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Landlords LISTEN UP!

18 Mar
Landlords LISTEN UP!

Every Investment Property buyer always goes into the purchase with the highest of expectations. It is so important to remember that your real work begins after you purchase the property. Your expectations will go unfulfilled unless you stick to your game plan while adapting to up to the minute needs as then reveal themselves. I found a list in a book that I read from time to time to keep my brain refreshed and focused on being an proactive property manager.

TOP TEN PITFALLS ALL LANDLORDS FACE

  • Not continuing to educate yourself
  • Not following the proper landlord systems
  • Not following FAIR HOUSING LAWS as they apply to landlords
  • Not understanding how to screen tenants
  • Not using a well written lease
  • Not conducting a Market Survey
  • Not properly maintaining your property
  • Not building the proper team and network infrastructure
  • Not enforcing your rules and regulations
  • Not treating landlording as a business

Courtesy of Buy It, Rent It, Profit by Bryan M. Chavis

I could go on for days to elaborate these items as they are the main reasons why you will find distressed property, bank owned property and or value add property. Mismanaged properties are my favorite as the property is situated and ready to pay out but the current owner doesn’t have the tools to produce. I enjoy stepping in and making the necessary tweaks to turn the property into a cash machine rather than a burden and money pit. Be selective as to what you purchase and always consult a professional prior to making any purchases… We know a good one….

ERNIE L. FACCHINE III
The Facchine Group
Coldwell Banker Preferred
1207 Fayette Street, Conshohocken, PA 19428
Office:  610.828.9558
Cell:  610.721.7599
E Fax 215.558.1108
efacchine@thefacchinegroup.com
http://www.thefacchinegroup.com
http://www.thefacchinegroup.org

Conshohocken Real Estate

 

 
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Posted by on 2013/03/18 in Uncategorized

 

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