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BP Podcast 083: Profitable Landlording with Integrity with Marcia Maynard

by Brandon Turner on August 14, 2014 · 17 comments

  
Landlording with Integrity

Today on the BiggerPockets Podcast we are excited to sit down with Marcia Maynard, a hands-on landlord who hails from Vancouver, Washington.

Marcia got her start in real estate by marrying into “the family business” that already had an existing portfolio, but continued on the tradition to help fund her own future retirement.  On today’s show, she goes into detail on how you can invest part-time for retirement while making a HUGE impact on the community in the process!

This show covers the importance of integrity in a landlord’s life and is filled with actionable tips for dealing with tenants in an ethical – yet profitable – way.  This is a great show, let’s get into it!

Listen to The Show on iTunes

Click here to listen on iTunes.

Listen to the Podcast Here

In This Show We Cover…

BiggerPockets-Podcast-Cover

  • How to invest with family
  • The importance of setting up your business structure and what happens when you don’t!
  • Insurance – Do you need an umbrella policy?
  • The awesome path of buying rental properties slowly
  • Personal Finance 101
  • How to love your job and invest in real estate on the side
  • The benefits of a mission statement
  • The importance of coaching your tenants to have more integrity
  • How to handle conflicts with tenants
  • An awesome alternative to evictions! 
  • The importance of a calling up prior landlords
  • Red flags of bad tenants,
  • Actionable items for vetting tenants over the phone
  • Using court records to look up potential tenants
  • And a whole lot more!

Links Mentioned in The Show:

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Books Mentioned in the Show:

Tweetable Topics:

“Start with a dream, make goals, take action, then reflect and improve…” (Tweet This!)

“Landlording is like a game of chess.” (Tweet This!)

Connect with Marcia’s:

Email *
  



{ 17 comments… read them below or add one }

Dick Rosern August 14, 2014 at 7:36 pm

Great podcast Marcia with very good material that I can use and apply to my own business. Thank you for sharing!

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Karen M. August 15, 2014 at 7:11 am

Fantastic interview Marcia! Thank you for sharing your experiences, outlook and processes — you are a very thoughtful and intentional landlord and it’s inspiring and helpful to hear how you manage your properties. Thank you!

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Melissa August 15, 2014 at 10:03 am

This podcast was such a call to action for me. I came here to try to find Marcia’s mission statement so that I could draft my own. In the corporate and public institutions where I previously worked, the mission statements always seemed like empty bits of marketing, and no one but the person who wrote it could probably recite it. Mission statements were part of that corporate style organization that I sought to avoid as a private investor.

Marcia’s mission statement, however, was such a clear articulation of what she stood for that could be used to protect and strengthen her business in so many situations.

I’m in the vacation rental business which is hugely dependent on positive tenant reviews. Of course, I hope that all of my tenants will have positive experiences to share. However, sometimes things don’t go well, like when someone looses their security deposit and then some for damages which may have been due to an honest accident. I am always afraid that they will damage my business by writing a negative review if I collect compensation for the damages. I feel like sharing a strong mission statement with prospective tenants will assure them of the quality I *strive* to deliver, it will hold me accountable to myself to do that striving, and hopefully, it will help tenants who fall short of the bargain to feel like they have at least been treated fairly.

Thank you so much.

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Jonna Weber August 15, 2014 at 10:09 am

Marcia – Thank you for your landlording perspective – really valuable information! Also – I’m determined to create that mission statement for our rental business now. Nice job!

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Tom keith August 15, 2014 at 10:17 am

Thanks for Your message Marcia. Sure did enjoy it.

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Inderpal August 15, 2014 at 4:00 pm

Excellent tips and resources, especially regarding phone screening. Thanks for the list of books too.
Regards
Inder

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Antonio Coleman August 15, 2014 at 8:53 pm

Marcia, you keep doing your thing…I just love hearing success stories of those people who have broken down the walls of success. Lots of value in this podcast

Antonio Coleman “Signing Off”

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Pierre THERNIZE August 17, 2014 at 9:04 am

Awesome podcast!!!
A lot of great information about the landlording business. Marcia Maynard thank you for sharing, not only in the podcast, but also on the website.
We really appreciate your time and expertise!!!

