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.
A self directed Roth IRA invested in real estate could be the answer for those of you that are tired of losing money in stocks or earning less than the inflation rate for bonds and CDs. When purchasing real estate in your IRA, there are some rules that you must follow, but they are relatively simple. Here's a look at the rules and a little advice about the housing market.
You're about to take the plunge and buy your first investment property. Should you buy something that you can live in, something you can develop and sell on, or should you buy a designated rental property? If you are going to choose the last option then you need to do your homework first.
When it comes to property management, the most important thing you can do is to screen well. You need to make sure you are putting the right people in your properties, otherwise you will be in for a world of hurt both financially and emotionally.