Four Pieces of BAD Advice on Managing Rental Property You Should Forget Every once in a while I come across a blog post or an article or even a video that I think misses the mark so badly that I want to reach through the computer at the person who put it out and ask them “what are you thinking”? Not your usual disagreement or not understanding someone’s point of view, but actually wanting to ask why in the world they give the advice they are giving. I never do mind you. I think … [Read more...]
Four Pieces of BAD Advice on Managing Rental Property You Should Forget
August 30, 2012 By Leave a Comment
Investment Property Management: What Metrics To Track And Why?
August 9, 2012 By Leave a Comment
Investment Property Management: What Metrics To Track And Why? Whether you manage your own investment portfolio, or hire a property management company to manage your investments, there are key metrics to track and measure if you want to truly find success. Any two real estate investors will define success differently, especially when it comes to property management. If you follow on-line forums dedicated to real estate, you will notice heated arguments on the merits of using property … [Read more...]
Owning Rental Property Without Managing Tenants: Why I Use Property Managers
July 31, 2012 By Leave a Comment
Owning Rental Property Without Managing Tenants: Why I Use Property ManagersA few weeks ago, David, a co-worker of mine, got on the topic of investing in rental properties. After what seemed like 20 minutes, I found out the following about David:He owned a 4-plex ten years ago. He lost a lot of money. He hated dealing with tenants. He will never buy an investment property again. What I deciphered from his story was that he took on too much. He handled every aspect of his rental business … [Read more...]
Three Budget Items Not to Forget Regarding Your Property Analysis
June 20, 2012 By Leave a Comment
Three Budget Items Not to Forget Regarding Your Property Analysis.Almost everybody has a different formula when it comes to rates of return and cash flow analysis. While it is imperative that investors have a good way to analyze investment properties, there is no right or wrong answer to this equation. I believe it boils down to experience, location, and personal preference when deciding what line items and assumptions to use when creating your deal analysis.Most models include the staple … [Read more...]
Raising Private Capital: How I Raised $50,000 Over Dinner
June 5, 2012 By Leave a Comment
Raising Private Capital: How I Raised $50,000 Over DinnerSeveral weeks ago at a family get-together, I ate the best homemade meal I’ve had in years (my mother-in-law cooks a mean lasagna). As I gorged on a second serving, a relative at the table asked, “So… it looks like you guys just bought another rental, huh?” Seeing as I was struggling with a mouthful of lasagna, my wife stepped in and answered for us.She shared a few details on the ins-and-outs of our rental business and … [Read more...]
Managing My Own Rental Property?
March 26, 2012 By Leave a Comment
Managing My Own Rental Property?There are many good reasons to manage your own rental properties. First, there is the common saying that “nobody cares about your property as much as you do.” That’s true and nobody will likely try harder to find and keep good tenants than you will. Another reason to manage your properties is because it will save you a good amount of money. Most rental companies will charge you 10% of the monthly rent. Therefore, if you’re renting a place for $1,500 a … [Read more...]
Property Management Is There A Quick Fix?
February 25, 2012 By Leave a Comment
Property Management Is There A Quick Fix?Will the single family investment dream crumble before the realities of managing rental properties? Last year only about a third, 35 percent, of single family rentals made a profit on their rental income. The 3.8 million that lost money or broke even saw their owners’ dreams of a steady, annual rental income evaporate into the ether.Lack of profits isn’t due to lack of effort. Nearly eight out of ten individual investors manage their own … [Read more...]
Property Management: Offense, Defense and Special Teams
February 7, 2012 By Leave a Comment
Property Management: Offense, Defense and Special TeamsAmerica’s great spectator sport is front and center with the Super Bowl taking place this past Sunday. In professional football, serious resources go into the process of putting a good team on the field. Each team has three smaller teams; offense, defense and special teams. Every good property manager needs the same structure. Is your property management pro-active? Are responsibility centers clear? Who is responsible for … [Read more...]
How To Train A Property Management Company
December 22, 2011 By Leave a Comment
How to Train A Property Management CompanyThis past weekend I was digging through old DVD’s and “thinning” the big stack of movies we have and I came across a video I ordered online a few years back. It was a DVD on “How To Train Your New Dog At Home”. It was a slow Saturday and I suddenly found myself on the couch with the remote in hand re-watching this video and realizing how it wasn’t a video simply on training dogs, but really training anyone for anything. As I was … [Read more...]
Eviction Tips For New Landlords
December 15, 2011 By Leave a Comment
Eviction Tips For New Landlors.Don’t wait too long to evict a tenant. Protect your Real Estate Investment. Remember, non-payment of rent is not a personal attack on you and you need to stay professional as a property manager. Having an attorney right from the start will enable you feel empowered knowing you have everything you [...]Eviction Tips For New Landlords is a post from: Real Estate Investing Blog For Real Estate Investors.Read the full post here... … [Read more...]
How to Hire a Property Manager
October 31, 2011 By Leave a Comment
I wondered, “What am I getting myself into buying an apartment building?” My two years of training at the University of Chicago in business administration didn’t include one minute of instruction in setting rents, showing apartments, or evicting non-paying tenants.What was I going to do?Many in my peer group have moved into investing in office [...]How to Hire a Property Manager is a post from: Real Estate Investing Blog For Real Estate Investors.Read the full post here... … [Read more...]
Are You Duplicable? Can You Get Help?
October 27, 2011 By Leave a Comment
Are You Duplicable? Can You Get Help?Do you approach your real estate investment business with the end result in mind? It’s easy to get caught up in the day-to-day details of running a business, especially when you’re a landlord or you have contractors working on your properties.If you’re working in your business, you’re probably not working on your business. This is a core tenant of author Michael E. Gerber’s book, The E-Myth. This essential entrepreneurial read tells us that we’re … [Read more...]
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Why I Have to Use Property Managers
Why I Have to Use Property Managers If you work full-time like I do and you chose to be an active real estate investor, you will likely face tough decisions every week. One area in which I see new investors struggle, and where experienced investors have strong opinions is the use of property management.As one of the experienced investors, I know for sure that if I managed my properties myself I could do a better job, save some money, collect more rent, and produce a better return on my … [Read more...]