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Kim H August 17, 2014 at 12:12 pm

Marsha, this was a great podcast. You really made me think about how I want to to be perceived as a landlord and how I “strive” to do my business. I plan to sit down in the near future and put together my own mission statement and business plan. In addition, even though I don’t actually do my own tenant screening, I am going to share this podcast with my property manager so that she can hear and know what is important to me as the landlord.

These podcasts continue to inspire me every week! Thanks!

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Joshua Dorkin August 17, 2014 at 3:31 pm

Thanks for listening, Kim!

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Michele Fischer August 17, 2014 at 5:16 pm

Marcia, really enjoyed learning more about you and your management style, great podcast!

We have our mission statement, packaged as “our philosophy” on our applications, which is:
We strive to provide affordable, clean, and safe housing, be fair with repairs, and improve the Highlands neighborhood. We respect our tenant’s privacy, and expect tenants to respect the property, neighborhood, and all rules of the rental agreement.

That strive word is a good one! We have boiled our mission statement down to “safe and clean” and use that to guide our upgrades and decisions.

Thanks for sharing!

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Jeri O'Mahoney August 17, 2014 at 10:20 pm

Really great podcast. Very concise. So much information in such a short amount of time. Thanks so much for sharing tips and experience. Greatly appreciated.

jeri

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Kimberly August 20, 2014 at 8:22 am

Great podcast, thank you!

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Kimberly H. August 20, 2014 at 11:36 am

Actually, I may be testing that prescreening-to-show-the-rental procedure. Someone contacted me via text and said they couldn’t make the open house. Via text I said I could show it if they met my prescreen. Person started to go off on a rant right then about how I must be looking for perfect credit, that credit is just a number, doesn’t define a person, ect. I said I was not looking for perfect credit. She said they had low credit because they are walking away from a house and she just found out she is a victim of ID theft. I said sorry, I can’t make a special trip to show the house because it appears you don’t qualify due to low credit and suggested she may want to use a realtor to help find her a rental. Then she went off more ranting again about how great they are and that credit scores don’t define a person. I didn’t respond. About 24 hrs later I get,”…I showed these messages to my attorney and he said these remarks are slanderous, assaulting, discriminatory and none of what you said to me in text was representative of what was in the listing of this rental property … You MAY be hearing from my attorney this week regarding your actions.” This was 2 days ago. I am betting she is referring to the Craigslist ad. No one ever puts their criteria in their Craigslist ad around here. I would find it hard to believe that a lawyer actually said any of those things.To infer that landlord who doesn’t post criteria means we take anyone who walks of the street without checking credit, etc., doesn’t pass the reasonable person test. I have a written criteria that I give to people when they ask for an application because I don’t want to spend their money and my time finding out they don’t meet our criteria. Kind of wondering how common threats are like this and if I should be concerned.

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Celina September 4, 2014 at 10:39 am

Marcia, I just heard your interview and it honestly humbled me. I love that you think the way you do. Thank you for sharing your success and knowledge with the world! I look forward to following your posts.

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Erela September 17, 2014 at 7:50 am

Loved the presentation.
I am a first time real estate investor and learned so much from Marcia’s talk. I too love my profession, i work as an early intervention and rehabilitation occupational therapist but my undergraduate is in Economics.
I think her presentation was honest. down to earth, insightful and very helpful.
I would like to hear more podcasts of women in this field as i feel they offer a different perspective and attitude toward real estate buying.
I am now busy trying to listen to about one podcast a day while i travel between patients homes, one thing i do know for sure, whether it relates directly to me as as first time landlord or not i can always learn something worthwhile from it.
Thank you for making this tool available to our nubies.
Erela

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Julia October 14, 2014 at 11:57 am

Marcia – thanks for your valuable experience and information. I really connected with your philosophy and your measured approach in investing. Thanks again!
Julia

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