Episode 70: Lessons from a Seasoned, Millennial Landlord with Kyle Johnson
Summary
Are you a boomer with your first rental? Or what about a 20 something with many businesses? In housing, does biological age really matter? On today's show, I have a millennial guest who operates several businesses, both residential and commercial housing, and is an experienced landlord. Kyle Johnson tells us about his awkward conversations when his tenants are older than he is, lessons learned about first-time real estate buyers and bigger lessons with bigger price tags, all while running a T-shirt screen printing business in Powell River, British Columbia. Join me in learning from this seasoned landlord!
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This Week’s Blog Post:
Hey everyone, Dr. Jen here, welcoming you to another insightful episode where we explore the multifaceted world of landlord life. Today, I'm excited to have Kyle Johnson, a millennial landlord with a knack for real estate and entrepreneurship, share his journey and insights with us.
Getting Started in Real Estate
Kyle's Early Interest
Kyle's fascination with real estate began in his teens when he noticed the financial benefits of property investment over traditional employment. This early interest guided him to become a seasoned investor, handling both residential and commercial properties.
Diving Deeper: Commercial Real Estate
The Leap to Commercial
Transitioning to commercial real estate marked a pivotal shift for Kyle, requiring a more structured approach including corporate setups and dealing with complex financing and environmental regulations.
Entrepreneurial Ventures
Beyond Real Estate
Kyle isn't just a landlord; he's also an entrepreneur engaged in businesses like plumbing and a screen printing company, which diversifies his income and investment strategies.
Key Advice for New Investors
Starting Small
Kyle stresses the importance of finding properties with good upside potential, especially for your first investment. He advises focusing on appreciation and positive cash flow to build a solid financial foundation.
Advanced Tips for Seasoned Investors
Navigating Complex Deals
For those expanding their portfolios, understanding the intricacies of commercial deals, such as stringent environmental checks and the necessity of positive cash flow, is crucial.
Challenges and Solutions
Environmental Hurdles
Kyle discusses the unexpected complexities of environmental regulations in real estate, emphasizing the importance of thorough due diligence and the high costs associated with environmental compliance.
The Importance of Communication
Tenant Relations
Effective communication with tenants is vital. Kyle shares how improving his communication skills has helped manage tenant relationships better, which is essential for maintaining a successful rental business.
Conclusion: Continuous Learning
Kyle's journey underscores the importance of adaptability and continuous learning in real estate. Whether dealing with tenant management or navigating legal changes, staying informed and responsive is key.
Today's chat with Kyle Johnson provided a wealth of knowledge on both the joys and challenges of being a landlord. If you're venturing into real estate, remember that success comes from not just financial acumen but also effective communication and thorough understanding of your legal environment. Join me next time as we continue to explore valuable lessons in real estate. For further insights and resources, check out my website, mylifeasalandlord.com. See you in the next episode!