1 hr 1 min
#144 with Eric Drenckhahn: How to Effectively Fill Your Rental Properties & Self-Manage 24 Units Millennial Millionaire Real Estate Podcast
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- Investing
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
There’s no harm in testing out if the rent can be stretched when turning over
Resources:
Book by David Lindahl: Multi-Family Millions
Social Links:
biggerpockets.com/blog/contributors/ericd-2
nononsenselandlord.com
Connect With Our Sponsor, MartelTurnkey:
martelturnkey.com
Schedule a Call
info@martelturnkey.com
Connect With The host, Jonathan Farber Here!
LinkedIn: https://www.linkedin.com/in/jonathanfarber1/
Instagram: @jonjfarb
Facebook: https://www.facebook.com/jonathan.farber.9
Facebook Group: Real Estate Mentorship Mastermind
https://www.facebook.com/groups/860025821084224/
BiggerPockets: https://www.biggerpockets.com/users/JonathanF29
Youtube: https://www.youtube.com/channel/UCB8BJ8K5ILXdfOnsDWamVqw
Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr
Apply to be a guest on the podcast here: https://forms.gle/YNmALHUvDvuMWVVFA
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
There’s no harm in testing out if the rent can be stretched when turning over
Resources:
Book by David Lindahl: Multi-Family Millions
Social Links:
biggerpockets.com/blog/contributors/ericd-2
nononsenselandlord.com
Connect With Our Sponsor, MartelTurnkey:
martelturnkey.com
Schedule a Call
info@martelturnkey.com
Connect With The host, Jonathan Farber Here!
LinkedIn: https://www.linkedin.com/in/jonathanfarber1/
Instagram: @jonjfarb
Facebook: https://www.facebook.com/jonathan.farber.9
Facebook Group: Real Estate Mentorship Mastermind
https://www.facebook.com/groups/860025821084224/
BiggerPockets: https://www.biggerpockets.com/users/JonathanF29
Youtube: https://www.youtube.com/channel/UCB8BJ8K5ILXdfOnsDWamVqw
Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr
Apply to be a guest on the podcast here: https://forms.gle/YNmALHUvDvuMWVVFA
1 hr 1 min