Do not collect rent on the first of the month collect before the first #58

Hey! It’s Lou Brown. I’m back with another of my 101 profit centers to help you build and sustain a wonderful real estate investing business. And one of the things I discovered over time was that when we connect with our residents, we want them to be responsible around what they’re doing with our property. Most of your residents have a lot of different bills due on the first of the month. So I rolled that back and I said, what if we got paid out of the middle of the month check instead of the first of the month check. So I rolled it back to the 25th, now I found out that there’s about 13 different benefits from collecting the rent early before the first of the month. One of them is that everybody else is following they’re dispossessories later after the first of the month, they usually wait five days before they file dispossessories.

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Don’t collect Security Deposits collect Move in Fees #59

Hi, it’s Lou Brown! And I am back with some more information. Having been a landlord now for over 40 years, I know what it’s like to buy and hold property and I know what it’s like to do everything you can do to be able to collect your money and to be able to use your money. You know, one of the challenges I learned early on is that most States have security deposits and most landlords collect the security deposit. Well, one of the things you got know about a security deposit is it’s not your money. It is the residents money and that money in many States, you have to put that into a separate bank account and you have to hold it there. And in some States you have to tell them what bank it’s in, what the account number is. And in some States you even have to pay interest on the money.

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Build in your rental increases #60

Hi, it’s Lou Brown. I am back with another of our 101 cash flow accelerators. It’s so exciting to share with you things that I’ve learned over being in this business for over 40 years. And one of the things I’ve discovered is to build into your rental agreement rental increases. Now what that means is that you’re telling your resident in advance that the rent may increase by X percent annually. So what that means is that you now can, can prescribe in advance that the rent may go up, say 10% and then what that means is now we tell the resident at what we call the signing ceremony. This is when we meet and we go over that document. This is when we train them to be a good resident. This is when we tell them everything that they need to know about becoming a good resident and being a good resident in good standing with us.

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Train your tenants how to be good residents with a signing ceremony #61

Hi, it’s Lou Brown. I am back with another of our 101 cash flows accelerators. And one of the things that we’re focused on in this part of the series is Property Management. Proper property management. Informed property management. And one of the most important things you can do in property management is to have excellent documentation. And not only to have actual excellent documentation, but also to train your residents to be a good resident. So what we do is we have a signing ceremony, we call it the signing ceremony and we invite the resident to come into our office. But if you don’t have an office set up a location, it could be a hotel lobby, it could be the local waffle house, Denny’s, where ever that you can have a quiet place, you can sit to be there for a while in a comfortable environment, not at the empty house so that you’re going to rent to them or the apartment sitting on the floor.

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Be the manager, not the owner #62

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”.

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Have rents mailed to your mailbox address not your home #63

Hi, it’s Lou Brown. Welcome back to another of my 101 cash flow generators, cash flow accelerators. I want to help you be successful in this great game of buy, hold and sell. By the way, that’s the name of my upcoming book.

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Raise rents annually for Max Real Estate Investing Profits #64

Hi, it’s Lou Brown. I’m back with another of my 101 cash flow accelerators. It’s so great to see you. This is part of a series when Managing Property. Each one of the different segments of the 101 cash flow accelerators is divided into separate segments. This one focuses on managing your property. I’ve been buying, holding, and selling property now for over 40 years. Love the business and one of the things that we do is always teach you how to have effective property management, efficient property management, and profitable property management. And this one has raised rents annually. You know, one of the big mistakes that landlords make is that they don’t raise rents. They get very confident and comfortable in their relationship with their resident and they don’t want them to move. I don’t blame you for that. I’d want to feel the same way. However, what happens is inflation is a real thing.

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Giving Tenants Options – To-Buy Real Estate Investing #65

Hi, it’s Lou Brown. I’m back with another of my 101 cash flow accelerators. In this segment, we’ve been talking about Managing Property. And if you’re like me, you want to have fewer headaches and more income, and one of the things that I discovered years ago is when I give my residents an opportunity to be in a position to own the property, I’m going to get a better resident, a better mindset, better incentive to pay us on time, more likely to take better care of the property. So years ago I started doing something called an option, a lease with the option to purchase the property. Now, way back in the day, they used to do six-month leases. Homebuilders would do that with an option to buy, to get people into the next season, maybe get over a bump in their credit, and then give them the chance to buy the brand new home.

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07 Massive Passive Income

Hi, it’s Lou Brown. I’m back with more details about our upcoming event. Massive Passive Income. And one of the things you always want to think about is taxes. Taxes are something that you have to pay if you don’t have another plan, right?

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06 Massive Passive Income

Hi, it’s Lou Brown. I’m back with another one of my details of the upcoming event called Massive Passive Income. Where I teach you how to, how to hold these properties long-term, and how to make the most income you can off the property.

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