I asked Nick Sidoti AKA Dr Cashflow to describe this month’s somewhat off-beat topic.
Here’s the quick interview:
TOM:
Glad to have you coming back to DC. People may not know that we are both from the same hometown, Buffalo NY.
NICK:
I’m still there. You left.
TOM:
That’s true. I miss the food.
NICK:
That’s your Italian blood talking!
TOM:
Indeed. So, what are you going to be talking about when you are here Nick?
NICK:
How to get 2 or 3 times more rent and much better tenants without Section 8.
TOM:
Obvious question, why is this important?
NICK:
Income is the main reason and benefit for investing but, real estate has a very big drawback “BAD TENANTS”. I’ve heard all the horror stories and the warnings from other people who say; “Don’t ever be a landlord it will make you crazy” or “The day I sold my properties is the best day of my life” or “Tenants will break everything” or “Tenants don’t pay their rent, steal from you, and skip out on you”.
TOM:
It’s happened to me.
NICK:
It used to happen to me too. But I can fix that for you.
TOM:
How?
NICK:
Look, most tenants stay a year or two, pay their rent between the first and the fifth most of the time, and most of them left the rental in okay condition. “Okay” meaning I still had to clean up after them, clean up their junk, paint the units, and strip out and replace all the carpeting. Then there were the tenants that were very far from being okay. They did not pay their rent on time; they were slobs that destroyed my property. The old saying is true, “One rotten apple spoils the whole barrel”.
It wasn’t long before these rotten apples caused me to get burned out. I was spending my time managing, also known as running adult day care centers, and no longer looking for deals and investing in real estate. Real estate investing is a game. It is all in the numbers. If you want to be financially independent you have to keep buying properties and building your portfolio. But, the more you buy, the more tenants you have, and the more chances you have of getting the “tenant from hell”.
You asked me “how”. Rather than get burned out by landlording the plain old regular way, I decided to become a housing specialist with a niche of providing housing for those in need.
TOM:
Explain that.
NICK:
I developed a system of getting much better than okay tenants, in fact I get GREAT TENANTS and, more money. When I say more money, I am talking about a lot more money, doubling or tripling my cash flow without buying more property. The system I am talking about is “The Landlord’s Guide to Special Needs Housing”.
TOM:
Special needs housing?
NICK:
Yes, guys coming out of the VA hospitals. They get placed by their social worker, have respect for your property, are happy to be there, and the government pays you their rent.
TOM:
Interesting. Sounds like a great niche.
NICK:
It is. You can get 2 or 3 times more rent and much better tenants.
TOM:
But things ain’t what they used to be with the pandemic and the federal eviction moratorium. Does a system like yours still work in today’s crazy world?
NICK:
Think about it Tom, there is more and more need now because of Covid. Veterans hospitals and other agencies have found that people in large groups produce higher rates of infection, so they like my small group setup even more now. Also l have being able to collect 100% of the rents because the government keeps paying no matter what. They don’t run out of funds.
TOM:
Now we know what you’re going to be talking about.
People should know to be ready for an absurdly high-energy presentation. You definitely know how to entertain.
NICK:
Be ready! Don’t miss it!
—- end of interview —
Join us on Thursday July 15th at Traction REIA live & IN-PERSON when we have Nick Sidoti, AKA Dr. Cashflow, teach you how you can get 2 or 3 times more rent and much better tenants even in these crazy days of 2021.
Nick is only here for Thursday the 15th (there’s no Saturday training) so clear your calendar and be there.
Click here to RSVP (no charge for all as a welcome back gift)
Tom Zeeb
President
Traction REIA
