The Biggest Mistakes New Landlords Make

Late rents, unwelcome tenants, and awkward interactions. These are just some examples of real estate horror stories that the ModSquad, Karla Mina, Nick Memeti and Graco Funes, with guest Melissa Diaz, shared on this week´s show along with tips for rookie landlords. Melissa, a stay-home mom, and a landlady say she has learned from her mistakes, with Karla agreeing that there are learning experiences with being a landlord. “It´s never always gonna be perfect,” said Karla. As a landlady, Melissa says that one of the lessons she learned is to be more thorough with the application process; she learned to do background checks and not take someone´s word for it. As an investor, Melissa says she would change the inspection process and the appraisal report she did before buying the property. She says she didn´t know of a gas meter situation that is costing her and will cost her money until they were already renovating the building. Melissa says this wouldn´t have been a deal breaker if she had known about it when buying the property, but she would have made negotiations around it. Nick says that something that happens a lot with young entrepreneurs in the real estate industry is they want to buy a place, renovate it and start making money right away. “It´s a game that doesn´t really exist.” Something Nick and Melissa agreed on was that being a landlord who lives in the same building as their tenants can be tricky because it can lead to awkward interactions. Melissa says that if she could go back, she wouldn´t have moved into the same property where she is a landlady.

To hear more horror stories, lessons learned and to find out which member of the ModSquad was once a young landlord with crazy stories, you can watch this week´s show on youtube and our website, marketoverdrive.com For anyone who is a rookie landlord or is thinking about becoming one and doesn´t have the Illinois Landlord Tenant Ordinance Summary, you can email us at info@marketoverdrive.com for a copy. A great episode for people looking to buy an investment property with the hopes of renting it out and having the tenants pay your mortgage while you build equity. Learn from Melissa’s mistakes! Hosts: Nick Memeti & Karla Mina CoHost: Graco Funes Guest: Melissa Diaz 🎥 FB LIVE Thursdays @ 2pm CST ▶️ Watch & Subscribe on YouTube 🎙️ WGN + 🎧 Podcasts on http://www.wgnplus.com Market Overdrive – Elevate Your Real Estate IQ ⬆️💡 Market Overdrive is one of the nation’s premier real estate and mortgage talk shows exclusively on WGNRadio.com! Hosts Karla Mina (Coldwell Banker) and Nick Memeti (Founder of iLoan Home Mortgage) have a combined experience of over 30 years and billions of dollars of real estate closings they’ve been instrumental on! Week after week the #ModSquad is comprised of its hosts and some of the industries top producing agents, loan officers, builders, investors, attorneys, insurance agents, home design specialists, appraisers and much much more! The ModSquad’s goal is to connect directly with the consumer and provide a completely free educational forum for everyone to raise their real estate IQ! You can watch us live on Facebook every Thursday or subscribe to our podcast channel on iTunes Podcasts or our YouTube channel. http://www.MarketOverdrive.com Thursdays at 2pm or stream the show live at http://www.MarketOverdrive.com/