Business & Property

Level Up Your Investing to Multifamily Properties

In running real estate business, there is always chance for you to level up your game to another level and grow your business even more. For the first investing, it is common for investor to choose a single-family home. This is a good start since everything is relatively bearable. When things run smoothly and the profit allows purchasing another asset, the next step is to invest in multifamily purpose.

Benefits of leveling up investment in multifamily properties

It will be easier for you to step up your investing if you have built strong rental portfolio exclusively with single-family properties. Of course, there are difference between investing in single-family properties and multifamily properties. The way you run your business will be slightly changed.

Benefits of leveling up investment to multifamily properties

Even though there will some changes to the way your business run, it isn’t a bad thing either. Business is something dynamic so you’d better get used to changes and all if you want to keep step ahead of your competitors.

It is also common for single-family property investors to doubt themselves to level up investing to multi-family properties. If you are feeling the same things, you might as well take a look at the reasons why leveling up your investing to multifamily properties are not bad idea at all.

If you can invest in the right multifamily property in the right location, you will gain increased cash flow exclusively. It is just reasonable since the amount of units is increased. It means you can generate more income then when you do to your single-family properties. It is overwhelming as well as tempting. Lots of investors sometimes are not confident especially in handling multiple units even though the profit is rewarding. However, all units are in the same place so it won’t be as complicated as it sounds.

Contrary to popular beliefs, investing in multifamily properties is less risky. With multiple units, you won’t have to rely on a single tenant. Meanwhile, you only can rely on one tenant if you only have single unit so it will be a big hassle when your single tenant doesn’t pay for the rent for example. If you have multiple units and one of the tenants doesn’t pay, you still have other tenants to rely on.

Another reason why investing in multifamily properties is a good chance is because it has less tough competition. Most investors focus on single-family property investing. Thus, the door of success for multifamily property investors is open wider. The competition is decreased in many areas.

Next reason is that multifamily properties have greater initial equity. You can start off with a good amount of equity due to the down payment guidelines. You also have the opportunity to add the value of your property by working on some parts of it. With greater equity, come more options and flexibility. You can rent your units for certain period and when the market turns, you can sell it since you have strong equity position. Another option available is to switch loan programs.

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Things You Need to Know to Become a Good Landlord

When you decide to invest in rental property, it automatically makes you a landlord. There are many things you need to handle while occupying this role. It can be both challenging and awarding. Some people consider a landlord has similar role with a teacher. However, a landlord has another thing to focus on which is the business itself. The main job of becoming a landlord is to protect asset just as to get the most out of for long term. Thus, it sometimes requires a landlord to become a bad guy as well depending on the situation.

Things You Need to Know to Become a Good Landlord

Mrs Hudson, a remarkable landlady in fiction novel the Sherlock Holmes

How to become a good landlord by following rules

Becoming a good landlord doesn’t always mean you have to do everything the tenant demand. You need to have control over your asset and it includes your tenants. If you let things slip your tenants most likely will start to walk all over you. Thus, you need to have rules as well as enforce them. Here are some examples of them:

  • The first rule is about the payment. You can be aloof landlord by letting your tenants to pay a bit late. However, you need to enforce the rule with more certainty instead of relying on your mood. It is better to allow certain period of five or seven days but you have to act on it if it hits the mark. You may charge extra fee for the tenant who pays that hits the mark. This is not something that can make the tenant breaks the bank but it is effective to make them try harder to pay on time for the convenience of both parties.
  • Next rule is about smoking. Even though the number of people who smoke has decreased in the over the past decade, there is still large number who still going for it. Smoke smells can impact directly your future demand. If your property reeks of smoke smells, the possibility of having tenants will be smaller. It is something you have to deal with. You can either allow smoking outside or provide stale smoke.
  • There is also rule about pets you need to handle with. To become a good landlord sometimes makes you face some dilemma. You may have realized that many renters indeed have pets and if you just not allow them then it means you cut off a large segment of potential renters. However, you may face potential negatives if you allow them. Thus, you need to make clear rule about it. Make sure to make a rule that benefits you, your tenants, as well as the environment.
  • Next thing to consider is condition of your property. It means you need to have a monthly schedule for a walkthrough. You need to schedule it a week in advance for convenience. You don’t want to surprise your tenants by sudden visit. However, this is important thing to do to ensure that the property is in good condition without crossing the line between you and your tenants.

