Full-time real estate investors know more than anyone that there are only so many hours in the day. Finding time to actively land new investments can be hard when its necessary to manage other investment properties. Maximizing time is one of the most valuable tools a real estate investor can have. Shortening the time you spend on your investment properties can greatly improve your quality of life as a real estate investor.
Gavin Welch, an entrepreneurial real estate investor, knows just how precious his time is. With seven properties in his portfolio and work commencing on an apartment development, Gavin has a lot on his plate. With a goal in place of acquiring 25 investment properties, Gavin simply cannot afford to spend time on everyday property management concerns for each of his properties. He has implemented a method that allows him to attend to his current investment properties while providing himself enough flexibility to focus on his investment goals.
provides automated information for tenants and clients to call in for property info and maintenance requests
Limited property showings
Schedule property showings and open houses for set days and times cuts down on time spent visiting investment properties
Auto pay system for tenants
Tenants pay automatically when monthly bill is due. Landlords and property owners don’t need to spend time tracking down payments
Bandit signs circulate property availability
Youtube videos provide property details and photos
Using the same materials and paints on all properties greatly reduces time on maintenance and up-keep
Gavin is currently in the market for viable single family investment properties in the Lakeland, FL area. Suitable fix-and-flips or rental property offers may contact Gavin through his website by going to the Contact Us page. Listeners should also check out Gavin’s own podcast, The Real Estate Loop for more investing advice.
The sob-stories; the hard-luck-tales; the down-and-out pleas. There are many reasons tenants might ply a landlord for a special leniency or exemption. Whether these are legitimate reasons or or not, landlords and property managers can end up assuming a lot of extra stress on a property by allowing tenants to take advantage of a situation through emotion. Sometimes, the hardest thing for investors who manage their own properties to do is tell their tenant “no”. It is easy to put yourself in someone else’s shoes, but at what point can empathy hurt your investment? Real estate investors need to know how to keep tenant turmoil at arm’s length when it comes to the viability of an investment.
Adrian Smude may know better than any the importance of managing interaction with tenants. As an investor in single family residential properties in and around Plant City, FL, Adrian has experienced the short-comings of allowing tenants unchecked leniency. Adrian’s start in single family residential investing stems from an unpleasant tenant/landlord experience: eviction. After being evicted from a rental house in college, Adrian ended up purchasing his own single family property and converted into a multi-tenant rental. Wary of the poor experience he had as a tenant, Adrian opted towards a more empathetic approach to landlording. Eventually, he found his tenants abusing their privilege. Adrian had to find a way to separate himself from thinking like a tenant and more as a landlord. Adrian adopted a system that put distance between himself and his tenants while avoiding the hard-line approach. Join us for the first episode of “Landlord Tales” as we discuss holding rental properties in a land trust.
Property placed in name of land trust. Property owners can designate themselves as trustee, separate from beneficiary
Managing property and tenants becomes easier by separating function as landlord from property owner
Adrian is actively in the market for single family residential properties and mobile homes of up to $120k in areas around Hillsborough County and Polk County, including Brandon, Plant City, Lakeland and Winter Haven. If you believe you may have a potential investment opportunity, contact Adrian at (813) 720-7874.
Okay. So you have made the leap and acquired a real estate investment asset to begin your portfolio. The next step, managing the property, is a recurring problem that arises for many investors. Real estate needs to be managed. A poorly managed property is a strain on any investor’s time and finances.
Josh Diggs, of Palm Capital Partners of Tampa, shares with us 10 tips for successful and effective property management. With years of experience in owning and managing investment real estate, Josh has crafted the essential shortlist to property management. His 10 tips cover all the points landlords and managers need to know about residential property management.
Due diligence on tenants
Background checks, credit checks
Don’t make exceptions on tenant-screening policies
Don’t buy used appliances
Repair costs on used appliances total more than purchasing new
It is better and more cost-effective to purchase new appliances w/ warranties
Have tenants complete and sign formal acknowledgments of unit conditions upon move-in
Be cautious hiring sub-contractors
Cheap ones may be appealing but service is unreliable/faulty
Referrals and word-of-mouth are best vehicles for finding reliable sub-contractors
Bed tenants mean bad communities
If existing tenants are bad influence on community, remove them
Complete regular property inspections
A/C, smoke alarms, etc.
Always deal with tenant directly
Don’t allow friends or family of tenant to intervene in matters involving the property
Maintain timely property maintenance
Waiting on necessary replacements and repairs may have serious long-term consequences
Always be professional
Regardless of situation, never allow personal matters to affect business
Josh’s company Palm Capital Partners, LLC is always looking for new investment opportunities. They are mainly interested in B+C multi-family properties.
If you have any questions on investing in the Tampa area or have a property you wish to sell you can contact Palm Capital Partners at 888-805-9317