Your Mastermind Team
In my favorite book, Think and Grow Rich, Napoleon Hill has two chapters that shares important ideas that have helped me tremendously early in my investment career.
Chapter 5: Specialized Knowledge
Real estate investing is a business. Dedicate time and effort to study the principles of determining and maximizing yields.
Chapter 10: Power of the Mastermind Group
To successfully invest in rental properties, you need to gather a team of individuals to help you reach your goals. These include a loan officer, insurance agent, escrow agent, maintenance people, possibly a professional manager, and most importantly a real estate agent who specializes exclusively in residential income property and has the knowledge and experience to provide you with the information you will need to make an intelligent decision.
Properties Sold In January
Report Of The Month:
How To Live For Free
Management Tip of the Month
Walkthroughs of Properties
You should have a goal to try to do a walkthrough of your units at least once a year. The reason I give on my 24-hour notice to enter is to check the smoke and CO2 detectors. However, the main reason to do them is to be able to see inside the units and check the condition they are in. I ask if they have any plumbing or electrical problems. I also make sure to look into every bedroom and backyard to see if there are any major concerns, such as piles of garbage, holes in the walls, if they have pets, if there’s an extra person, or anything else that violates the rental agreement. If I find any problems, I make sure to write it down and to later give them a 3-day notice to perform or quit.
Doing walkthroughs is win-win because it lets the tenants know that you care about the property and it allows you to make sure the tenants are following their rental agreement.
I give a lot of information about this process in my book:
How to Manage Residential Income Property for Maximum Profit.
Want To Invest In Real Estate?
If you are looking to buy or sell residential income property look no further than The Ritchey Team. We are residential income specialist that can help you reach your investing goals. Contact us for a free consultation or a free property valuation.