Have you considered investing in Lake County? Or minimizing vacancies with a 3yr rent-to-own lease? Our guest today, Bill Powers, has successfully done both of these actions to scale his business to 250+ rent to own properties in the last ten years. Listen to Bill lay out his strategies on how to find the perfect asset, screen each tenant, and assist tenants with lending programs, thus enabling him to keep his occupancy at 99%! Not to mention, Bill's short term rental listings were in hot water due to COVID-19; but Bill found a solution to quickly pivot and set himself up for success. If you find Bill helpful, reach out to him, hit the subscribe button and share us with a friend!
Timeline
Guest intro. 3:00
Guest Questions
How is your business different today vs when you first started. 4:40
How do you go about making rent to own part of your business? 6:35
Is there a type of SFH you’re looking to purchase? 8:10
What are some things you look for when screening tenants for rent to own? 9:00
What does the Waukegan investment market look like? 9:50
Are there pockets of Waukegan that you prefer over others, what do they look like? 11:50
What are the types of buildings you’re looking at in lake bluff?13:30
What are some rules of thumb when you’re estimating rehab costs and values? 15:00
Are you ever looking to get outside of Lake County? 18:15
What made you get into the Airbnb and STR market? 19:25
Tell us about the Lake County Property Investor association. 21:57
What did you take from your previous career that benefitted your RE career? 23:10
Wrap up questions
What advice would you give someone from out of state? 24:15
What is your competitive advantage? 25:30
Do you have a local referral for someone in the area? 26:40
What do you do for fun? 27:25
Can you name a good self development tool you’ve used? 27:45
How can people find you and reach out to you? 28:50
Guest Name: Bill Powers
Guest Company: RTO Property
Guest Link: http://rtoproperty.com/
Other Links for show notes:
Book Recommendation -
The Golden Rules https://www.amazon.com/Golden-Rules-Finding-World-Class-Excellence/dp/125005950X
Retire Rich - https://www.amazon.com/Retire-Rich-Rentals-Ongoing-Forever-ebook/dp/B00P9KVE42
Landlord assistance- https://www.securepayone.com/
Local Financing Options:
First bank of highland park - https://www.firstbankhp.com/
Northside community bank - https://www.nscombank.com/
Northshore trust and savings - https://www.northshoretrust.com/
Lake County Property Investors Association - http://www.lcpia.org/
