A day in the life of a real estate investor/property manager: Ep. 9
Well, at least it is over. It always seems that there is so much work to do on every Monday, and so little time to do it in. But, we always seem to manage.
Today we put out a few fires. Two water leaks in two different condos, amazingly they are owned by the same owner. Yes, things happen and they are insured, but still a head ache. We then did a quick inspection to get a rental ready for sale. Followed by two minor repairs. They only way we could do so much is because of our systems that we have in place. With out them we would be lost.
If you are considering getting into real estate investing, first sit down with a few people that are doing it right now and pick their brains. Find out what they have learned along the way and use it to your advantage. You will detect a constant theme with all the investors you speak with. Systems, systems, and more systems.
Even when you are first starting out, and it makes no scene to implement the systems, do it. You will not have to do it while you are working on larger projects, and you will be accustom to using it and following it. To many investors do not stick to the systems. They are always re-inventing the wheel. Don't do that. Follow your rules, and make sure they can grow to what ever size business you want.
As always, happy investing.
-JM
Having been in Multi-Family Property Management since 1995, I would strongly recommend using a professional management firm to manage your first investment. Let the professionals do what they do! So many times, investors buy their first property and have no clue about Landlord Tenant Laws, Fair Housing or other governing laws. For the most part, contracts for property management services are performance based and offer a 30 day out for no reason after the initial term (in my experience anyway).
Very good advice, for the beginners or even the professionals.