Mike Cantu’s Rental Properties and Management
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Written by Eric Olson
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 A Road Map
When
my father speaks about golf and how the big winnings are made, he
phrases it like this, “Putt for dough and drive the little white ball
for show.” In real estate investing we say “You make your profit on the
purchase, but create real wealth by keeping the properties for the long
term.”
The objective of Mike Cantu’s seminar on property management is to
share his many years of experience with its unbelievable challenges and
periods of financial ruin, and to provide a roadmap for others to learn
from his mistakes and successes in preserving his properties long term.
This rent-stalker story is my favorite. Mike is placed outside
of one of his properties, waiting for the tenant to return home so he
could extract an overdue rent payment from him. The tenant comes home,
parks the car, goes inside and refuses to answer the door after Mike
knocks and announces his intentions of collecting the monthly rent.
Mike is not afraid to expound on the many humbling experiences over his
years as a landlord. Mike held to the goal of financial freedom and
independence. Mike’s concept is simple. Accumulate good houses at
bargain prices with good terms. The deals should at least break even
and the houses should be good prospects for long-term appreciation.
Then acquire good renters who will pay them off. This can lead to
realizing your dreams of financial freedom.
Mike Cantu
Renter Requirements
Let’s
talk about Mike’s target-renter requirements. First, find the right
amount of people for the size of the property. Second, set a goal to
find a tenant who will stay at least two years in the property. Third,
instead of having a no-pets-allowed policy, ask them to tell you about
their pets. Fourth, make sure all money for the tenant to move in is
paid upfront with a cashers check and make sure the tenant’s income is
verifiable. Always screen your prospective tenants by calling past
landlords and by checking out their current living conditions. And
don’t forget to check their credit.
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