The best real estate investors excel because they’re aware of what they know—and what they don’t know. That’s why behind every successful real estate investor is a team of experienced professionals who advise on or manage certain crucial aspects of real estate investment. If you’re looking to take your business to the next level, these are the people you need on your team.
With only 24 hours in a day, how do successful real estate investors manage to get everything done? The answer is straightforward: They use the best technology. The following 10 apps will help you save time, stay organized, and maximize your efforts.
You’ve just pumped $350,000 into buying and renovating a home in a sleepy, yet relatively affluent suburb. But when you put the house on the market for $450,000, there’s little to no interest from buyers. The reason? One of the region’s largest companies is about to relocate its nearby offices and production plant—taking workers, jobs, business, and money with it. As a result, people are leaving the area… and they’re not interested in buying homes, no matter how much work you put into them. If this sounds like a nightmare scenario, then it’s good to know you can relegate it to the realm of bad dreams by properly researching a neighborhood before investing in it. Here’s how.
Property management involves many processes, from building maintenance tracking and expense management to tenant screening, tax reporting, and more. What follows are some useful resources for property managers.
Regardless of how many investment properties you own or how experienced you are, time management is critical for if you’re a real estate investor. You simply can’t afford to waste time when it comes to keeping up with trending news, locating viable investments, finding prospects, vetting contractors, and reviewing vendors. Here are our top 10 time-saving websites for investors:
Contrary to popular belief, "inexpensive bathroom remodel" is not an oxymoron. It's entirely possible to save big when redoing a bathroom, especially when we avoid gutting everything right down to the studs. Instead, make the bathroom look nice by updating without breaking the bank. Nobody needs to know you did a budget bathroom remodel if you pay attention to the key areas below.
Whether you're selling a fix and flip or your primary residence, it pays to know what buyers are looking for before you start that remodel. Are home seekers looking for open concept, energy efficiency, a completely remodeled kitchen, or a nice outdoor living space? See the list below for 10 attractive features not to miss when renovating a property.
Kitchens and bathrooms are two of the first areas noticed by a prospective buyer. Using as many budget kitchen remodel ideas as possible ensures a good ROI (Return on Investment). Many fix and flip contractors will have inexpensive kitchen remodel ideas, but it never hurts to have a few extra suggestions on hand.
Real estate investors who don't proactively build relationships with building contractors can wind up out on a limb when a problem rears its ugly head. We can quickly find ourselves at the mercy of unscrupulous or agenda-driven plumbers, electrical contractors, roofing contractors, or other repair and construction pros. Cultivating these relationships early in a fix-and-flip or rental income business gives us valuable access to a contractor's experience when we need it most. A list of good building contractors provides added safety, and ultimately saves us time and money. Good contractors also come with insurance and provide warranties on work. The key takeaway here is: source them now before you need them to bail you out.
You can’t have cash flow without tenants. For a real estate investor, rental income can provide an excellent and steady source of profit. That source can falter when a property stays vacant, loses tenants, or presents problems staying rented. Use the tips below to keep your rentals full and keep cash flowing in the right direction.