are both local and from around the world. And, he has been doing all that since 1984. In short, he is an expert on buying and selling all types multi-family properties and extremely knowledgeable on market conditions and how markets can change. In this episode Steve and I discuss various types of apartments, how to determine their value, the current apartment market here in Memphis, who is buying and who is selling, who is being rewarded in the market today and where the market is likely headed in the future. This is an excellent podcast if you are thinking of getting into multi-family property or curious about the Memphis area and the Memphis market. Give us a listen today!

Episode 6 of the Smarter Landlording Podcast is an interview with Joe Kirkland, real estate attorney. Joe is my go to guy for real estate closings and real estate legal advice. Joe has been practicing law here in Memphis, TN since 1975 and today focuses solely on real estate transactions. Joe is a wealth of knowledge and in this episode he shares some basic information on titles and closings that every real estate investor should know. Listen and learn • What is equitable vs. legal title, • Why local counsel is so important, • What the most important part of the real estate deal is, • What is the secret to reading a HUD-1 closing statement, • What rights come with your title, • Why a title search is so important, • Why you want a warranty deed, • What is the “Badge of Fraud,” • About red flags to look for in a title search, • Should you record your deed, • What types of transactions should investors generally avoid. • And much, much more!

Episode 5 of the Smarter Landlording Podcast is an interview with Terry Kerr, a turnkey provider and landlord here in Memphis, TN. Terry has been an active real estate investor here in Memphis for over a dozen years and has built his business, Mid South Home Buyers into one of the largest turnkey providers in the Memphis area. Terry is quite the real estate entrepreneur and he shares a wealth of information in this podcast. Check us out to learn about the turnkey business and how he got started in it. We also discuss: • If property managers are set up to hold a landlord's best interest, • What any investor should ask a turnkey provider or property manager, • The advantages of efficiency and systems in a business, • How to treat your tenants, even if they get behind or fall on hard times, • If you should charge the highest rent possible, • What a landlord's best friend is, • What is going on in the current Memphis real estate and rental markets, • What we see for the future of Memphis real estate, • Much, much more! Give us a listen today!

Episode 4 of the Smarter Landlording Podcast is an extensive discussion with longtime landlord Arnold Dormer about the Section 8 Program. Arnold has been investing in real estate for over 40 years and has been participating in the Section 8 Program for over 20 years with over 80 properties in the program. Arnold has seen it all and shares a wealth of information in this podcast. Check us out to learn about what the Section 8 program is and how it works. Also learn how you as a landlord can participate in this program to get your rent paid by Uncle Sam. Listen in as Arnold discusses how he gets his properties to pass the meticulous Section 8 inspection, to screen Section 8 tenants and how to wade through the complex government paperwork. Arnold is a wealth of information and even if you are not interested in the Section 8 program you can learn a lot about managing your rental properties from this podcast. Give us a listen today!

Episode 3 of the SmarterLandlording Podcast is a detailed discussion with Attorney John “Bucky” Philip. Bucky specializes in real estate law here in Memphis, TN. He is an expert on evictions and landlord/tenant law and my go to guy if I need to use the courts to regain possession of a property. Listen in as we discuss the clauses you should have in your lease, the eviction process and how long it will take plus how much it will cost, if you can do an eviction yourself and what to say when you get in front of the judge. We also talk about what happens if your tenant files for bankruptcy, offering “cash for keys” and much more. Bucky spent almost an hour with me discussing topics that every smarter landlord should know and understand. Give us a listen today!

Episode 2 of the SmarterLandlording Podcast is an in depth discussion with longtime real estate investor and landlord Richard Scarbrough. Richard over the course of 40 years in real estate has bought and sold over 400 houses, owned over 200 apartments and as he likes to say “has made a lot of money and lost a lot of money.” Listen closely to this show for several gems of real estate and landlording wisdom, including deal structures, income tax benefits and strategies and getting your tenants to pay on time. Learn about the two sets of problems with rental properties, the types of real estate education and their value and the two things you need to do to be a successful real estate investor. Yeah, I know it runs for over an hour and honestly we could have gone on for much longer. But, Richard is such a wealth or real estate knowledge that this will be an hour well spent.

Taking that first step towards becoming a real estate investor can be difficult and scary. So difficult and scary that many never actually take it. This episode talks with a newbie investor who took that first step and then some. After researching real estate and learning about the business, Jenna jumped right in and bought several, vacant, in need of rehab multi-family units. Listen and learn why she got started, how she found the properties, got the financing, rehabbed them, found tenants and got them up and cash flowing. She has been through quite a learning curve and she shares much of it in this episode. Check it out!

Aired on WREC on 9/1/2012, Kevin Perk, Holly Swogger and Jo Garner discuss landlording 101 and reducing your mortgage expenses. Many people today are being thrust into the landlording business because they cannot sell their homes in the sluggish real estate market. This show discusses some of the main topics people should know about landlording. We also talk about the many mortgage products currently out there than can be used today to reduce your monthly payment and thus increase your cashflow.

Jo Garner, Richard Scarbrough and myself discuss foreclosures and why it is a good idea to invest in them. Learn what a foreclosure is, their advantages along with some of the best methods and techniques to find and bid on them. Originally aired on WREC AM 600 on July 7, 2012.

Real estate deals do not just fall into our laps, they are found and made. Listen as Kevin Perk, Richard Scarbrough and Jo Garner discuss the best sources for finding deals and then some techniques and tips we have to make the deal work.

Jo Garner, Richard Scarbrough and myself discuss the components of a real estate deal. We talk about figuring out the value of retail, wholesale and buy and hold real estate deals. We cover how to determine offer price, repair prices, holding costs, maintenance and a whole lot more! Originally aired on WREC AM 600 on March 3rd, 2012

Real estate investing is a great way to build wealth, but which strategy is right for you? Should you wholesale, retail or buy and hold? All three offer great opportunities. Listen as Richard Scarbrough, Jo Garner and myself talk about the pros and cons of each strategy.

Jo Garner, Richard Scarbrough and I discuss how to get into real estate investing. What do you need to know to get started.