Business
In episode 10 of the Profitable Powerhouse Properties Podcast, your hosts Jonathan Cook and Bryan Jenkins talk to Chris Warren from Portfolio Properties. Chris is a client of AHI Group and talks about how owning rental properties doesn’t have to be a side hustle, you can really make an income buying and renting homes. Episode Highlights: How Chris started with rental properties and why he selected Alabama to purchase his rental properties. The process Chris goes through starts with picking the market. Why Chris bought houses that were fully rehabbed and top of the market. The differences in returns in an outside market versus the market you live in. Whenever there’s a range on a home you have to look at the lower number. The biggest hurdle selling a tenanted property investor to investor. Keeping your tenant comfortable and happy will make them more likely to stay. How to cut down on wasted time with applicant approvals. You need to be sure that you can stand behind the work of your general contractor. How to build a contract when selling a home to a tenant. How to make money when there are so many taxes and fees. Don’t assume that just because a house is on a turnkey providers website that it’s automatically a good deal. Why an independent analysis of the product is extremely important. Why it’s so important to find a turnkey provider like Chris when you go to buy. How Chris looks at providing a property to somebody. Why Chris is so highly selective about the properties he buys. The biggest challenge is to find the right houses in the right neighborhoods at the right rate. How putting an extra $1,000 into a home can save you a lot of grief in the long run. Key Points: It’s okay to buy a property that’s been turned into a finished product. A major benefit of a management company is that you don’t have any applicants who aren’t qualified. Be careful with properties that are already tenanted. Tweetable Quotes: “What you know is a very small part of your success, it’s all about who you know.” -Chris “The two people who will make you the most money and save you the most money are your property manager and your contractor.” -Chris “If a property is not something I’d sell a relative or a close friend, I’m not going to put an offer on it in the first place.” -Chris Resources Mentioned: Check out our website ahiproperties.com Check out Birmingham Insurance Group online or call them at (205) 616-1107 Email Jonathan and Bryan at Podcast@AHIProperties.com Contact Chris at Chris@PortfolioPG.com