))
Are Rental Properties Profitable? Don't Be Fooled!
Manage episode 493819981 series 3612499
We love giving back!
Check out our weekly webinar series HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!
Podcast Episode Title:
"Are Rental Properties Profitable? Don't Be Fooled!"
Summary:
If you're not running the numbers before you buy, you're not investing — you're gambling. In this episode, Garret breaks down exactly how to analyze a potential rental property before booking a showing. You'll learn what costs to include, which metrics matter most, and how to avoid falling for “napkin math” that can sabotage your cash flow.
Timestamps:
[00:00:00] Introduction: Why running the numbers before a showing is the golden rule for smart investing — and how skipping this step turns you into a gambler.
[00:03:00] Topic 1: Real Numbers vs. Napkin Math. Garret exposes the dangers of back-of-the-envelope math and walks through a real-world example of how a $200 “profit” can turn into a $50 loss. Learn what really needs to go into your monthly expense calculation.
[00:08:00] Topic 2: The Step-by-Step Breakdown of a Cashflow Analysis. From conservative rent comps to vacancy reserves and maintenance buffers — Garret gives you the full playbook for running accurate numbers. He also explains how interest rate assumptions can make or break your deal.
[00:15:30] Topic 3: Key Investment Metrics to Know. Understand how to calculate and interpret your cash-on-cash return and cap rate — even if you’re just buying single-family homes. These tools help you compare deals and make smarter long-term decisions.
[00:21:30] Key Takeaways: A recap of the essential steps and warnings: budget like a business owner, not a hobbyist. $200/month is not a cushion — it’s a trap if you're not prepared for surprises. The numbers either work, or they don’t.
About Garret Wong
Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
Connect with Garret:
Get Involved:
Subscribe to My First Keys and follow us on social media for the latest updates.
Contact:
For feedback or questions, reach us at https://garretwong.com/contact/
35 episodes
Share
