Property or Property Management… Which comes first?

Which Came First?  The Chicken or The Egg? And what does this have to do with real estate investing you may be asking. There is an old axiom in real estate investing that your success is determined at the closing table. Certainly, there is much truth to that, but it's only half of it. Effective property management is THE key contributing factor to long term investment success. Think about it for a second.... You buy a great investment property (on paper) at a great price that should pencil out some pretty nice returns. But over time, due to extended vacancies, poor resident screening, high turnover costs, etc... your returns (if any) are nowhere near where you thought they'd be. This is compounded by the fact that investment properties derive their [...]

By |2016-06-23T16:52:58+00:00January 18th, 2015|Blog, Featured, Property Management|Comments Off on Property or Property Management… Which comes first?

Resident Screening Tips

Selecting residents for your properties is of crucial importance. The ideal resident is one that will stay for 2 to 3 years, pay on time every month, and not cause headaches otherwise. The million dollar question of course, is how do you find them? You don't necessarily want to rush when filling a vacancy. That doesn't mean take your sweet time, but rather be thorough in your evaluation of prospects. There is a process, and it all starts on the phone. Here are is the engagement process for identifying prospective tenants to become the next resident for your property: The Phone Call: Be polite and friendly. During the course of the conversation work in questions about length of time at present residence, why they are moving, do they own pets, and so [...]

By |2015-01-18T03:48:24+00:00January 18th, 2015|Blog, Featured, Owners, Property Management|Comments Off on Resident Screening Tips

Your First Criteria For Investing

The idea of investing *locally* sounds great, right?  The term "local" really helps narrows your focus and allows you become a targeted investor.  Well, theoretically, that's how it should work.  However, the local real estate market must still be analyzed for solid investment opportunities. So, where should you start?  What core criteria can you use to help evaluate the local market? First and foremost: Jobs.  Job growth drives real estate appreciation and rent growth through increased demand. Ideally, you want to identify markets that are adding manufacturing jobs as those types of jobs have a multiplier effect that acts as a magnet for more job growth. This multiplier effect has been cited in numerous studies. For example, Chattanooga, TN is where Volkswagen manufactures cars sold in the US market. The plant presently [...]

By |2015-01-18T03:32:55+00:00January 18th, 2015|Blog, Featured, Owners|Comments Off on Your First Criteria For Investing
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