219 - Tenants Coming Back from the Dead with Joe Sesso

It ain’t Halloween yet, but tenants are still coming back from the dead! Joe Sesso, the National Speaker and National Sales Director for Homes.com and author of Secrets of Top Selling Agents had quite the surprise when he visited a tenant’s home to serve eviction papers. Listen in to hear what happened, how he handled it, and what he has learned about investing, property management, and cash flow through his journey in real estate. 

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Time Stamped Show Notes:

01:00 – Introducing Joe, the National Speaker and National Sales Director for Homes.com 01:30 - He got his license in 2000 and is from Chicago; he has experience in investing, property management, and selling real estate 03:00 - Many people became “accidental property managers” during the 2008 recession 04:00 – Joe’s background 04:20 - He was denied a loan in the late 90s; he got his license and would go to the sellers to list properties that were going to foreclose 05:15 - He started investing and was buying undervalued properties; during the recession, he had to rent out his investment properties 07:30 - Joe’s CSIRE story 07:40 - When he was property managing and trying to do real estate, he learned that he needed to delegate 08:10 - He had a man who was struggling to pay rent; the property was self-managed and his son and daughter-in-law lived there, too 08:45 - The son called and said the man slipped outside and was in a coma in the hospital; he said they were going to be late on rent 09:15 - His attorney said they had a case, a month went by, and now the son said that his father had died 10:00 - He went to serve the 5-day notice and the (supposedly dead) man answered the door 10:30 - Another CSIRE story 10:35 - A guy moved out and left his dog in the place; Joe ended up giving the dog to his parents 12:45 - A lesson 12:50 - Cash flow has to make sense 15:00 - Have a “slush fund” for maintenance, evaluate your monthly cash flow, and know your reserves 18:00 - Joe’s actively looking for investments; he has a good team in place 19:25 - Location is important, too 19:55 - Joe’s Book: Secrets of Top Selling Agents: The Keys to Real Estate Success Revealed 21:20 - It talks about mindset, team building, investing, social media, dialogues, and more

3 Key Points

Be persistent and don’t always take no for an answer. Delegate, delegate, delegate!  The numbers have to make sense.