what your strategy is. If you’re buying a performing, stabilized building, the Manage Phase relates to “managing the manager”. This means getting all of the information to your property manager such as security deposit information, lease agreements, etc. If you’re buying a rehab property, the Manage Phase starts with managing the rehab, and then once the renovations are complete, it’s managing the manager. I remember when I was a new investor and heard the term “passive income”. I misunderstood the term to mean I would be completely passive. Although most of the activities are passive, the
Conclusion I hope you’ll use this
one thing you always need to do for your business is keep your finger on the pulse of it. How do you do that? By reviewing the monthly property management reports, paying attention to everything on it (particularly maintenance and repairs), and asking your property management company about any expense you are not aware of. Not only will it give you information about what is going on at your property, but it also lets the property manager know you are paying attention, which reduces the risk of them running unnecessary expenses through your P&L statement.
information and allow it to start opening your mind to investing in a new way that will allow you to expand your portfolio, make better purchases, and ultimately create financial freedom.
Stacy Conkey Founder "Multifamily Real Estate Investing" Facebook Group Click here to follow
P A G E 2 5 |
Powered by FlippingBook