OfflineOwning real estate is fun and lucrative. It has allowed for great freedom and the creation of wealth. Taking care of your assests that you aquire does take some effort.
If you buy real estate that is out of state, budget your money so that you can go see your house the first year you own it. Visiting your property does not have to be a major expense. You may need to catch a flight in the morning and out that evening or simply stay over one night. Get to know your property and your manager. As well as knowing your manager, get the phone number of the tenant.
Stay aware of what is happening with your property. Keep in touch with your property manager and set expectations.
Best of Luck.
__________________
Roy Voeks
Official RE Coach
I like what Roy has to say. I traveled back to Michigan each month for nine months to buy, fix and hold nearly 40 homes. While I was there I was able to supervise the construction of the rehab, and during my absence I hired a construction manager to get the work completed.
Having a good realtor to locate property that fit our needs was vital, because I could travel to Michigan once a month, make my offers and close deals on several properties, and then organize the rehab work to be started. Each time I came to town I could check the progress in construction on our existing homes and make offers on new ones. As I completed each home, I used advertising and a property manager to lease them, making having a good property manager essential. After returning home, regular communication with my property manager kept things rolling smoothly.
It is important that the property manager sends reports twice monthly and keeps accurate accounts of rents collected, maintenance costs and other expenses and keeps you abreast of the tenant complaints and activities, especially if they aren't paying rent on time. Taking legal action and have a property manager that knows how to do so is vital to weeding out poor tenants and having steady income.
Build a solid team to assist you and you will not have to travel to your properties very often once the initial work is completed and the properties are occupied. But during the process of buying and rehabbing it is essential to visit your properties at least monthly to keep the ball rolling. Just figure the additional cost of traveling in analyzing the property in the beginning.
that sounds good and I will remember it as i push through the watchers
I was working for them now i work for me !
If you always put limit on everything you do, physical or anything else. It will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them.” - Bruce Lee