 

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What You Need to Know about Condo Investment

There are various investment you can take when you decide to build a career in real estate business. one of them is condo investment. Investing in condominiums sounds legit especially because lots of people seem interested into living in a condo. However, it is important to make thorough research to give you reason why you should invest in condominium. You need to make your decision educated and calculated. Remember that real estate business relies on number and logic instead of feelings. When making decision, you need t consider several factors such as goals, risk aversion, as well as individual personality.

What You Need to Know about Condo Investment

Is condo investment right for you?

It is important to find out if condo investment is right for you before searching for condo listing. Remember that investing in condo is quite different than investing in a single-family house. Here is what you need to do before making any deal in condo investment:

  • Make a thorough research about pro and cons in condo investment. This will help you to decide whether or not this type of investment is the right fit for you. You need to do research to your local market. If it is promising and you think you can handle the risk then you can make final decision.
  • As mentioned above that investing in condominiums is different from investing in a single-family property. This includes the financing method. You need to find out the right financing method and source you prefer. Finance is one of the main keys in the success of real estate investment.
  • To make your research easier, you can work with an agent to search through listings in your area. This is more efficient than wasting your time strolling around your area to find potential deals. While working with the agent, you can ask about rules and fess of Homeowner Association.
  • It is important to calculate your numbers since this business is about number game anyway. While finding out your numbers, you need to do your due diligence as well. You need to make thorough plan and set the best strategies that you think will work efficiently to your investment.
  • Make sure to choose a property with high potential to give you benefit and profit. Once you make an offer, you can schedule an inspection to the property properly. If after inspection everything clicks, then you can close the deal and make your investment in the condominium you selected.

Lots of investors ask if condo investment is good or not. However, it is not a question that can be answered generally. Remember that real estate business involves individual goals, financial circumstances and effective strategies. If after conducting proper market research and minding due diligence you find that this is a good investment, this has high possibility for your success in this business. Some investors choose condo investment because it doesn’t require maintenance. The price is also relatively lower than a single-family property which makes it easier to sell. Not to mention that the cash flow is also promising for steady income.

 

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Using Referral Network to Grow Your Business

There are many things you can do and use to build your real estate business. One of the benefits of using referral network is to build your brand. Thus, you can show people, especially those in the industry that your business is trusted and credible.

Remember that brand awareness is important so that your credibility will be more acknowledged. Another important role of referral network is that it can generate free real estate leads. When you earn more leads, the closer you are to close the deal.

With referral network, it is like opening a gate which can lead you more opportunities to build stronger flow of potential leads.

Generating more leads through referral network

Referral network to grow your business

Before going to the referral thing, you need to remember that establishing solid network is the first thing you need to do. When you have active networking, it will be easier to earn more leads to referral.

With solid networking, you will gain many benefits including various ideas, reputation, long-term relationship, strong support, as well as more access.

You need to build your network with many important people such as real estate agent, property manager, contractor, attorney, accountant, handyman, etc. So how to generate more leads using referral network?

  • You can start by using your own referral program. You can offer incentives to encourage loyal customers to recommend your services. This will also help building long-term interest in the business. Offering incentive is a direct way you can generate your leads through referral network. This is considered effective because the one you offer incentive with has a reason to recommend your business.
  • You can also do a simple thing like cross-promote. This will give you benefit, as well as the other whose business you promote to. You can use your business contact to help you cross-promoting. You can use social media to promote their business in exchange for them to do the same for your service or business. This is how you establish business-relationship with your contacts in more productive way. You can share the wealth and grow the business better. Competition is important but partnership is also beneficial. Thus, there is no need to fret about promoting each other if both parties gain benefits.
  • Another simple way to build your referral network is by asking. Having too much pride won’t get you anywhere. Thus, don’t hesitate to ask people to recommend your service or business. It will only show how determined you are in growing your business. It is also recommended that you do the same to the people you ask to recommend with.
  • It is important that you make everything simple. For example, make sure that you use the right marketing tools include social media,, official websites, etc. Then, make sure to create inspiring and informative content that is also digestible for the readers. You can also ask for feedback for what they have read. This will help you understand more about your service through your reader’s experience and point of view. So you can offer better service and generate more leads in return.
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Weekly Tasks Investors Should Accomplish for the Growth of Business

