Real Estate Investing: #1 Rule [Don't Miss!] - YouTube

real estate. the most important thing I learned in real estate. Real estate investing.Learn what Meet Kevin, Graham Stephan and Grant Cardone don't tell you. in this video you

are going to learn the most important thing when it comes to making money from

real estate my name is David Jaffee and I used to rent out apartments in New York

City and I can tell you that the most important aspect that every landlord

needs to get right is making sure that they get the best tenant possible they

should interview the tenant they should go through social media they should make

sure that that tenant is a good fit if they have any inclination that they are

uncomfortable with that tenant then they should reject that tenant what I used to

do is I would price my rents about 10% below market value then I would comb

through the prospective tenants social media how we look for party pictures or

engaging in extreme or dangerous behavior or anything that looked out of

place or that would raise a red flag in my

mind then if the prospective tenant passed that initial step I would then

interview them face to face out of Starbucks before they even saw the

apartment now during this interview depending upon my perception of whether

this person would be a good fit or not I would intentionally try to provoke this

person into showing me how they act when they're challenged for example I would

not be very nice to this person I would go through their social media while I am

sitting in front of them and ask them to explain a specific photo I would ask

them questions about my concerns or hesitations about permitting them to

stay in the apartment and if this person ever showed any anger then they would

immediate be dismissed as a prospective tenant now

one of the reasons why this worked is because of supply and demand

again this is extremely important you need to price your rents below the

market value so that you can interview enough tenants until you find the best

fit for your unit because if you price your rent too high then you are going to

feel pressure to accept tenants that have no business ever stepping foot onto

your property but by setting the rents below market value you will have the

luxury of choosing only the best tenants and the best tenants are not going to

cause you problems they are likely going to pay their rent on time they are not

going to trash the apartment and it is these tenants that you want because if

you accept a bad tenant one bad tenant can create more headaches and cause you

more financial pain than 10 to 15 good tenants again it is so extremely

important that you have an abundance mindset and you are okay with rejecting

tenants and interviewing them and going through the uncomfortable process of

sifting through their social media their facebook their Instagram their LinkedIn

you interview them face-to-face and if you are unsure about whether this person

will be a good fit you should challenge them in the interview before they even

see the apartment if they get upset and they walked out then no problem it just

simply wasn't meant to be it is okay for you to have a little bit higher vacancy

rate as long as you have the best tenants possible who are not going to

cause you problems David Jaffee with beststockstrategy.com let me know your

thoughts on whether you believe that finding good tenants is one of the most

important variables in determining whether you will be a successful real

estate investor or whether you will be unsuccessful real-estate investor I

answer everyone's comments so leave a comment below and I look forward to

chatting with you in the comment section