In just a blink of an eye, we're almost halfway through with 2020. Needless to say, the year so far has been quite the rollercoaster ride, but it has definitely taught everyone to always expect the unexpected and be ready for anything the world can throw at you.
My, how things have changed - quickly! If you're still investing, I'd love to hear how you're adjusting and what you see for the future. I'll start with some of the Covid changes we've already made.
Be approachable: Make sure that your tenants can contact you by phone or by e-mail if it is more convenient, should they need to. Responding to requests promptly will help tenants to feel listened to and supported.
If you are a real estate investor or buyer, you have two options when it comes to managing your property. You can either DIY (self-manage) the property yourself or appoint a third party professional (property manager) to look after the property for you.
Growing up, most of us looked up to successful people on TV or magazines, we loved hearing their stories and adored seeing all the good stuff they owned, while deep inside, hoping to reach their level one day.
One of the biggest decisions you will make as a landlord is whether you should hire a property management company or not. Many landlords manage properties on their own or with the help of an employee, such as a resident manager.
I was a little worried a month and a half ago when this all started going down. I thought, “Oh, man. What if rent doesn’t come in?!”
Before we get into the nitty-gritty of what you should do if your tenant abandons your property, you need to reduce your risk of that ever happening. You do that by having a really good tenant qualification process.
Investing in cash-flow real estate is an excellent way to build wealth. However, many investors find themselves in a situation for one reason or another where they cannot purchase cash-flowing real estate in their local market.
If you are looking for a great way of building your net worth, investing in real estate is a great idea. You can make a lot of money if you do it the right way. However, if you don't follow the right techniques, this venture can cost you a lot of money.