Prei Property Management
Prei Property Management – Welcome to another episode of passive real estate investing. I am your host Marco Santarelli. And I’m glad you’re back today. Let’s talk a little about the pros and cons of self-management of rental properties. Some people do. Some people love it. Other people hate it and just want professional management. I actually know real estate investors who invest from thousands of miles away. Do it well, do it successfully, but that’s up to them. And it’s not for everyone. You might have to have a thick skin for this one, but it’s really not that bad. I’ve actually managed a few properties myself that I don’t prefer. I’d rather spend my time elsewhere doing other things like finding more deals and negotiating, working on my business and doing all the things I love to do. So we’re going to talk a little bit about that today with my guest Steve White, it’s going to be an interesting conversation.
We spent about 30 minutes talking about the ins and outs of managing your property. Now there’s a lot of information out there and we have a great book that we’re going to mention in today’s interview. So stay tuned. And I actually recommend listening to it all the way through. It’s not a long episode before we jump right into it. Let me just give a quick thanks for all the reviews I’ve received. We actually get a lot of compliments and reviews, so the podcast has already passed a thousand five-star ratings on iTunes. And that’s just the US. Each country has its own ratings and reviews that you won’t see unless you’re in that country or actually signed in to an iTunes account outside that country. So everything you see on iTunes is always local to the country, but thank you for all of these and also for the many online reviews, which I really appreciate.
Prei Property Management
They’re not so much about the podcast. They’re really about my team at Norada Real Estate Investments and what we do to help other real estate investors successfully invest in passive real estate investments in the various markets we have around the country. Something we’ve been doing for over 17 years, we were arguably the first nationwide provider of turnkey rental properties in the country. There was only one other, but they are no longer around. They’ve moved on to other things, but thanks again for all the reviews and ratings you’ve shared, we really appreciate it. So love to hear success stories and talk about success in case you didn’t notice the quote we include the quote in our weekly newsletter and if you haven’t subscribed to that weekly newsletter I encourage you to. I just go to our website and fill out any form on the website, whether it’s a membership form or download a report, you’ll be added to that weekly mailing list.
The Jersey City Summit
And we include in every newsletter and they are usually very good. This week was from Howard Schultz and it was very simple, short. It is “Success is best when shared.” And I sincerely believe that I think anyone who has success should pass it on, share that knowledge with other people, sometimes pay it forward. You know, this podcast, there’s no cost. It’s free and looks like a lot of content. Well, almost all the content we offer is also free. So sharing that knowledge and success with you and the other people we talk to and work with is really the best way to give back and share. So success is best when shared. And I love this Howard Schultz quote. Other than that last quick mention here is that we have officially launched, although I started this last year, we have officially launched Norada Real Estate Funding.
It really is our existing corporate financing arm for all loans that are unusual loans. So if you’ve maxed out your conventional loans, or if you’re having trouble qualifying for conventional financing, we can theoretically have an unlimited number of loans for you. LTVs are similar. The conditions are similar. You have more choices. It’s not just a 30-year fixed term. The interest rates are a bit higher, but the good news is that you can pretty cheaply drop what they call points down by paying a few points and get an interest rate comparable to, if not the same as, conventional financing. So it’s a really good option if you’ve used the cheapest money available, which is the government-backed entities Fannie Mae, Freddie Mac, which gives you virtually free money to buy and invest in real estate.
So that’s it for now. Let’s go to our interview with Steve White. And like I said, stick around until the end of the episode because I think there’s some good stuff here.
If you missed our last episode, be sure to tune in to How to Fund Real Estate Investments in Your Retirement Account
Real Estate Investing By Ken Abel, Heather Greene
I’m delighted to welcome Steve White to the show. Steve is the founder and CEO of RentPrep, the leading tenant screening solution for busy landlords. And I love that because our show is for busy entrepreneurs and busy investors. Steve brings 20 years of credit and business experience to his role in leading a growing team of executives determined to make renting easier for everyone before founding RentPrep. Steve honed and tested his leadership skills while serving as an NCO. United States Marine Corps. And he has received two letters of commendation for exceptional performance. Steve is also a sought-after expert and prolific author and a frequent keynote speaker and presenter at industry events across the country. Steve, welcome to the show.
Thanks Marco. I just want to say that this was clearly written by my marketing team and I think this may be the first time. It is very flattering. I appreciate that. But yeah, it’s funny
That you’ve never heard it before, but yes, your assistant gave it to me for your bio and I didn’t want to change it. So I took it as is
That’s accurate. Like I said, it’s, you know, it’s small, I wouldn’t have written it myself. It’s a bit flattering, which is why you get these things written by professionals.
Your Property, Everywhere, Now! By Joe Quartana
Please. Well, we had a conversation here before we started recording and we talked about self-management and a few other things, and it was actually quite educational to know what you’ve done and how you’ve gotten here. Tell us how you got started with RentPrep. And maybe why, because I have some pretty specific questions that I think my audience will be very interested in. Most of them have been indoctrinated, if you will, into using professional property management, and there’s nothing wrong with that. self-directed. It’s the right thing for the right person. But we’re talking about it. But first, maybe talk about RentPrep and how you started the company.
We started the company back in 2007 and served large property management companies. And we maintain a more enterprise-level customer base. So you know, thousands of units, thousands of doors that they manage. And I would do a lot of speaking at landlord associations, real estate investor associations. And we always had a line of people wanting to use our service after I gave a presentation on how to find the best tenants and how to properly screen tenants. And we didn’t have a solution for them until 2012 and 2013, we launched RentPrep specifically for small landlords, smaller property managers and property management companies who wanted the best tenant screening that usually only really big enterprise solutions can get. At that time. Especially what year was it? Around 2013? I think we launched RentPrep.
The initial launch of RentPrep failed. So if you want to talk about business, I’m going to pull back the curtain a little bit. We launched it in 2012, sold about $50 in 90 days and marketed to renters. So the original concept of RentPrep was that tenants prepare to rent by doing their own background check and submitting it to the landlord. It was a phenomenal idea. So it was 10 years ahead of its time. Because it’s just something that’s starting to spread now because of the crowded housing market and people who want to avoid application fees. So you get vetted once and you can apply for 10 or more places, but yeah, 10 years ago it fell flat on its face. And so, you know, we like anything good
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