You Must Do This to Avoid BAD Tenants
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Real estate investor Seam debunks the myth that being a landlord is difficult and cumbersome. He believes that managing tenants can be extremely easy if you know what you're doing and set the property up in the first place to be maintenance-free. Seam emphasizes that being a good landlord and creating wealth passively starts with the property you purchase. He recommends using the BRRRR method to buy distressed properties and then repairing them before moving tenants in. By taking care of potential maintenance issues while the property is vacant, landlords can attract good tenants who will stay for a long time, pay on time, and not cause headaches. Seam also stresses the importance of being proactive in maintaining the quality and condition of the property.
Seam believes that taking care of maintenance issues before a tenant moves in is key to having a maintenance-free property. He recommends purchasing slightly used or brand new appliances to avoid potential issues with old appliances breaking down and spoiling groceries. Seam also suggests having a professional inspect high-ticket items like roofs and furnaces and replacing them if they are likely to need repairs in the next few years. When advertising for tenants, Seam emphasizes the importance of being communicative and strict when approving tenants. He advises landlords to take their time to find the perfect tenant who will pay dividends in the long run by staying longer, paying on time, and taking care of the property.
Seam emphasizes the importance of being strict and thorough when screening potential tenants. He advises landlords to ask a lot of questions and dig into the person's past to ensure they are a good fit for the property. He also suggests outsourcing the tenant screening process to a company that can handle background checks, credit scores, and employer references. While this may cost money, it can be worth it to have the process taken care of by professionals. Seam encourages people to not let the fear of managing tenants hold them back from achieving financial freedom through rental properties.
Real estate investor Seam debunks the myth that being a landlord is difficult and cumbersome. He bel