Running property business is supposed to be full of determination. If you do it half-heartedly, the chance for failure is higher. Thus, there are due diligence you should accomplish periodically. Those are needed to be completed daily, weekly, monthly, and annually. It sounds complicated and exhausting. Well, achieving success in property business is not so simple. Work hard and work smart is a must if you want to step ahead of your competitors. When running a business, there are types of deal you need to tend to. Those are the ones you are currently working in, the ones that you already scheduled with. You also need to always be prepared with the projects coming in.

Weekly tasks you should accomplish

Once you are able to set and adjust to the working flow, it will fall into place. It will be a systemic flow that you will no longer fuss around with. Here are weekly tasks you need to accomplish to build your business:

–        Networking is not a once-in a life time thing to do. It is continuous tasks you should fulfill anytime you have a chance. However, you can make it as weekly task to make it easier and so you won’t forget it. In real estate business, you are not supposed to easily feel secure with the networks you have so far. There is always possibility of losing potential deals. Thus, you will need solid and growing network to keep your business running. Building your network once in a week is better that paying for leads.

–        It is highly recommended to list tasks you are sure you can accomplish by the end of the week. You can list the tasks on Sunday night. Make sure to mark the list on top priority. It is also recommended to write specific time of when you can accomplish them. This will help you to work more efficiently. There are many things you can write on the list as weekly accomplishment such as attending meeting to build your network, following up your potential buyers, organizing your finance, and many more.

–        Real estate investing is a dynamic business. There will be something new every once in a while. Changes are something you need to get used to when it comes to running real estate business. Thus, it is highly recommended to learn something new and schedule it on your weekly task. You can read property magazines or websites. Or, you can also meet your real estate agent to find out any information related to the local market.

–        Aside from doing business-related task, it is also recommended to do something for yourself. Remember that working your body for 24 hours is not healthy and will only slow down your ability to build your business. Thus, you can schedule a little time for getaway every weekend such as doing your hobby, eating out at your favorite restaurant, etc. Thus, you won’t feel suffocated with your works. You will be able to stay focus on tasks you should accomplish for the next days.

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Tips To Find Affordable And Luxury Beachfront Villa Bali

What is reflected in hearing Bali? Beach? The beauty of the scenery? Tradition and culture? All of that is part of Bali. This exotic island offers a line of beautiful and charming beaches. Enjoying the sunset is the time that many tourists await. Along the coast of Kuta, Seminyak, until Uluwatu offers stunning sunset charm. Staying at beachfront villa Bali might be a brilliant idea to get the perfect holiday atmosphere.

Beachfront Villa Bali

Beachfront villa Bali is a luxury accommodation for many tourists. Imagine you wake up in the morning and be greeted with a beautiful view of the blue sea. Of course, there is a price to pay to enjoy a luxury. One of the features of Bali’s beachfront villa that can make its price so skyrocketing is the view of the beach. But there are many ways to find Bali beachfront villas at affordable prices.

The thing you have to understand about beachfront villa Bali that the price you will get depends on the location. Maybe you will hear a lot of input and get a beachfront Bali villa in hand. Locations that are in great demand by tourists will definitely be very high. It is recommended to find a beachfront villa Bali in a location where there are not too many enthusiasts. This does not mean there are many shortcomings of Bali’s beachfront villas with few interested ones. The location of the villa can make a big difference in the cost of rent.

If you have decided on the location of beachfront villa Bali, explore all the facilities provided. Getting the best at low prices, maybe you should choose a number of Bali beachfront villa options for consideration and comparison. Actually, there are 2 options to find Bali beachfront villas with a fairly large price difference. When you get a separate villa from luxury facilities such as a gym and other facilities, the price will be very expensive. When you get a beachfront villa Bali which is a separate unit managed privately then you will save a lot of budget accommodation.

A stand-alone beachfront villa Bali is no less luxurious than other villas. To find beachfront villa Bali at prices that are somewhat cheaper than others, maybe you can get help through a property agent. You still have to pay a fee when using an agent property but the beachfront villa Bali you get is certainly maintained and allows you to get a lower rental cost.

