Insights on Rental Property Management with Don Wede | Heartland Funding Inc.

Join Don Wede from Heartland Funding Inc. as he shares his unique approach to rental property management. Discover the benefits of a hybrid lease agreement and why he prefers single-family homes. Learn valuable tips for managing rental properties efficiently and understand the importance of appreciation, depreciation, and cash flow. For more insights on rental property management, call 1-800-255-8250.

Insights on Rental Property Management with Don Wede | Heartland Funding Inc.
Don Wede:
Hi, good afternoon, Don Wede here doing something a little different today. Don’t mind these glasses, I need them for driving. It’s July 24th, 2021, and I’m going to make a little video quite bit different than the ones that I’ve made over the last four years. It’s still an aspect of the business, and I think it’s one that needs to be discussed and it’s a lot of times overlooked. Everybody’s looking to get on that hamster wheel, turn out deal after deal after deal, and fix them up and flip them, and fix them up and sell to private investors.

Well, I started out in real estate with the rentals and today I am going around and finishing off the last leg of delivering new rental agreements. Mine’s kind of unique, I’ve followed a David Tilney philosophy of rental agreements, which is quite different than the average rental agreement. Ours is kind of a hybrid lease, hybrid month to month. And the term runs from July 31st, or I should say August 1st of one year, July 31st of the next, but it also has a 30 day right where you can get out of the lease. If I need to change situations or tenant needs to change situations. So it’s kind of a hybrid.

That being said, I’m finishing up delivering my agreements and we’ll go from east to west, as far as the different towns and cities that I’m going to be drop these off at. You start out in, all these are Illinois of course, and another rule I like to keep my rentals no more than 30 minutes from where I live, it’s kind of a rule of thumb I have adopted here in the last 15 years or so. I used to have them spread out all over the place and that was on a management logistics nightmare. That we can go into at a different time, there’s a whole bunch of learning lessons we can go into anytime people want me to talk. But once again, start out in Marseilles Illinois, we went to Ottawa, Illinois, and then we went to Earlville Illinois and then we went to Mendota Illinois, LaSalle Illinois, Peru Illinois, and we’ll end up this evening in Mark Illinois.

How we doing here on time? Pretty good. So Don Wede with Heartland Funding, Inc. Website is Numbers 1-800-255-8250. What the heck we’ll talk a little bit. Why does a person want to have a rental portfolio in my opinion? Three things. Appreciation, the asset should go up in value, depreciation, that’s a tax write-off, and cashflow. So those are three good reasons to hold real property in a portfolio, rental properties. Myself I like single family homes. Okay. We’ll be signing off now. Thanks for listening to this video.
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