On today’s podcast we talk with The Mindful Landlord, Terrie Schauer, about how to run a rental property while keeping your peace of mind.
Terrie is a real estate coach with a PhD in nothing to do with real estate. And today, she talks to us about how to reduce the headaches in rental properties by bringing zen like qualities to the landlord experience.
Terrie has been managing rental properties half of her life and it was what helped finance her PhD. But during the process, she discovered that she liked being a landlord and was good at it, so she decided to follow that path after college instead of her chosen field of study.
Listen in as we discuss:
- The dangers of scaling too fast
- Vetting tenants
- Incremental progress
- Overcoming fear
- Property management automation
And finally, don’t sweat the small stuff!
Terrie’s number one tip of being mindful is to be able to prioritize between the small and the not small stuff for your own peace of mind.
For those thinking about getting into the realm of property management, check out Terrie’s book: Mindful Landlord: How to Run Rental Property For Profit and Peace of Mind.
I feel like you can’t overstate the importance of choosing your tenants carefully because you’re really choosing your quality of life when you let someone into one of your units.
Terrie Schauer
Listen in now as Terrie teaches us a thing or two about mitigating the headaches behind the three r’s—renters, rodents, rehabs… on this episode of The Art of Passive Income!
TIP OF THE WEEK
Mark: Learn more about Terrie at TerrieSchauer.com.
Scott: Read the book, The Miracle Equation: The Two Decisions That Move Your Biggest Goals from Possible, to Probable, to Inevitable by Hal Elrod.
Terrie: “A little bit of something is better than a lot of nothing.” If you’re ever sitting there and thinking I don’t have time to run a 5k, or I don’t have time to learn this piece of real estate knowledge, I don’t have time to read this book, do whatever you can. Those little 5-minute things that you do will add up and they will put you further ahead over a long period of time than if you do nothing.
A great book on the topic is: Incremental Improvements: Change Your Life One Small Step at a Time by Mike Brodsky.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?