The Benefits Of Working With A Real Estate Mentor

Chances are, you could learn the ropes of real estate investing yourself, without a real estate mentor. However, a mentor will help you avoid the pitfalls that can cost you time and money. A trained expert will teach you to uncover more opportunities for new deals that will increase your income and success in real estate. Your relationship with a consultant is not really about coming up with great concepts and ideas, but more about making sure you execute a solid game plan that produces results for you. Its the same reason why some people hire a personal trainer to workout with them at the gym. You know what you should be doing, but you're just not getting the job done on your own. And once you hire someone to coach you, guide you, suddenly you find yourself getting more productive and accomplishing your goals much easier. Many beginning real estate investors fail because they don't understand the basics of investing. A real estate consultant can help you figure out exactly what you need to understand, what skills you need to acquire, and how to apply what you learned helping you develop self-confidence and self-trust. A mentor will  give you realistic advice on what you should be doing, what to stay away from, and how to manage your time effectively in order to get it all done. Successful business owners recognize that they need to work with professionals who can give them a more objective perspective on what they're doing all the time, and in doing so they know they'll maximize their effectiveness.

Top Reasons to Hire a Property Management Company

A good property management company is one of your greatest assets, and necessary tools that can confidently help you maximize the return on your investment property safely. While every landlord or investor situation is different, there are certain questions you should consider that will help you determine if you should hire a property manager. (1) How far do you live from your rental property? Depending on your work schedule, and distance from your property, it can easily become tempting to not keep a close eye on things, and that can be a recipe for disaster. (2) Do you have experience with maintenance repairs? Maintenance is an important component of land lording. By hiring a management company you gain access to their in house maintenance crew, as well as their network of contractors who have already been vetted for good pricing and quality work. (3) Do you have local knowledge of rental rates? Overpriced properties sit vacant while other properties get rented. Knowledge of rental rates is a key factor to fast rentals and quick cash flow. (4) Do you have a system or strategy to collect rent? The way you handle rent collection can be the difference between success and failure as a property owner. By hiring a PM, you put a buffer between yourself and the tenants making collections easier. (5) Do you know the proper way to screen and evict tenants? Property managers have set standards and requirements  for accepting or declining an applicant ensuring you comply with fair housing rules and state regulations. Additionally, regarding evictions, there are strict laws concerning the eviction process, and doing it incorrectly when trying to evict a tenant can be a MAJOR Fiasco costing you time and money.  A good property management company will help free up your time for doing deals that make money as opposed to dealing with non-money producing activities like tenant placement, eviction, repairs, and collections.