#144 with Eric Drenckhahn: How to Effectively Fill Your Rental Properties & Self-Manage 24 Units

Millennial Millionaire Real Estate Podcast

English - December 23, 2020 20:45 - 1 hour - 112 MB - ★★★★★ - 56 ratings
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Previous Episode: #143 with Rock Thomas: Making an Impact & Helping People Succeed with the Most Successful Mastermind

Next Episode: #145 with Dan Gorman: How to Scale to 700 Units & Helps People Get Started in Real Estate

In this episode, Jonathan Farber interviews Eric Drenckhahn on his road from his first exposure to real estate through his broker dad to building a portfolio of over 25 properties across short term rentals, land, and commercial and residential rentals. Eric is an investor in many real estate sectors to achieve his financial freedom, based in Kissimmee, Florida. In this episode, we get into topics like: acquiring property early on, deciding on your investment strategy, understanding your rentability, and more!

Top Takeaways:

Early property acquisition strategies - 10:30 - 14:15

When you’re first starting out, you have to be willing to put in the work to get the return

Learn how to manage and do maintenance so that you know what those are worth later

As long as the numbers work, don’t be afraid of a property that needs work

Choosing an overall investment strategy - 15:30 - 17:00

Turnkey properties can be an easier start but the return just isn’t there

Turnkey also often comes with baggage that eats into your profit

A property nearby that you can improve and either sell or rent is as close as it gets to a sure bet

Evaluating the rentability of a property - 17:30 - 21:00

Any property can be filled - to increase demand, lower price

Comps are a good starting point for rent, but it should fluctuate to match demand