Episode 83: Real Estate Investing Step 1 with Leanna Carlson
Summary
Many real estate investors get into the business for the hundreds of doors, luxury yachts, and the sparkle of independence. While that IS one outcome, there is a lot of time, effort, tears and lost sleep to get there! Why not start at the beginning, as in Step 1? Today's guest is an international clay artist, owns two pottery studios, is the best grant writer I know, and yes, she is also a landlord. Learn how step 1 can help launch your real estate business by starting slowly.
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This Week’s Blog Post:
Introduction to Real Estate Investing
In this episode, I had the pleasure of speaking with Leanna Carlson, a seasoned landlord who has successfully managed multiple properties over the years. We delved into the essential first steps for anyone looking to get into real estate investing. Leanna shared her journey, starting with how she acquired her first property and the strategies she used to ensure its profitability.
Importance of Location and Market Research
Leanna emphasized the significance of choosing the right location for your investment property. She discussed how thorough market research can help identify areas with high rental demand and potential for appreciation. This research includes analyzing local amenities, school districts, and future development plans that could impact property values.
Financing Your First Property
One of the key topics we covered was financing. Leanna provided insights into different financing options available for first-time investors, such as traditional mortgages, FHA loans, and even creative financing methods. She also shared tips on how to improve your credit score and secure better loan terms, highlighting the importance of financial preparedness.
Property Management and Tenant Relations
Managing a rental property comes with its own set of challenges, and Leanna offered valuable advice on property management. She talked about the importance of maintaining a good relationship with tenants, setting clear expectations, and handling maintenance requests promptly. Leanna also stressed the need for a solid lease agreement to protect both the landlord and the tenant.
Building a Real Estate Portfolio
As we wrapped up our conversation, Leanna touched on the benefits of gradually building a real estate portfolio. She explained how diversifying your investments across different types of properties and locations can reduce risk and increase returns. Leanna’s story is a testament to the fact that with the right approach and mindset, anyone can succeed in real estate investing.
I hope you found this episode as inspiring and informative as I did. Stay tuned for more insightful discussions on My Life As a Landlord.