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:
Selling your property is one of the most challenging aspects of real estate investing. In order to get a good ROI, you want to sell your property for the highest price and within the shortest period of time possible. This is even more important if you’ve financed the property with a hard money loan due to the higher interest rate and short loan term. Fortunately, there are several actions you can take to market your property to increase the chances it will sell quickly.
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.
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.
Regardless of how tight the housing market is and whether there is an inventory shortage, the fix and flip equation remains the same: Find a property, rehab it well, and sell it at a profit. So while initial investments are likely to be higher, the potential profits should be correspondingly higher—and ultimately, that’s what will convince lenders to finance your projects.
If you’re just starting out in the rental property business, you might not have sufficient funds to hire a full-service property management company.
Should you hire a property management company? Any real estate investor asking that question is most likely fed up with managing her own rental units, screening tenants, and dealing with leaky toilets and complaints about loud music. But will a property manager eat into your profits?
As real estate investors, the thing that often keeps us awake at 3 am is keeping rentals filled with decent tenants. The cost of finding new tenants, screening them, and getting them settled in can quickly crush our profits. That says nothing of the stress and tension vacant rentals can create.
Tales of rental renovation projects tripling in cost are enough to give any real estate investor night sweats. Most often, these stories come from an inability to understand the problem. Truly essential renovations for a rental property differ from the ones we’ll make when dealing with a fix-and-flip. When renovating for a rental, we’ll want to move away from wow-factor and instead increase the property’s efficiency and livability.