S02:E14 – Trials and Tribulations of Rentals
Welcome to the Get Traction Podcast, a show aimed at educating current & aspiring real estate entrepreneurs. In this episode, Tom welcomes landlord, author, and legislative activist, Jane Garvey to talk about the ever-evolving world of owning rental properties. Having purchased her first rental property in 1979, Jane has a breadth of knowledge and experience spanning different markets and laws. Jane highlights the basics that every landlord should know before renting to tenants. She speaks to the importance of finding a reliable handyman and diversifying holdings. Finally, Jane provides positive steps that all rental owners can take to fight against legislation that hinders the growth and development of this industry.
What We Covered:
- 00:54 – Tom introduces today’s guest, Jane Garvey
- 01:42 – Jane’s roots and background
- 05:28 – The basics that every landlord must know
- 06:48 – The constant process of rehabbing properties
- 08:22 – The truth about most tenants
- 12:44 – Finding and managing the right handyman
- 17:53 – Jane breaks down her wide-ranging rentals
- 19:01 – Renter turnover
- 20:27 – How Jane got involved with real estate
- 23:46 – Jane opens up about the passing of her husband
- 26:36 – The Chicago Creative Investors Association
- 28:43 – The importance of diversification
- 32:39 – Jane recalls some of the biggest mistakes she has made in real estate
- 34:54 – Just because you can, doesn’t mean you should
- 37:32 – The impact owning rental properties can have on marriages
- 40:01 – The kiss of death for growth
- 42:11 – Jane speaks to the challenges of taking on her real estate holdings after her husband’s passing
- 46:24 – Why change can be a positive
- 49:35 – Jane speaks to the most egregious real estate laws in Illinois
- 56:20 – How to fight this legislation
- 1:01:23 – How Jane was personally impacted by bad laws
- 1:04:03 – What Jane would do differently if given the chance
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