Hi Angie.
You asked a great question that many beginning investors ask (or should ask). The type or types of real estate that you should hold in your portfolio will be very specific to your circumstances, and may change over time. It will depend on your resources (mostly time and money, as well as knowledge and experience) as well as personal preferences. Some people love to work in single family units, while others prefer multi-family. Some people have great success with commercial while others do well with storage units. You will need to determine what you want or need from your real estate portfolio, and what type (and location) of properties best fit your needs.
To help in figuring this out, there is a great book by Peter Kinch, called “The Canadian Real Estate Action Plan” - I found that the methods Peter described in this book to be very helpful in planning a strategy. At the right time, having a good coach will also help you map out a plan.
Good Luck!
Sent from my iPad using myREINspace
You asked a great question that many beginning investors ask (or should ask). The type or types of real estate that you should hold in your portfolio will be very specific to your circumstances, and may change over time. It will depend on your resources (mostly time and money, as well as knowledge and experience) as well as personal preferences. Some people love to work in single family units, while others prefer multi-family. Some people have great success with commercial while others do well with storage units. You will need to determine what you want or need from your real estate portfolio, and what type (and location) of properties best fit your needs.
To help in figuring this out, there is a great book by Peter Kinch, called “The Canadian Real Estate Action Plan” - I found that the methods Peter described in this book to be very helpful in planning a strategy. At the right time, having a good coach will also help you map out a plan.
Good Luck!
Sent from my iPad using myREINspace
Thanks a lot for answering my question. No matter which kinds of property, the big concern is how people can do the fixes to the rental properties; the more properties they have, the difficult it is. I only have a few properties right now, but already feel exhausted when fixing small things to the property as nobody want to come to fix the small tasks. I think this applies to all kinds of properties.
Please advise.
thanks, Angie
Delegation is critical.
Don’t confuse getting things done with doing them yourself.
Every journey beginnings with a small step, then another, then another. rarely is there an initial huge leap.
You made a wise choice to further your education, your family's networth and your mindset to move from "Ready, set, set, set, set ..." to GO.
Here are some initial REIN posts that I have done over the last 7 1/2 years that you may find a good read.
Don’t confuse getting things done with doing them yourself.
Every journey beginnings with a small step, then another, then another. rarely is there an initial huge leap.
You made a wise choice to further your education, your family's networth and your mindset to move from "Ready, set, set, set, set ..." to GO.
Here are some initial REIN posts that I have done over the last 7 1/2 years that you may find a good read.
- How to get started http://myreinspace.com/threads/how-to-get-started.4363/
- 5 ways to make money http://myreinspace.com/threads/5-ways-to-make-money.3318/
- 50/50 JV - How is this fair ? http://myreinspace.com/threads/50-50-is-this-fair.1983/
- LOC vs. mortgage: http://myreinspace.com/threads/what-is-better-a-mortgage-or-a-line-of-credit.2271/
- Red, green and blue money - what are the three crucial elements of real estate and JVs: http://myreinspace.com/threads/blue-s-red-s-and-green-s-why-the-real-estate-expert-deserves-to-make-some-money-too.29091/
- What is better: Cash-Flow or Maximum ROI ? http://myreinspace.com/threads/what-is-better-cash-flow-or-higher-roi.26596/
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Hi Angie,
Maybe you should get a property manager? This puts these kinds of problems into the managers hands and is much easier for you. Something like a pre-sale or newer home may be of interest to you as they are in great condition and don’t usually have any problems for the first few years at least.
Sent from my iPhone using myREINspace
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Tina Myrvang
I️ have self managed for my entire real estate career - 30 plus years. While it is not for everyone it teaches you a lot of important things - how to deal with tenants, how to find a good handyman, how to deal with renovations, how to be a good time manager etc. Once you feel you understand what it takes to manage properties then find a property manager.
I’ve used the same plumber for 30 years. It’s important to develop relationships and to treat people well and then managing becomes easier. After all the years of managing tenants and renovations I’m very comfortable with any kind of renovation and effectively working with tenants.
Realize that if this wasn’t a hard business more people would be doing it. There are always tough times but these are usually amazing learning moments.
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I’ve never managed a property in my life. Nor would I want to. In lieu of dealing with tenants and plumbers, I’ve been spending time with my family.
There’s no need to be a property manager before hiring one. Personal preference.
I’m very comfortable with renovations and dealing with tenants.
A property management company has been a boon to me and my family. A completely worthwhile expense.
There’s no need to be a property manager before hiring one. Personal preference.
I’m very comfortable with renovations and dealing with tenants.
A property management company has been a boon to me and my family. A completely worthwhile expense.