Do you wish you could build wealth that will last a long time? If so, real estate investment or property investing could be the right choice for you! Compared to other forms of investment, getting yourself into the industry can be something that you will find very rewarding.
Before we get into the secret to picking good tenants, I want to cover the three basic ways to evaluate if a tenant is going to be a good fit for your property. First off, you have to get rid of the mindset that all tenants are bad. I mean, these folks are ultimately your business partners.
It’s the middle of the night and your phone rings. You wake up in a panic, wondering what tragedy has happened. Then you hear a distraught tenant on the other end of the line saying that the toilet is clogged, or the AC has stopped working.
The benefits real estate investing have been described, discussed and trumpeted again and again on this blog and elsewhere. And all for good reason, as real estate investing can change your life by creating wealth, freeing you from a full-time job and allowing you time to do the things you are most passionate about and enjoy.
Of course, there is no “right answer” to this question. A lot of it depends on what your goals are. Are you looking to grow a large company and be a full-time real estate investor? In that case, it probably makes more sense to manage yourself.
Whether you're leasing one property or a high-rise full of condos, getting the right property manager on board saves you time, stress and cash in the long run.
It was a cold and rainy day when I walked into the apartment. The door was unlocked and ajar. And while I shouted "hellloooo" through the crack, I already knew no one was at home. My tenant had left in the middle of the night without paying his rent. Lucky for me I had a security deposit; I'd need it to clean up the mess.
So now that you have an investment property or two under your belt, you are probably considering the possibility of renting them out. However, determining the right property rent rates can be difficult at times. Not sure how much to charge for rent? You're not alone. After all, if you charge too much, you’ll likely have higher vacancy rates—but if you undercharge, you’ll lose out on profit. Here’s how to check if your rental unit is priced correctly.
Caring for essential property maintenance is key to running a successful rental property business. Maintaining your investment property is an ongoing job to ensure you avoid huge repair bills. Also, as the property owner, you have a legal duty to your tenants to provide inhabitable conditions. Rental property maintenance is not something you can leave until your tenants complain about not having heat or hot water.
Multifamily housing paves a path to wealth for real estate investors. These properties produce passive income with monthly rents and long-term wealth as the property value appreciates. Yet, many investors shy away from multifamily properties. Managing the property can feel intimidating and the process overwhelming.