It ain’t Halloween yet, but tenants are still coming back from the dead! Joe Sesso, the National Speaker and National Sales Director for Homes.com and author of Secrets of Top Selling Agents had quite the surprise when he visited a tenant’s home to serve eviction papers. Listen in to hear what happened, how he handled it, and what he has learned about investing, property management, and cash flow through his journey in real estate.
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Time Stamped Show Notes:
- 01:00 – Introducing Joe, the National Speaker and National Sales Director for Homes.com
- 01:30 - He got his license in 2000 and is from Chicago; he has experience in investing, property management, and selling real estate
- 03:00 - Many people became “accidental property managers” during the 2008 recession
- 04:00 – Joe’s background
- 04:20 - He was denied a loan in the late 90s; he got his license and would go to the sellers to list properties that were going to foreclose
- 05:15 - He started investing and was buying undervalued properties; during the recession, he had to rent out his investment properties
- 07:30 - Joe’s CSIRE story
- 07:40 - When he was property managing and trying to do real estate, he learned that he needed to delegate
- 08:10 - He had a man who was struggling to pay rent; the property was self-managed and his son and daughter-in-law lived there, too
- 08:45 - The son called and said the man slipped outside and was in a coma in the hospital; he said they were going to be late on rent
- 09:15 - His attorney said they had a case, a month went by, and now the son said that his father had died
- 10:00 - He went to serve the 5-day notice and the (supposedly dead) man answered the door
- 10:30 - Another CSIRE story
- 10:35 - A guy moved out and left his dog in the place; Joe ended up giving the dog to his parents
- 12:45 - A lesson
- 12:50 - Cash flow has to make sense
- 15:00 - Have a “slush fund” for maintenance, evaluate your monthly cash flow, and know your reserves
- 18:00 - Joe’s actively looking for investments; he has a good team in place
- 19:25 - Location is important, too
- 19:55 - Joe’s Book: Secrets of Top Selling Agents: The Keys to Real Estate Success Revealed
- 21:20 - It talks about mindset, team building, investing, social media, dialogues, and more
3 Key Points
- Be persistent and don’t always take no for an answer.
- Delegate, delegate, delegate!
- The numbers have to make sense.