Managing detached homes and other types of single-family units comes with its own set of best practices and pitfalls, but multi-family units represent a much more complex challenge. Many of the issues with single-family units, particularly related to maintenance, become magnified when you must manage multiple living spaces in the same building. Suppose you aren’t careful to stay on top of these issues, they can quickly snowball into major issues that not only complicate your relationship with the tenants but can make it difficult to rent the unit quickly again after move-out. What are some of the things you should keep in mind when managing multi-family units? Let’s look at some of the most common problems property managers face in these situations and what you can do to avoid serious concerns.
Distanced investing can be an effective way to grow, strengthen, and stabilize your investment portfolio, however, you might lose the ability to oversee the properties you purchase beyond your local area directly. If you do your due diligence, long-distance investing can prove remarkably lucrative. Provided you’re prepared and do your research, this type of investment strategy could be the key to your success.
Build a solid network, and the best opportunities will start coming to you. In some cases, having the right contacts can mean you don’t need to risk your own money to make a profit. So, if you’re just starting as an investor, how do you go about gaining these connections? Omid Akale with Twin Cities Portfolio Group explains a few tactics you can employ to start growing your network.
For real estate investors, distressed properties can be highly lucrative. However, you’ll likely face competition if you’re trying to secure an apparent bargain with a substantial estimated after repair value (ARV). To be a successful investor, you need to learn how to close deals on distressed properties in a matter of days, which can prove challenging if you don’t have hundreds of thousands of dollars in cash. Fortunately, you can purchase distressed properties quickly, even if you’re just starting as an investor, as Omid Akale with Twin Cities Portfolio Group explains.
By beginning your journey into real estate investing with a clear sense of the steps you need to take to succeed, you can avoid roadblocks and set yourself up for a stronger start. Let’s explore the five steps suggested by Omid Akale with the Twin Cities Portfolio Group to give yourself that good foundation.
Real estate as an investment, arguably is often safer and less volatile than other investment assets. As we’ve seen in recent decades, property values aren’t always stable, and a desirable area can quickly lose its appeal due to a range of factors. So, is there a way to gain financial security as a real estate investor? By making savvy decisions, you can build a profitable portfolio and mitigate many risks. Certified Distressed Property Expert and Investor Specialist Omid Akale explains a few ways to create a stable real estate portfolio.
Although millennials have been historically slow to become homeowners, they make up a large and growing share of the housing market today. In part, this is due to simple math — many millennials have begun to approach middle age. Although they buy houses later in life than in previous generations, they are buying houses — and that means they’re an important segment of the market to target. When you’re investing in properties and looking to make a piece of real estate appeal to buyers of a younger age, what can you do to attract millennials? Explore some of the following top tips before considering how you can develop a targeted strategy with help from Omid Akale with the Twin Cities Portfolio Group.