How To Minimize Vacancy in Your Rental Properties

Vacancy ‒ it can be a powerful friend in your real estate income portfolio… or it can be profit-sucking enemy to your success and well-being.Calculate a realistic vacancy rate into your property’s assessment from the beginning (after all, you can’t guarantee you’ll always have tenants in place…), and approach tenant retention the right way ‒ and vacancy will not be a problem for you.On the other hand, if your cash flow calculations aren’t reality-based to begin with, and if you don’t follow best

Should You “Follow Your Passion” To Be Successful in Business?

These days, the question about whether following your passion leads to business success is a pretty hot topic…I get it. You look at professional athletes, for example, and think, “Well, they look pretty successful, and they’re obviously following their passion.”Or entrepreneurs like Steve Jobs ‒ people like that are very passionate about what they do. So isn’t it pretty obvious? Isn’t the path to success to just discover your passion and then find a way to monetize it?Well, it’s just not that

Scaling Up ‒ Ready for Multifamily Housing?

The time may come in your real estate investing journey when you ask yourself, “Is it time to get into multifamily housing? Am I ready?”Well, that depends on a lot of factors, to say the least. But here are a few thoughts to help you answer this question…The Same ‒ But MORE of the Same…The good news is, in some respects multifamily isn’t completely different from investing in single family residences. It’s kind of the same…You’re looking to provide individuals and families with a place to live.

Time ‒ The Greatest Investment of All

“How much is my time worth?” That’s a great question we should regularly ask ourselves…It often goes along with questions like “How much time do I spend on a certain type of project?” or “Is there a way I can spend my time more wisely?”If you want to go to the next level with valuing, managing, and “getting the most out of” your time, here’s an important perspective that can open a lot of doors for you:What matters isn’t so much how you spend your time. What matters is how you invest your

In One Word ‒ Why To Invest in Real Estate

Here’s a question: what word is being defined here ‒ “a machine which amplifies an input force to provide a greater output force”?The answer: a lever. A very simple and powerful tool, precisely because it multiplies the force that you apply to it. And, of course, when we use a lever… we call the advantage it gives us leverage.This is a powerful principle when with mechanical objects, but what we’re concerned with here is financial leverage. Specifically, the kind of financial leverage you have

Three Simple Ways to Up Your Financial Game

It’s never too late to get better at managing your personal finances. Whether you’re 25 or 65, you can’t go wrong by taking your game to the next level. Here are three ways to do it…Attach Your Finances to Exciting GoalsFolks often decide to improve their finances because they know they could be doing better. They “should do something about it.”And that’s fine, as far as it goes. But make sure your financial goals… get you really excited.For example, “getting out of debt” just isn’t very

When it’s Time to Sell: Three Principles for Doing it Right

What do I do when it’s time to sell my investment property?That’s a great question to ask. Often, we focus mostly on how to find and purchase these properties. We talk about the benefits of holding them over time as investments. But it’s good to think about the end game: how do I get the best price with the least amount of hassle when I’m ready to sell?Here, I’ll lay out three underlying principles to keep in mind. That way, we won’t get caught up in too many details. These mental tools will

Getting Your Head Straight about Raising Your Rents

“Should I raise my rents? How much and how often should I raise them?”These are frequent questions in the world of real estate investment. And that kind of makes sense. On the one hand, property owners know that the numbers matter ‒ you want the rent that gives you the best return on your investment. Then again, this issue is a hassle for a lot of folks. If you and your tenants are happy, why rock the boat? And how do you raise your rent without losing good tenants or pricing yourself out of the

The Path of Leadership: 3 Master Skills

When you start building a team, that means you’re also setting out to build your leadership skills.Now I’ve posted here and here about why it’s a great idea to partner with a top-notch property management company when you’re growing your real estate investment business. And you’re probably going to add more people to your team as you grow, like an accountant, administrative assistant, and others. All of which means that you’re definitely going to be in a leadership position.So, what qualities

Why Your Retirement Is All About Thinking Backwards

“How do I plan for retirement?” is a question that’s on a lot of folks’ minds. That’s good, and if you’re one of those people ‒ congratulations! You’re already ahead of the curve…(You’d be surprised how many people don’t ask that question at all, or if they do, they don’t think in terms of planning. Instead it’s more of a desperate “How in the world can I ever hope to retire?”)But here’s the thing: retirement planning doesn’t start with planning at all.It starts with retirement.Let me