Memphis Real Estate Investing
Raising rent. Depending on the market, it may become necessary for real estate investors to make adjustments to their rent prices, both up and down. It’s a tricky, temperamental balancing act that all investors face at one point or another.
Set your rent too low beneath the market and you may find yourself with tenants you’d rather not have...and run into trouble keeping up with the mounting costs of running an investment property. If you set prices too high, you’ll find yourself with high tenant turnover as a lowered demand for your property.
Topics: investment strategies
Goal setting is an integral part of successfully investing in real estate. Most people do it in some way or another — but are you doing it effectively?
Effective goal setting will help guide you in navigating the complex world of real estate investment. Goal setting is very different and a far cry from making a list of things to do. I hate lists! They show me all the things that I can't do at one time and then feel bad about when I don't get them done in time! Do you know what happens then? We stop setting goals because they became lists and we start become haphazard practicers of any type of goal-setting techniques.
Everyone has something to say about the real estate market. That’s no surprise, considering local real estate markets vary and can’t really be used to gauge or predict the overall national market. Watch the national news for five days in a row and you are likely to get five different stories on the real estate market with five different "revelations".
You’ll hear a lot of conflicting information from plenty of people, and many of them are considered credible in their field and others just claim the mantle of credibility. So how do you know which headlines to trust? How do you know when the source of information is real or when, say a magazine, is carrying the water for their advertisers. It can be very confusing to know where good advice can be found in today's real estate space.
People pass by abandoned properties every day. You know the type: no one lives there, no one works there. Weeds take over, windows are broken or boarded up and everything falls into disrepair. I am not talking about the run down parts of town either. Every day real estate investors can look in many neighborhoods where the last thing you would expect to find is an abandoned home and yet, right there in the middle of the block is a home with weeds three feet tall and pieces of colored paper taped inside the windows. Those are the notices that the water has been turned off or that a management company has been contacted to look after the property.
Abandoned homes can be found in all cities and in all neighborhoods and the real question becomes, as a real estate investor, what do I do with them? Are abandoned homes a good buy or do they come with their own special set of problems? The answer to all of the questions is going to lie somewhere within each investor and their ability to pick the gems out of the pile of rubble.
Whether you’ve taken on landlord responsibilities yourself as a real estate investor or you’ve hired a property manager, there are things people dislike about property management.
It’s not all petty griping —there are some good reasons to complain. When you invest in real estate, It's a job that takes enormous patience, sacrifice and interpersonal and organizational skills. Add the responsibility of managing your properties and it’s not for the faint of heart.
An investment property can come in all shapes, sizes and values. As a real estate investor, it’s within your power to change the property value of your investments. There are many ways to measure value — and some that you think are helping may actually be hurting.
Real estate investing is all about knowing how to make the right improvements to raise the value of your investment property. Often times investors either make the wrong improvements or they hire the wrong team that spends too many dollars on the areas of a property that actually hurt the value.
We’ve already established that there is no such thing as hands-off real estate investment. “Passive” real estate investment doesn’t usually mean sitting by while other people handle your investments for you as you enjoy a tasty piña colada on the beach of some tropical island (though if you've figured out the secret to this method, please share!).
2014: A Very Successful Start for Real Estate Investors
Well, we are halfway through the year and we are looking at a cup that is ready to over-flow not only for our company and our team, but for every real estate investing client we work for. And...make no mistake about it, we WORK FOR over 800 clients around the country every day!
As the old saying goes, an ounce of prevention is worth a pound of cure. If you’ve been letting property maintenance slide, you might be throwing money away. Property management isn’t something that real estate investors really like to deal with — but it’s a necessary element to any investment.