Thursday, July 12, 2007

Dolf de Roos Tips on Real Estate Investment and Management

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.