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In order for things to run smoothly at your rental properties, there are certain roles and responsibilities you’ll need to take initiative on, and that’s what you’re going to learn in this video.
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👨🏻‍💻 Sign Up for My Webinar: ----------------- Be the boss. At the end of the day, you have to remember that this is your business and no one cares about it as much as you do. So if you’re unhappy with your property manager or need help with something, it’s up to you to seek out solutions. This also means mapping out your strategy, staying on top of your goals, and in general keeping on top of things.
Keep learning and growing. Keep building your financial intelligence and learn about real estate investing strategies that can help you reach your goals. We’ve got a lot of content on this channel, my blog, and on my podcast to help you do just that.
Stay motivated. This is a big one. There’s a reason why I recommend keeping your Freedom Number front of mind and updating it regularly. It’s easy to get complacent, and staying focused on your goals is an important part of managing and growing a fruitful real estate portfolio.
Ask for help. You need the expertise of other people who can guide you. You’re going to have questions, and that’s great. That means you’re learning. So don’t make the mistake of thinking you can figure everything out on your own.
Manage your property management team. Schedule some meetings with your property management team at intervals that feel appropriate to you, whether that be monthly or quarterly. It’s important that you’re on the same page, that your expectations are being met, and you’re BOTH working toward a common goal.
Handle insurance. Getting coverage for a property might not top your list of fun things to do, but it’s extremely important. In most cases, insurance will be included in escrow, but either way you need to make sure you’ve got the right policies in place.
Be proactive with taxes. One of the biggest perks of investing in real estate are all the tax benefits you qualify for… but you need to make tax planning a regular, year-round habit to reap the full rewards. This is where a great tax team comes in handy.
Be cooperative with your property management teams and tenants. Commit to being the best property owner you can be. If there are requests you need to approve, please be on top of it.
Stay on top of the numbers. This is something that can easily fall through the cracks, but it’s extremely important. You probably ran the numbers on your property when you first bought it to make sure it was a good investment. But you need to do it REGULARLY to verify everything is on track.
Don’t sweat the small stuff. Things like repairs, tenant turnovers, and vacancies are going to happen. It’s just part of the business. Be sure to remember that, and don’t get caught up in things that won’t matter in the long term.
Every challenge has a solution. But no one can reach out or seek answers for you – you have to take initiative to start that process. But the good news is, when you maintain a healthy portfolio using the tips I just shared, you’re going to have a much better, and easier, experience.
#morrisinvest #claytonmorris #realestate Website- ---------------- DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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By: Morris Invest Title: 10 Ways to Manage Your Real Estate Portfolio | Morris Invest Sourced From: www.youtube.com/watch?v=jgDLukIzB44
