Being a Landlord can often be challenging, expensive, and stressful. So, today on the BiggerPockets Podcast we are speaking with Al Williamson, an active BiggerPockets member and inner-city landlord who has decades of experience dealing with tenants in both multifamily and single family rentals. Al is a pro at reducing expenses, increasing income, and dealing with difficult landlording situations – which is why we wanted to sit down with Al today.
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In Today’s Podcast, We Cover:
- How Al used a 1031-Exchange to “Trade-Up” to a larger property.
- Tips for living in a small multifamily and living with tenants.
- How to avoid being a slumlord in rough areas.
- Why simply picking up trash can transform your investing.
- The power of “Patient Equity.”
- Al’s goal of Not being dependent on the tenants’ rent to pay the bills.
- Ideas for both increasing income and cutting expenses.
- Al’s plan to revolutionize income for multifamily properties.
- How Al used a very small syndication to buy a rental property
- The biggest challenges for an up-and-coming landlord.
- What the “Landlord Lid” is – and how to overcome it.
- How to Invest in Real Estate when you have a full time job AND a busy family life at home
Links From the Show:
- [Video] How I Quickly Analyze an Investment Property
- The BiggerPockets Blog
- The BiggerPockets Forum
- Al’s BiggerPockets Member Blog
- 1031-Exchange Resources
- KickStarter.com
- BP Podcast Show 3 with Brian Burke
- The National Night Out
- Insanity
- P90X
Books Mentioned in the Show
- Rich Dad Poor Dad
- The 36 Hour Real Estate Investing Course
- John Maxwell
- Al’s Book The Catalytic Landlord – on Kindle
- Serious Creativity by Edward DeBono (Spelling?)
Tweetable Topics:
“Landlord tip for improving the neighborhood: Go and meet the neighbors!” (Tweet This!)
“Often times things go unresolved because no one is operating as a leader. Are you?” (Tweet This!)
“Spend time getting really good with your first investment before branching out.” (Tweet This!)
“Sometimes you have to pay your ‘learning tuition’ and lose money when you take risks.” (Tweet This!)
“Your real estate investment should be a physical representation of you.” (Tweet This!)
“Why are you building wealth? The most successful leaders KNOW this answer.” (Tweet This!)
About Al
AL Williamson is Civil Engineer and landlord from the Sacramento, California area. Al has invested in real estate since 1996, focusing mostly on multifamily properties in urban areas.
Al’s BiggerPockets Profile
Al’s G+ and Facebook
Al’s Blog: LeadingLandlord.com
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What do you think? Do you have any questions or comments for Al or about the show? Leave your thoughts below!
{ 10 comments… read them below or add one }
Ok guys, 1 minute in and you guys already have me laughing!
Josh, If Brandon’s pressuring ever gets to you on the whole working out thing, let me know, I’ll join you haha!
Keep up the good work guys
Hahaha thanks John. Ironically – Josh is out getting exercise right now, while I’m sitting here on the computer! Thanks for the comment. Enjoy the show! Let us know your thoughts when you finish!
I’m glad we had you laughing, John. As Brandon said, it was ironic that I got out and did a little exercise this evening . . . I need it!
I hope you got some good tidbits from the show!
I really enjoyed this one. Al is unconventional and I love how he is combining real estate investment with improving people’s lives. It’s not just about the money, but doing good along the way. He gave some stellar tips for building relationships with neighbors and tenants. His philosophy is very much hands-on, which is important for lower-income areas. Al, I hope we can do coffee one of these days. I’d like to hear more about your work in Oak Park.
Ryan,
Thanks for the kind words. Yes, lunch is a sure better. Looking forward to picking your brain.
Thanks Al. I appreciate the phone call today to do lunch next week too. I love how BiggerPockets helps connect people.
Al, as a former Sacramentan, (Burbank, Class of 83) I appreciate the high quality of ethics and community leadership that you discuss in your multi-unit properties. Your efforts to reach out to other landlords, maintain your visibility, and provide a unit that even your child could live in is admirable and placed you up on a pedestal in my book. I love the description of how you work to “magnetize” your properties by attracting good and repelling tenants who are not up to any good. Great interview!
I’m glad you enjoyed it, John, and was also a big fan of Al’s take on “Magnetizing,” though for some reason, I started snoring in the midst of his scientific explanation
Al is a great guy with a pretty cool philosophy.
John, thanks for your comments (Hiram Johnson, Class of 84), but no pedestal for me. I’ve been paid back may times over, both in equity and self-fulfillment.
One day I’ll post the science behind magnetizing your rentals on my BP blog. Maybe I’ll make it into an infographic so Mr. Dorkin can follow along. Fun times ahead!
I loved this one. Al is exactly where I want to be. I look forward to being a landlord and I will surely be referring back to this podcast for tips once I’m in that situation. I love the way you create value by not only making the property you own a great place to live but the entire neighborhood. I’ll definitely take some of your tips into consideration on how to decrease expenses and increase income since the main reason I want to own rental property is for the cashflow. I think this was one of the best podcasts yet. Keep up the good work Al.
Terry
P.S I did not fall asleep during your scientific explanation of magnetism. I love science!