On today’s show, we have an interesting topic. It’s about how to protect your rental income. I have worked with this person for quite a while and I wanted to bring him on the show because he has actually been part of a new company that is offering a rental income product. It might be something of great interest to you, especially depending on the size of your portfolio and where it’s located.

If you missed our last episode, be sure to listen to Wealth, Wall Street and Real Assets with Buck Joffrey.

Enjoy the show!

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Rental Income Protection – Sky Mikesell
 

It’s my pleasure to introduce Sky Mikesell. Sky is the CEO of RentSure Membership, which is the only rental income protection product to the United States. He has been investing in real estate since 1997 and has been involved in other 1,000 real estate transactions in seven different states. Sky, welcome to the show.

Thanks, Marco. Thanks for having me.

Thanks for coming on. You called me up probably a few months ago to tell me about this new product and this new company called RentSure Membership. I found it fascinating, especially considering that I was involved in, I don’t want to say a similar product, but it is a similar type of product several years ago.  I’d like to talk about that, but before we go there, tell us a little bit about your journey into real estate and how that transitioned over into RentSure.

To share with you I will just give you a quick backdrop on my background and experience, what lead us to this moment. I grew up in Portland, Oregon on the West Coast there and I started buying real estate when I was actually nineteen. I was a plumber’s helper saving my money and looking to buy my first house and, eventually, I bought my second house, and slowly started growing my portfolio. About six or seven years into it, I transitioned my portfolio out to the East Coast and moved to Charlotte, North Carolina where I still remain today.

I started turnkey operation when I got out here. We bought. We renovated. We leased houses and we sold them. That’s how I met you originally, and a few of your clients, in fact. That’s how we started. I guess that was ten to twelve years ago all in all. We did quite a few transactions in the Charlotte area. Then about three years ago, we started buying in other areas around the country that we felt like made sense, in addition to Charlotte.

Default vacancy and unexpected maintenance - the two things that have been the cashflow killers.

I would say, Marco, about a year, a year and a half ago, two years ago, I can’t tell you the exact moment, and this sounds silly, but I bought a vacation rental for myself and my family. I was putting a new tile in and it was 2 AM. I’m on my hands and knees laying tile in my vacation rental because I was so excited about my new vacation rental. It hit me, I said, “Sky, the thing that has cost you, all your investor friends, colleagues, and clients, the most money in the last twenty years you’ve been doing this has been two things: the default vacancy and the unexpected maintenance.” Those are the two things that have been the cashflow killers.

We’ve been able to find good properties. We’re happy when we found good properties. We renovated them properly. We even found good tenants for some of them. But when the tenants defaulted, that killed everything. I said, “That’s the business I am going to go in.” I woke my wife up that night at 2 AM. I said, “Great news. We are starting a new business. We are going to go in to the rental income protection business.” She said,