A Journey To Financial Independence Using The Wealth of Others

Golden Rule in Real Estate: Treat Others As You’d Like to Be Treated

Managing Property, Podcasts

Bigger Pockets Real Estate podcast episode 356 with Joe Asamoah had some great nuggets. Now Joe is a real estate investor based out of Washington, D.C. Obviously, conditions in D.C. are much different than the rest of the country. However, he uses a somewhat unique strategy utilizing the BRRRR method. Instead of looking for homes, which would only need a little bit of renovation, he instead looks for homes where he can drastically increase the value by adding rooms and bathrooms. Then, with these larger properties rents to section eight housing.

However, she’s not trying to be a slumlord at all and said the houses he rehabs are in most cases “HDTV worthy.”

And he does this because she wants to provide great homes to great people who might just not be in a financial situation to live in it without section eight housing help.

And he has a whole process to make sure that he is renting to the right people before they even sign the lease. He has a thorough process to make sure that they are actually the people that would make great tenants in his homes. In fact, he even goes to the tenants’ former or current homes, to see how it looks, how it’s cared for, and to ensure that these are folks that will take care of his homes.

And once they get into his homes, he takes very good care of his tenants. It’s not just a landlord/lessee situation – he plays an active part in their lives. For example, he is known to give his tenants gifts on Mother’s Day gifts, birthdays, if their kids get good grades on the report card, etc. And in fact, he even has a timeshare within driving distance of DC that he owns that he allows his tenants to use one weekend a year.

Now, what does this all mean?

Joe runs his rental property business based on the Golden Rule of treating others the way you’d want to be treated.

And by following this Golden Rule, he has had great tenants that had been in his homes for years, even one that has lived in the same rental property for 20 plus years. So, and as I have learned, the majority of costs occur when you have tenant turnover. So people moving out trying to get someone back in that’s where you lose a lot of money either by having zero occupants I know and paying your rent.

Joe’s mentality is to get the right people in and then keep them in there for as long as possible. Because not only is he helping someone out, but they’re helping him out and it’s done from a mutually respectful and mutually beneficial standpoint.

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