Hi, it’s Lou Brown. And I am back with more education for you to train you to be a professional property manager, help you succeed in the world of buy, hold and sell. By the way, that’s the name of my upcoming new book, “Buy, Hold and Sell”.
And one of the great things is that we discovered that when we are in the field, so to speak, when we’re face to face with residents, you know some people are going through a world of different drama, different situations within their life. And what happens is that sometimes they don’t do what they agreed to do and when that happens, sometimes they go bonkers. I don’t, I know you’ve heard the term “going postal”, right? And it’s like the post office worker that works there for 30 years and has always been mild-mannered and never had any upset. But every day they were getting more and more like a powder keg.
And then one day they just blow up and have random, let’s just say violence in the workplace. So we want to avoid any kind of violence, upsets, breakdowns. And one of the things we discovered is when you are the manager and you’re not the owner and you’re not the one that has all of the answers and you’re not the one that can make all of these decisions, it’s a far better place to be. It’s similar to what you do at your job when you are just, let’s say putting forth a policy with a customer or another coworker and you’re saying, listen, I just work here. I’m just dilute. Don’t kill the messenger. Don’t be upset. I’m just delivering to you what we do. Now, one of the things that we’ve done all throughout our entire career is we’ve always gone back to the paperwork.
What is it that was agreed to between the parties? So whenever you can keep the emotion out, keep the drama out, don’t get in. Sometimes they’re trying to fool you and do all they can do. Get you into their world, so that there can be an upset, there can be a fight, there can be backbiting, there can be negative talks between one another. Listen, always bring yourself above that. Always only refer back to what was agreed to. No other discussions and one of the ways we found that works best is to not own the property. Now, this is absolute truth and we’re not lying to anyone. In fact, one of the things that I teach you is to hold title to your property in trust, and so I became an expert years ago on these things called land trusts and land trusts are phenomenal at being able to get the property out of your name and put the property into this thing called trust.
And listen, there are about 30 different trusts out there. Land trusts have their own unique properties and their own unique requirements and innocence as well as about 30 different benefits that you can get from the land trust. You cannot get it from any other entity. So what I have you do is transfer your property that’s maybe in your name or in an LLC name. Have you transferred that to trust? And then there’s a letter in the land trust system where you send that to the residence. I no longer own the property. However, I’m going to remain on as the manager for an indefinite period of time. The new owners have some new paperwork they want me to go over with you. That’s how you can get out of potentially an agreement they do currently have in place because now there’s a new owner and the new owner wants new paperwork.
You’d go over your new standard rental agreement that you learned about that’s provided by volume eight and then you can realize that there is a way that you can truthfully and with confidence say to the residents that you are not the owner. You are the manager of the property. Why? Because there is a management agreement that the trustee of the trust hires you to be the manager. And so therefore the truth is you do not own the property. The truth is the trust owns the property. The trust hires you to manage the property and you’re the one that advertises the property. You’re the one that manages the property. You’re the one that collects the rent. You’re the one that deposits the rent. You’re the one that hires people to do work on the property and you keep yourself out of the line of fire, so to speak.
I hope that’s been of value to you. Do like it. Love it. Share it with others and do subscribe. Thank you so much for joining us. Thank you so much for enjoying this series. Let other people know about it and I will see you soon. Yeah, baby!
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