How do you build up an arsenal of relevant landlording knowledge? Through hands-on experience. Eric Drenckhahn is a “DIY landlord” who has managed his mid-sized portfolio for years and who has come across countless maintenance and landlording issues. Join us in picking his experienced mind across a myriad of real estate issues and learn how to become a successful DIY landlord.
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We just wanted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!
Learn more by visiting RealtyShares.com/biggerpockets!
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In This Episode We Cover:
- How Eric got started investing in real estate
- Thoughts on buying properties for what they’re worth
- The reason he waited for 8 years before investing again
- Why the real estate crash didn’t hurt him
- Tips for determining your CapEx
- How to become a DIY maintenance landlord
- A discussion on DIY vs. hiring it out
- What you should know about managing properties
- Instances where doing it yourself goes a long way
- What’s next for with Eric
- And SO much more!
Links from the Show
Books Mentioned in this Show
Fire Round Questions
- Who is responsible: tenant or landlord?
- How much do you collect as a holding deposit/fee, and what do you call it?
- What do your unit turnovers actually cost?
- Refinish hardwood or install LVP?
- Best flooring for a rental?
- “To make money, you need to have positive cash flow.” (Tweet This!)
- “Landlord can weed out the simple things.” (Tweet This!)
- “Managing property is no problem.” (Tweet This!)
Connect with Eric