Things to Think About as You Grow Your Portfolio!

I have to admit that when I first got into buying investment properties, the thought of using a real estate agent to lease my home or a management company seemed like such a waste of money coming out of my cash flow, thus out of my pocket. Little did I realize how short sighted I was being. When you have a few properties and make little mistakes, hopefully it is not that damaging, having over 30 properties along with a few apartment complexes and making those mistakes can be very costly if not the nail in the coffin scenario. I have to say that I went down many wrong paths trying to figure out a better, smarter, more cost saving way to beat the system of people I felt had a hand in my pocket. Unfortunately for me at least I was wrong, once I learned the power of leverage and a team I was able to grow exponentially by leveraging a team. I am sure not everyone had the same problems and issues I felt like I was plagued with, but it sure seemed like I could never get things done right or at least as well-oiled as other people I would talk to.

Below are a few things I have picked up and learned from other mentors and like-minded people I feel are worth passing on in hopes to maybe help someone avoid the pitfalls and traps I fell into early in my investing career.

14 reasons to think about hiring a professional to manage your portfolio:

1.You don't have to hire someone to clean, paint, or make repairs.

2.You don't have to advertise, take rental calls, and show the property.
3.You don't have to screen applications and be apprehensive about who to pick.
4.You don't have to execute a rental agreement, worry about adding addendums, fill out the move-in inspection report, and deposit money.
5.You don't have tenants calling at all hours of the day and night.
6.You don't have to confront tenants on tough issues like collecting rent or taking better care of the property.
7.You don't have to collect NSF checks.
8. You don't have to serve legal notices or start an eviction.
9. You don't have to schedule and fill out the move-out inspection report.
10. You don't have to mail the tenant's accounting report and refund check.

11. You don't have to start the process all over again.

12. You don't have to worry about the property or be shocked by its condition when you hire a Professional Property Manager.

13. Professional Property Managers are dedicated to selecting quality tenants and keeping your investment in good repair with minimal cost. They want your real estate investment to be a success not a failure. If your successful and they are a true partner you may want to buy more properties thus giving them more business.

114. One last benefit - you don’t have to waste any of YOUR TIME doing these tasks.

Are there good reasons for managing your own rental property? Are they worth the risk ?

Do You know all of the landlord/tenant laws for your city, state, and federal government?

Do You know rent values, vacancy factors, and time on the market in your area?

Do You have a rental application and consistent screening policies that meet all of your legal obligations?

Do You take the time to perform thorough move-in/move-out written inspections and routine property inspections?

Do You personally know reputable painters, electricians, roofers, chimney cleaners, carpenters, furnace and appliances repairmen who are licensed, affordable, and reliable?

You effectively confront and negotiate with the tenant and enforce the terms of your rental agreement?

Do you have the ability to recover NSF checks, evict tenants, and collect bad debts?