In today’s episode, we are joined by James Wise, who unearths some of the truths about managing real estate. His group of companies offers a range of real estate related services with the overarching aim of bringing a greater level of transparency about working in real estate.
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While renting real estate out is a fantastic source of passive income, that James strongly advocates for, it is not all sunshine and roses. Dealing with tenants can often come with an array of unforeseen headaches and issues, especially in less than desirable neighborhoods. James does not believe in glossing over these realities because if you have the stomach to deal with these issues, rentals in difficult neighborhoods can often be very lucrative. James highlights some things to look out for when deciding on an asset class and shares some of his own war stories. For all this and more, join us today!
Key Points From This Episode:
- An overview of the kind of work that James’ company, Holton-Wise, does.
- Many brokers gloss over just how difficult managing real estate really is.
- Why the neighborhood and asset class are more important screening tools than conventional tenant screening practices.
- How risk tolerance factors into deciding on the asset class and rentals charged.
- Some of the shocking tenant situations that James has had to deal with at Holton Wise.
- The benefits of hiring a third-party property management firm, particularly in undesirable areas.
- Rather than shying away from technology, use it to grow your business.
- Present everything with utmost transparency, even if the reality is less than ideal.
[bctt tweet=”If you’re investing in real estate, and you want to remain completely passive, you could go ahead and insert yourself a property manager that will be a lightning rod for all of the negative backlash that could potentially come. — @jameswiseHWPG” username=”Whitney_Sewell”]
Links Mentioned in Today’s Episode:
About James Wise
James Wise is the Co-Founder & CEO of Holton-Wise. As CEO, James’ main focus is the strategic vision of Holton-Wise and driving the overall growth of the company. In addition, he oversees the sales and media departments at Holton-Wise while also hosting several popular shows on HoltonWiseTV. He is regularly ranked as the number one selling Realtor of rental property in the Cleveland, Ohio market. He teaches real estate investment strategy through blogs and articles on many real estate publications and is frequently featured as a guest speaker on various real estate investment radio shows and podcasts. On top of his work as Holton-Wise CEO James has also Co-Founded several other real estate related businesses including The Hoag Insurance Agency & Black Tie Title. James is a lifelong resident of the greater Cleveland area. He is an active member of the National Association of Realtors® and the Akron Cleveland Association of Realtors®. He holds an Associates Degree in Business Management from Cuyahoga Community College.
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