Jun 15, 2020
Becoming a landlord is a fantastic way to invest in your future, and buying rental property is something that many people are choosing to do. The benefits can be enormous, but it can occasionally feel like a double-edged sword.
For newbie investors, it is sometimes okay to spend time fixing issues when they own a couple properties and want to save a few dollars on property management.
But over the course of years, when you compare the investors who chose to deal with tenants and toilets are almost owning the same number of properties while others who hired property management to look after the day to day operations were able to scale their portfolio quite significantly.
Do you know why?
It's because investing in Real Estate involves so much work from finding a deal, analyzing the deal, finding investors, research the market and closing deal to name a few. To do all these, you need to have a right mindset and attitude to be able to grow your business.
While your investment is growing steadily in the long game, the day-to-day issues can sometimes feel overwhelming. Many landlords complain that it feels as though things in their rental properties are always breaking, and the worry of mounting costs is a real one.
Believe it or not, you can address many of the common problems yourself, and it won't eat too much into your time or your pocket. But as your portfolio grows, you might face with a lot of other challenges to operate the business. So the best option is to hire a property manager to take care of the day to day operations.
Discuss with your property manager regularly for example,if any specific building/unit is having a major issue then go deep down to root cause and solve it once and for all.
Some investors to whom I talk to, say that I have spent few grand on the courses, I've been listen to the podcasts daily, but I am not moving ahead. What am I doing wrong? Too much information, conflicting information can be overwhelming.
When you make up your mind to focus and to have your first building in the next 3 months, then you'll be able to move ahead. But not with procrastinating. Take Action.
If you want my help being able to scale your real estate business, being able to go full time into it, join my program 90 Days to $5K.