|Listed below are a few of Dolf's inside tips on real estate investment and management. They will give you the upper hand on your next investment.|
Hiring a Property Manager
- Get recommendations from friends, real estate professionals, and other property owners.
- Interview prospective managers.
- Ask how they have dealt with particular problems in the past.
- Check on references.
- Develop systems to manage the managers.
Six Steps to Property Management
- Run checks on prospective tenants.
- Know the documents you'll need.
- Take swift action to address problems.
- Make use of information resources.
- Maintain the property.
- Know your market and your competition.
Successful Negotiating Tips
- Don't fall in love with the property.
- Be prepared to compromise.
- Focus on your top priorities and don't let your emotions get in the way.
- Have a maximum figure in mind that you will not exceed before you begin to negotiate.
- Offer a reasonable price.
- Avoid "low-balling."
- Remember good cashflow is your bottom line, not the purchase price of the property.