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The post Collecting Rents On Your Rental Properties is courtesy of MPG Deals LLC A lot of inspired real estate investors get their start with rentals. Rentals can either be a cash cow, or a nightmare. What you have to decide right from the start is that it is a BUSINESS, like we covered in our first article "Tips For The New Real Estate Investor". Get this right from the start, and you will do better in the long run. In this article we will go over the most important thing in making your rentals profitable - Collecting Rent! We are surprised at the number of people that just have tenants mail or drop off a check. This can lead to "I mailed a few days ago, the postman must have lost it", or the tenant is just to busy to bring you a check. Stop this! In this day in age there is no reason you shouldn't be taking payments on line or with some sort of system. Chris Clothier just wrote an article that talks about this and gives good reason to convert:
Chris has a lot of other good points in that article. We suggest you read the entire piece because Chris is part of MemphisInvest, and the well known Clothier family team. Now you maybe thinking, "where am I going to find a company or service to collect my rents?" Well, Sharon Vornholt (another investor whose advice we trust) just wrote an article that lists some great properties, as well as good info on choosing the right company for you:
She goes on in here article to give you 5 companies to choose from depending on your needs. Of course, you can also do a Google search and maybe find someone local to help you with the level of assistance that you need. The basic takeaway from this is that you need to catch up with the times and go digital for collecting rents. Whether you do it on your own with a credit card machine, an online service for collecting rents, or use a full service property manager. In the long run, it will help make your life easier by not having to worry as much about getting paid next months rent. If you are in the market for an investment property in or around Metro Atlanta, be sure and visit our site MPGDeals.com to sign up for our early alert emails for when properties become available :) via Blogger Collecting Rents On Your Rental Properties
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We don’t know how far along you are in your own Real Estate business. We are often approached by people wanting to get into the game of RE Investing and they don’t know where to start. There are a few things that will determine where you will be able to start. The most important being your financial situation.
Some people that we meet are total newbies and have no savings whatsoever. If this is the case for you, then you need to start wholesaling properties first. This will allow you to build your cash reserves so that you can move on to fix and flips, and then buy and holds. Once you have 10 t0 30k saved up, you will be able to do your first fix and flip with the help of a hard money lender, depending on the size of the rehab. There are a lot of “Guru’s” out there that will charge you an arm and a leg to learn how to start wholesaling properties. Truth is, there is a lot of great free information across the web to help get you started. Here are a couple of examples of some good videos that explain how to Wholesale Properties so that you can be on your way to making a really good living in Real Estate:
Cody gives a pretty good break down of how it works. Kent Clothier is also another great source for learning about Real Estate Investing:
Now you know the basics of wholesaling properties. The next thing you can do to really get you business going is to join your local REIA (Real Estate Investor Association). If you live in or near a large city, chances are there will be several that you can join. Every REIA we have ever attended has been a wealth of information! You will almost always be able to find other investors that are very busy with their own business and will be more than happy to help you steer you in the right direction to get started. You can probably also find an investor that will be able to coach you at a far better and reasonable rate than some of the National “Guru’s”. It’s really up to you, and most of all, Take Action!
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Tips For The New Real Estate Investor9/15/2017 Tips For The New Real Estate Investor was first seen on http://mpgdeals.com Are you new to the real estate investment business? Don't know where to start? Well luckily for you, you are in the right place to learn a lot about real estate investing. Through the coming months we will continually have new content with some of the best articles to learn how to get into, maintain, and grow your real estate investment business. The very first thing you need to do is make the choice of whether or not you are running a business, or is it just a hobby? If you are serious about quitting your job and only investing, and even if you are just trying to gain some long term wealth, you need to treat your endeavor like a business. If it's just a hobby, better find something else because if you don't commit to it, you are likely to loose money. The fact of making and treating it like a business was just covered in an article that we found and has some good points:
Good article, and it also goes on to talk about knowing your weaknesses and strengths, which is a must no matter what business you are in. The next thing you have to know is how much time are you willing to put into this business? It's not like the TV shows where you are going to hit it big on your first deal. It will take time. No matter if you are marketing or have a realtor, you still have to look at properties to make judgement calls. Time will be a big factor no matter if you are purchasing properties for buy and hold or fix and flip, time is a precious commodity. Akron Beacon Journal just published more on how time is a factor:
Good reading, even though the article is really only geared towards rental properties. They also go on to talk about how take into consideration your personal abilities, the size of your first investment as well as additional costs beyond the purchase price. So as you can see, there are a few things that you need to consider and commit to before deciding on jumping in on the real estate investing band wagon :) However, if you are committed to the cause, then real estate investing could be very rewarding for you! If you found this article somewhere besides our main site and are looking for deeply discounted investment properties in and around Metro Atlanta, visit our site MPG Deals. via Blogger Tips For The New Real Estate Investor
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If you don't know us, Real Estate Investing is my family's passion. It's a great way of life. At times it allows us to do the things we want and visit places we want. However, there are times when it is work, work, work! It’s not all like the TV shows make it out to be. Just like any other business, it requires your time and effort to succeed.
We are constantly being asked what tips we can offer for new investors. Well, there are a lot! If we were to sit down and make a list it would take a day or so, and then we would remember even more in the coming days. I just came across this article today from Forbes that has a few of those tips that we would offer and more: "1. Don't Be Too Eager When looking for your first investment property, it's critical not to "chase the deal." I often see first time investors overpay for property because they are so excited and want to get started. Always know your numbers, and never exceed the right purchase price during the excitement of an auction or when negotiating with home sellers. - Jeremy Brandt, WeBuyHouses.com 2. Spend Time At The Property Sit in your car outside of the property from 6 a.m. to 9 a.m. and 9 p.m. to midnight before you commit to buying it. You will see what is really happening at the building and in the neighborhood during those times. - Lee Kiser, Kiser Group 3. Check The Property's Value Anytime you purchase a property below the County Appraisal District, chances are you have hit a home run. Of course other factors come into play... repairs, updates, etc. However, follow this method and you will have the winning score. - Angela Yaun, Day Realty Group 4. Buy With Your Head, Not Your Heart First-time investors don't have the luxury of purchasing an investment property on a "gut" feeling. In fact, you probably need to buy on a bigger margin to account for all the things you know, the ones you don't know and a buffer above and beyond that. Buying investment property can be expensive, so one or two bad choices can take you out of the game. Only buy if the numbers really make sense. - Tracy Royce, Royce of Real Estate" Read The Full Article “How To Ensure Your First Investment Property Isn't A Bust” https://www.forbes.com/sites/forbesrealestatecouncil/2017/08/14/how-to-ensure-your-first-investment-property-isnt-a-bust/#6296db38642f There is a lot of good information in that entire article. Stay tuned for more info on what’s happening in the world of Real Estate Investing! |