Thread: Some tips for real estate investors

Real estate is one of the largest investments in the life of every person and the money needed for that. So you may feel the need for funding and therefore you should approach the bank with income above and details of personal information. It also receives details of the project to get your loan sanctioned with ease.

Real estate investors need to understand everything about making investments and to work on all the things so that later it will be easier for us. I have seen several investors that are making investments in real estate and they are doing it effectively so that later investors can be more productive.

Originally Posted by ryanhmt

You have mentioned really good points here. But above all we must stay focused on our ultimate goal!

Thanks for sharing!

I agree having an goal is as important as these tips. Thanks for listing them

Some good points have been shared . To become a good Real Estate agent it is essential to be a skillful professional and must have the capability to handle all the situations properly.

All point are good. Are there any way i can reduce my property tax.

Originally Posted by jamesrobartson

There are some tips for real estate investors. I am sure that it will be helpful for investors...
1. Always allow the seller or contractor to be the first to name a price for anything.
2. Property taxes- thousands of property owners forget to list their real estate property taxes as deductible expenses every year, and end up effectively paying those taxes twice.
3. Legal counsel and landlord forms.
4. Pick one small area of town, and specialize in one preferred type of property. Once you know the market for that area and the quirks of that
type of property you can more easily expand to other markets.

These are good random ideas and tips. #4 should be first though as it focuses on developing and investment strategy. Which I believe is the most important thing any beginning investor should do. As a beginner, have a plan and have a team of experienced professionals to help you execute that strategy.

As a real estate investor I find these tips fruitful for me or all other people who belong to this business. This post has included few tips which common for every investor and a new investor must have proper knowledge about it.

For someone who just fired his property manager two days ago, I couldn't help but contribute to this post...

I actually (had) two property managers I was working with on 4 different properties. The first one I hired (the one I fired) I had found simply by contacting many different managers in my city and interviewing them at the property. Even though screening through at least five different managers could be a good idea, it is in no way enough to determine if they will perform and manage competently.

That being said, the other manager I have been using (and who took over in my other managers place this week) is a full night and day difference from the previous one I'd been using.

How did I find him?

Through references and networking with other investors. He came recommended by at least 3 other investors. He also is an investor and landlord himself and knows what is important to a landlord/property owner. You want to find someone that will do their best to treat your tenants and your property as good if not better than you would do yourself. I am currently living overseas so you can imagine how important it is to have the correct people in place for the job.

What to look for when hiring?

Its important to find out how many properties they currently manage and more importantly based on that number, how many people they have in their office that manage all those properties.

It is also important to find out how they handle the screening of new tenants, how quickly they respond to non-payment and evictions (hopefully won't occur but you never know) and how they handle other operations such as 24/7 emergency svc, repairs and your payment each month.

Between these two managers, each was charging a mere 7% but wow, what a difference between the two when it came to professional management and competence. So my word of advice is don't pay a higher mgmt fee such as 10-11% thinking a higher price will command better management. It should have nothing to do with it.

Talk to other investors for recommendations, speak with their current landlords/references, screen the ones you speak with and trust your instincts.

Wish you successful investing....

Firstly investors have a complete knowledge about the price of the property so that if they have any plans to sale the property in future then they get more benefits. Secondly check the location or the locality or the surrounding of the property, if you want to give your property to tenant then they can give you a suitable price while seeing the location. You must have knowledge about all the insurance plans.