Now I get a report from the management company I hired and review the numbers without fail every Friday. You see, if I only reviewed the numbers every month or two, I’d lose track of what’s going on. I know that if something got out of control during the week, it could be radically out of control for the month. (more…)
- No cash flow. Deals are about to close, but you can’t pay the rent this month.
- Bad accounting. In a lucrative year, you owe the IRS $30,000 but only have $18 left in your business bank account.
- Poor management. Your management plan, if you have one, is chaotic. (more…)
People leave a voice mail; we call them back the next business day. In my experience, there simply haven’t been any emergencies. There’s also a tendency in real estate to do everything yourself. I suggest you confine your activities to acquiring property, finding deals and putting them together, because that’s where you make your money. (more…)
Bookkeeping, making phone calls, and dealing with tenants and potential buyers can keep you busy and stressed out. Remember, most investors get into real estate for one big reason—freedom. The rewards can be awesome, the wealth incredible, the vacations glorious. (more…)