72: Managing Hundreds of Tenants and Getting Uncle Sam to Pay the Rent with Mark Ainley

Today on the BiggerPockets Podcast we jump straight into the nitty-gritty with a real estate broker, investor and property manager from the greater Chicago area. Mark Ainley brings a fresh perspective on how to successfully invest in lower-income rentals and goes deep into the details of everything you’d need to know, covering acquisition to rehab to management, straight out of of his experience investing in the notorious South Side Chicago area. Today’s show also gives great insight on the in’s and out’s of Section 8 housing, the program that has the government paying a portion (even up to 100%) of the rental income for the tenant. Mark also covers a lot of the managerial secrets behind being a successful property management company and gives you specific criteria on how to vet property managers. This show is really meaty so be sure to grab a pen and paper for notes… and with that, let’s jump into it! In This Show, We Cover: How to build a real estate company from your mom’s basement. “Cash-for-keys” – an alternative to eviction Warning: How to lose money by betting on appreciation How to handle late Section 8 tenants when they only owe $15 How Brandon got a broke tweaker out of his property Advice for newbies who are thinking about getting started in lower income areas How to find flexible non-profit portfolio lenders The full-gambit of investing in Section 8 housing Major red flags  to look for in tenant screening How to do deals via text message and much, much more! Links Mentioned House Hacking SocialServe.com Books Mentioned in the Show Art of The Deal by Donald Trump The Millionaire Real Estate Agent by Gary Keller The E-Myth by Michael E. Gerber Trump: The Way to the Top: The Best Business Advice I Ever Received by Donald J. Trump Tweetable Topics “To do a flip successfully it takes being at the property every single day!” (Tweet This!) Connect with Mark Mark’s BiggerPockets Profile Mark’s Website: www.gcrealtyinc.com Learn more about your ad choices. Visit megaphone.fm/adchoices