How To Put Your Tenants To Work For You
As a full-time Canadian real estate investor, we have a limited amount of time each day to oversee our portfolio of rental properties. Even having one or two can be time consuming, right? Some of us have a property manager but even still, we have a responsibility to our properties and to our tenants. Joe Martin Bindley offers great tips on how to become a successful rental real estate investor.
Do you have a Ferrari that you never see?
If we have a property manager, we cannot just let ourselves become in a “hands off” position in our properties that we have and not think about them. I like to ask people a question. If you had a beautiful Ferrari that was worth over $200,000 parked in an underground garage somewhere, even during the winter when you are not driving it… wouldn’t you go see it from time to time? As a car buff and a typical guy…I know I would!
Well I can only assume that the rental properties you have are at least worth $200,000 (some of course may be less) but my point is…this is an asset that you have purchased in order to create wealth for yourself. Am I right? There are property owners/landlords I know that have not seen there properties in a long time…or ever! This is lunacy. Please take time to go look at your properties if you can. Check out the condition, the way the tenants are treating it etc.
Utilize your time effectively
Speaking of the conditions of the property, we must be very cognizant of how our property is being maintained. Obviously we don’t have time to maintain all of our properties. We need to be utilizing our time in the best way, which is finding more deals. So you may be thinking, “But I don’t have the time to do it”.
Get the tenant to do the work
We need to create maintenance-free properties without spending our time. So how do we keep the grass cut, the snow removed, and the garbage out on the curb on a regular basis without doing it ourselves? Well obviously we need one of the tenants to do it for us. Can we offer the tenant money to do that? Of course. Can we take money off their rent for doing this? The answer is no.
We’ll get into the common mistakes most landlords make in this situation in the next article.
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