“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” Colin Powell
Owning investment property is an exciting and scary prospect. The success or failure of an investment will depend on the effectiveness of property management. There are many books on this subject, but here are five golden rules I discovered, after personally managing over 75 rental units at one time and renting to hundreds of tenants.
Rule #1 - Organization is a virtue
Rule #2 - Treat every tenant as if they have a law degree
Rule #3 - Be informed
Rule #4 - Include automatic rental increases
Rule #5 - Be fair and direct
Rule #1 - Organization is a virtue
I love the Adobe PDF writer! This program allows me to use my scanner to create an electronic copy of a document in my computer. I scan all my bills and important documents in this format. Since I travel a lot, this gives me the convenience of accessing my “virtual” file cabinet with my laptop wherever I am. I can send eviction or late notices quickly from any location. One example was during an eviction, the lawyer processing the case needed copies of the lease, the late notices and breakdown of expenses owed to me. Since I scan every document and use QuickBooks to organize my accounting, I was able to quickly send a package to my lawyer and he was able to file with no delay. We filed with the court and I was able to gain a judgment against the tenant. But more importantly, I got possession of my property in an expeditious manner. You can purchase Adobe PDF at www.adobe.com, or download a free, simple Adobe writer called CutePDF. |
