Did you know property investing is one of the safest investments you can make? While it might be more intimidating than simply putting money into stocks, it's a great way to make passive income.
Being a property investor and property manager can be a lot to handle. By doing it all alone, you are limiting yourself and your profits.
If you're looking to expand your real estate portfolio, then you've come to the right place. We will discuss different ways you may be limiting your rental income. Keep reading to learn about portfolio management and how to grow your real estate investments.
Choose the Right Property
If this is your first time buying real estate, you may not realize that there are many different types of properties you can purchase and invest in. You'll need to decide which is best for you and your goals.
You can choose to buy a fixer-upper, which can be a great option if you're looking to use your creative skills. If this is the route you take, be sure to find a house that is undervalued.
You'll need to spice it up and add home value by renovating. Then you'll sell it for a higher price.
If you're looking to buy and hold, long-term and short-term rentals can be a great opportunity. However, it can be a lot of work and overwhelming if you're prepared for it.
Another option is wholesaling. You will act as a middleman and typically never take ownership of the property. This is a great buy to make money; however, it can be challenging to find those properties and buyers.
Track Your Finances
A big mistake people make is losing track of their profits and losses. There are many components when it comes to keeping your finances organized. You'll want to pay attention to the money coming in, rental income, and the money going, such as taxes, fees, and occupancy rates.
Use a Management Company
If you want to increase your profits, it may be beneficial to hire someone to help you out. Portfolio management can be difficult, and you may cost yourself thousands of dollars if you overlook something.
A management company won't take over your property, they will take care of your tenants, property maintenance, collecting rent, and they will help with the eviction processes if it comes to that. They will also stay current on laws in your area that pertain to your property.
If you're spending all your time looking for reliable tenants, then you can't be looking for other properties to invest in. You'll have difficulty growing if you're stuck doing all the day-to-day tasks.
Portfolio Management
If you want to continue investing in the real estate market, it's time to make some changes. Take a step back and consider if you are the reason you aren't growing and being more profitable.
If you're ready to stop limiting yourself, click here. We can help you with any questions you may have and help you with your portfolio management.