5 Things I WISH I Knew Before Investing in Real Estate...

We've all been there. It's your first or second property and you have no idea what questions to even ask. It seems like you're making mistakes left & right, losing out on so many opportunities for more cash flow. Join Ken McElroy & Danille in a conversation about their top five biggest mistakes new landlords make, and what you need to do to avoid them.
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#kenmcelroy #realestate #realestateinvesting

[@bananasfordiana8434]

So grateful for Danielle sharing the things she's learned from her years of experience. It's humbling to see she's still setting herself up for success like many of us. Thank you both!! I enjoyed this one.

[@flexaeona]

Danille*

[@ruslombia]

Thanks guys, I actually had some fun with this podcast. While Danielle was talking I was remembering all bad situations I had with tenants. We humans act the same way in any cultural context so this mistakes apply so well for inexperienced landlords everywhere in the world.

[@Centerflow]

I had 4 rentals. To many nightmares. My sister was a tenant after her home burned down. Her kids, pets and lack of common upkeep did over 18,000$ in damage. 8,000 sq foot home that was a homestead at one time. Other rentals went through lawsuits. I no longer have rentals.

[@realtechmar324]

Thank you for your transparency Danielle & both of your experiences. Your a kind, caring & good hearted person & that’s the hard part of running a relationship based business.

[@Me-vz1rl]

how do I find a Larry?

[@paulgugger8987]

Been through this, they always say "but this is normal ware and tear!" No mam your dog going through the blinds and window screen is not normal.

[@ronorange990]

Excellent blog for any Landlord! One that even a seasoned property owner/manager can relate to and learn from, thanks so much…great job guys!

[@yank4334]

im a landlord and i video tape using my iphone the signed copy of the lease and moving around the apartment recording everything, about 5 minute video

[@torywilkins7494]

In California you risk having the state consider it an employer/employee or independent contractor relationship if you have the tenant do work. You might be on the hook for state taxes. Also, clarify that a non refundable deposit isn’t legal in some states - again, like California.

[@photojournalist1194]

Great show. I think Danielle should put more shows as such with Ken's help for beginner landlords, this is perfect for me to let my wife watch for inspiration and learning from, as a beginner real estate investor who is just starting and face the same issues. Keep up the good work guys!

[@jamimorash9025]

Love this one! Thank you for being so vulnerable and giving us all this great advice Danielle, definitely mistakes I’ve made myself.

[@RobWilliams007]

That was a really good insight into rookie mistakes. Thanks for sharing, Danielle and Ken.

[@dfrank2044]

Great episode, thanks for sharing your wisdom and experience.

[@Setherino86]

Excellent feedback from your property management experience. Thank you for sharing it with us!

[@adriannabarbettini-ob2oc]

Excellent info! Things I learned the hard way after trial and error which has a negative learning curve when you don't educate yourself first. Keep up the good work!

[@dorothydombal6853]

Thank You for your help appreciate it! Ken & Danille

[@matthewaflores]

Great honesty and humility. Fantastic content. Thanks for sharing. I'm pretty sure I made all of these mistakes at some point :) !!

[@tesfataitt1696]

Fantastic episode. It felt like a fireside chat aka storytime. Awesome information as I left wanting more..

[@suewalker1155]

Thank you so much I have been wanting to hear from Danille as I am a beginner and her experiences are really relevant to my situation. I think you guys are the best! Love your podcasts.

[@lisacalhoun8080]

Agreed!!

[@hieuhuynh9358]

Awesome content! Thanks

[@tessjones5987]

Pets urinate down my furnace floor vents. $$$. Tenants flooded me. Worked on car in house ruined hardwood floors and garbage disposal. If they are a couple and just met- and they find out they don't like each other they take it out on property.

[@InstrumentPlayer]

Love learning from peoples experience. Thanks for the great information

[@moralesa9393]

Valuable Content!

[@reyrecks]

Love these type of videos. Can you guys do a video on what is the best type of property for a first time investor ie. condo, SFR, mobile home etc?

[@michaelferreira2651]

How to know current market rents? I had 4 rental properties but because of negative income ( I was unable to rent it at even break even price) and tenant issues, I ended up selling them. Not all tenants were bad but several were. It was even worse when I hired property manager. She got tenants that were drug dealer, they moved in a friend who was not on lease. Police had busted the tenant who was doing drug dealing and was taken to jail. Luckily we were able to get rid of the tenants with 24 hr notice by the help of police who made them vacate. I have several more sensational stories than Danielle has!

[@westlapilates3640]

Thanks Danielle it was great to hear from you and your story best one in a while thanks

[@blancagavina818]

Thanks guys!

[@jojo90s4]

Thanks for the video

[@leeroach3381]

Very very helpful Thank you

[@NPatel-vk5sk]

Really enjoyed this episode. Thank you Danielle for sharing your experience, lot to learn from this conversation.

[@TheArkansasDiamondMiner]

Great show guys! Question: are there legal issues around rejecting prospective renters? Do these vary by state? Is it common to taylor a lease agreement for circumstances specific to a particular property or renter?

[@jamescc2010]

Extremely helpful That can save us from troubles and a lot of money.

[@TechOutAdam]

Bro a hole in the EFFING living room? 😂 damn I’ve heard it all now.

[@Specialagentbryan]

You guys are a great team! Great Stories! Keep it going. Take care

[@Kennan_Davis]

As a landlord and property owner who owns a few properties with the goal of owning much more, this was extremely helpful. Thanks!

