Today on the BiggerPockets Podcast we jump straight into the nitty-gritty with a real estate broker, investor and property manager from the greater Chicago area.
Mark Ainley brings a fresh perspective on how to successfully invest in lower-income rentals and goes deep into the details of everything you’d need to know, covering acquisition to rehab to management, straight out of of his experience investing in the notorious South Side Chicago area.
Today’s show also gives great insight on the in’s and out’s of Section 8 housing, the program that has the government paying a portion (even up to 100%) of the rental income for the tenant. Mark also covers a lot of the managerial secrets behind being a successful property management company and gives you specific criteria on how to vet property managers.
This show is really meaty so be sure to grab a pen and paper for notes… and with that, let’s jump into it!
Read the Transcript
Click here to read the transcript.
Listen to The Show on iTunes
Click here to listen on iTunes.
Listen to the Podcast Here
In This Show, We Cover:
- How to build a real estate company from your mom’s basement.
- “Cash-for-keys” – an alternative to eviction
- Warning: How to lose money by betting on appreciation
- How to handle late Section 8 tenants when they only owe $15
- How Brandon got a broke tweaker out of his property
- Advice for newbies who are thinking about getting started in lower income areas
- How to find flexible non-profit portfolio lenders
- The full-gambit of investing in Section 8 housing
- Major red flags to look for in tenant screening
- How to do deals via text message
- and much, much more!
Links Mentioned
Books Mentioned in the Show
- Art of The Deal by Donald Trump
- The Millionaire Real Estate Agent by Gary Keller
- The E-Myth by Michael E. Gerber
- Trump: The Way to the Top: The Best Business Advice I Ever Received by Donald J. Trump
Tweetable Topics
“To do a flip successfully it takes being at the property every single day!” (Tweet This!)
Connect with Mark
- Mark’s BiggerPockets Profile
- Mark’s Website: www.gcrealtyinc.com
