Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties by David Greene

Author:David Greene [Greene, David]
Language: eng
Format: epub
Publisher: BiggerPockets Publishing
Published: 2017-12-14T08:00:00+00:00

The last advantage I’d like to present you with when it comes to following rental trends is increasing rental rates. By asking your property manager what upgrades tenants are paying more for, what level of materials are expected, and what your competition is offering, you can pass that information along to your contractor to make sure you get a finished product that tenants will want. If all the other homes for rent in your area have two bathrooms, you don’t want to be the person with one. If your competition is offering refrigerators, you’ll want to have one as well. The same goes for finishes like tile and linoleum, recessed lighting, and a landscaped yard. Find out what your competition is offering, and match or beat it. You’ll be the one collecting a check every month, while others are lowering their rent and getting the leftover tenants.

Having your finger on the pulse of the rental community is important, but it’s not hard! You don’t have to do this research, put in the time, or gather the information yourself. You just need to know the people who do. It’s not as if you have to seek out a private lawyer or researcher to get this information for you. Even more, these are people who want your business. They are excited for the chance to work for you to make money and show you what they can do. Too many people spend their time trying to acquire the information when what they need to be doing is trying to acquire the people who already have that information.

The best investors don’t spend all their time looking for deals. They spend their time looking for people who have the deals. In the same way, you don’t need to become the “market expert” in the area you are considering investing in. You need to know enough to be dangerous. You cannot be wholly ignorant. It’s your job to pay experts for what they know. Stop trying to do everyone else’s job, and start focusing on the stuff you enjoy doing. You’ll be much better off for it in the end.

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