[@Drew4REnMTB]

So funny listening to a Grandmaster and his Pupil and me being kind of in the middle, lol. Thanks for the videos and great information!! :)

[@joannakim2572]

Very informative and very entertaining this time! 😄

[@dragip8774]

I love all episodes but this is one of my favorite

[@AntonioGonzalez-fn4xq]

You guys are awesome. I think i have made most of them as a small land lord

[@Arielleoo]

Gold. Thanks so much guys!

[@hugogonzalez3610]

Never ever ever sell.

[@GooslinFitness]

Great video you two! This is going to be really helpful in the future and hopefully people watching this learned a lesson about how to be a better tenant! lol

[@Mustach_Mike10]

(16:27)Ken i'll tell you another situation same culture situation. A rental i know they Flooded the basement and they were raiseing fish in the basement 😆

[@MsOnitemi]

Danielle did great!

[@coralitriana5583]

Omg this episode was so good! Im a Danielle without a Ken lol. Thankfully I'm learning from both of you 🤣🤣🤣

[@jeromecardinale4791]

Good show. Must be a big risk Renting now in USA

[@RobWilliams007]

I’ve been told to never rent without a lease, regardless if you are willing to let them out early or not. I was told that states like California allows them to squat if you don’t have them on a lease so no matter what, have them on one.

[@NeedsMoreToys]

Interesting story about the sex offender. In my case a registered sex offender lived next door to a house I purchased. I learned about it after the purchase and put me in a position of alerting prospective tenants. Obviously that was a big negative for female tenants and anyone with kids.

[@UltimateBargains]

"Commercial real estate is about contracts. Residential real estate is about people." - Dolf de Roos

[@LA_337]

A non refundable deposit for the regular maintenance (carpet cleaning) of a unit??? Wow!!!! What an awful thing to do to people!!! Unless they have destroyed the carpet, it’s YOUR calendar responsibility to clean it!!! You should also be responsive, meaning available to view, non emergent needs within 3-5 days.

[@RealEstateDisruptors]

I just did a similar video! So much to learn from your mistakes

[@andrewj7424]

My question Ken or any other real estate investor would be. Is it beneficial or how beneficial is it to get a real estate license in my state if I'm going to be strictly an investor and not an agent?

[@yuliskarodriguez7892]

Great information guys!! Thanks! Can we said that we have another tenant if we didn’t like the one we’re working on? Instead of have this uncomfortable conversation and said no

[@dulghensphotography]

This was so informative and funny in the same time :). Love this format of you two!

[@calebfast8088]

Fun fact, ozone generators do wonders for odors like smoke! :) They've got their dangers though, so do your research.

[@danilleelise624]

awesome thanks!

[@itsclaver7125]

Nice

[@leemeli7585]

Wow 16 years renting my furnished condo, never have done a credit check! They always pay 1st last deposit. Yikes.

[@karimnanji4163]

awesome

[@CarolinaRealEstateGuide]

What about candles? I have a tenant that has at least 2 candles burning at all times.

[@patton9696]

The tenants will not move. Where will they go? In my area there is nothing available. Plus, its expensive for them to move.

[@Dream-888]

How about tenant loses job after he moves in?

[@WritingFearlessly]

This has been such amazing podcast. I have laughed, cringed and learned sooo much! Danielle is so great ! So relateable as a woman.

[@mikeg329]

That guy's a beta" HAHAHAHAHAHAHAHAHAHAHA

[@pasqualemascolo1848]

Spanish subtitles please

[@ragingdogeblade6190]

5:15

[@RobWilliams007]

Ok, and tell him to sue you and pay for your time in court and legal fees.

[@therock1232100]

Thanks for the stories discouraging real estate investing. Too much drama

[@rchn1315]

the smoozers know how to play people.... they are the dangerous ones!

[@joshtomlin2849]

You are lucky you knew Ken when you almost rented to that alcoholic

[@eadad4371]

One of the greatest things I learnt in investing is the two-year rule: for an investment to be termed profitable, you must be willling to wait on that investment for at least two years. But my biggest shock was the last investment I made with the help of an lnvestment advisor. I tripled my portfolio in less than 6months and its super mind blowing!..

[@L__F2]

Would you mind sharing how you were able to triple your portfolio? Did you acquire a much bigger property, if so could you tell us how can one do the same for themselves, thank you.

[@mariorinaldi1020]

Some good info, but WAY, WAY too much gab and repetition. Sorry, great people, good stuff, but not everybody has the time to hear Ken repeat some things that were adequately described in the first place by people listening closely. Too long for the amount of information.

[@patton9696]

I had an applicant back out because there was a sex offender across the street. Like I had control over that.

[@harveypolanski755]

I had a customer decide not to buy because they didn’t like my product. Like I have any control over that…

[@SKILLAARENA]

you do?? you can research sex offenders in the area before purchasing a place

[@harveypolanski755]

Too much fluff. Next time please get to the point.

[@milabokun9743]

Typical landlords… want to make profits on rentals and incur zero expenses.

[@brydiginte6552]

U ironic right?

[@harveypolanski755]

@@brydiginte6552 No, I lived rented somewhere for 10 years and my landlord wanted to keep my deposit because it wasn’t exactly like it was when I moved in. They painted and cleaned the carpet once during my decade living there.

[@obie1coby]

Honestly, meetkevin has gone off the deep end to me but I bought his landlord course years ago and it is truly DYNAMITE. In depth property management that's probably saved me a fortune

[@Mr.RyanXXX]

I fell off I’m back again. Gotta stay focused. I’m so grateful to have Ken in my life. 🫂👌