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What Makes You a Great Investor in Property Business?

Being an investor sounds easy. All you need to do is finding a promising asset then invest your money in it. However, being a great investor is another story, especially in property business. It is challenging to become a great investor in property industry especially there are competitors everywhere. Success in closing big deals and make large profit might make you a successful investor. However, you need to go through many challenges before reaching that place. It is important to be positively different from other investors in this business. To be successful investor you don’t quite need money or contacts. Everything can start from yourself and not from what you have.

What Makes You a Great Investor in Property Business?

Things to remember if you want to become a great investor

There are many factors which can make an investor titled as great or successful and not only in mediocre level. Here are things you need to have in order to earn the title:

  • Reputation is important factor which can make you a great investor. However, it is not random reputation. You need to build positive reputation in your investing community such as fellow real estate investors and agents. What you earn doesn’t define you. In fact, what you do defines what you are. Remember that bad reputation spread quickly and is impactful in business industry. When you have bad reputation, it won’t be easy for you to find partner or gain trust from customers.
  • Patience and persistence are needed if you want to run property business successfully. Closing a great deal doesn’t happen overnight. Sometimes, leads don’t always end up in profitable deal to close. Hence, you need to work harder to earn another leads. This sounds simple but in reality not all people can do it patiently. Lots of investors lose their patience and give up early just because they fail to close the deal in the first attempt. Patience and persistence is valuable asset you need beside money. Thus, make sure you are patient and persistent in dealing your investment.
  • Networking is important asset in real estate business. It will be harder to build your business without solid networking. Network won’t earn you a promising deal overnight. When you can build solid networking, the connection will help you in a long term.
  • Knowledge in marketing is important to earn. There are many things to learn about your local market. By having this type of knowledge, it will be easier for you to make the right decision over your investment. When you can act quickly and precisely, there are more properties you can close. Make sure you are willing to learn everything about local market every day.
  • Exit strategies are something a great investor should have. It is easy to think that your investment will work your way and go smoothly. In fact, there are possibilities that your purchase of property won’t give you any profit at all. If you have your exit strategies, you will be able to take quick decision for the next move to avoid any loss.

 

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Tips to Find the Right Contractor for Your Property Business

While building your property business, you need to work with others to accomplish your project especially when your investment includes rehabbing or flipping. In this matter, you will need a contractor which can help you finish your project perfectly. However, you must also remember that not all contractors in this industry are reliable and professional.

How to find the right contractor for your property business

You need to find the right one that can work with you without problem. There are people in this industry who have bad experience related to contractor. Thus, it is important to remember that finding the right contractor can be challenging.

How to find the right contractor

You will need time to find the right contractor. However, it will be worth it once you find the one you are looking for. Besides, your project is not something you can take lightly. Your business is at stake. It is highly suggested to do your own research in order to find reliable contractor who you can trust. Of course, there are also many great contractors out there. However, you also need to choose the one that you are going to comfortable to work with. Here are tips to help you find the right contractor:

  • When you are working on a rehab, contractor plays important role for your successful project. You can’t hire random contractor you find on the first day. When selecting a reliable contractor, you can ask for references of their current or past job. If they are reliable and professional contractors, they won’t hesitate to give them. In fact, they will be proud to show their achievement of their works. If they resist showing you references, you might as well look for another candidate.
  • It is highly recommended that you choose licensed and insured contractor. Remember that running a business means you need to pay attention on the price. Make sure to choose a contractor which can show their liability insurance and license. You may need to spend more money to hire licensed and insured contractor. However, this is better than hiring inexpensive contractor which have more risk to cause you lose more money in the future when something goes wrong. Thus, make sure to ask for proper documentation when selecting the right contractor.
  • Before hiring a contractor, make sure that they are available to work with you in certain duration. Make sure you hold them to dates based on your requirement for assistance. Professional contractor always have project management written in a complete list. You don’t need them to show you their complete list. Just make sure that they are committed to your project when you need them.
  • It is important to look for the quality of work when it comes to hiring the right contractor for your property business. Remember that work ethic plays important role. Hiring contractor whose work can meet your expectation is essential so that you don’t risk to lose money or redo the project. Before signing any contract, make sure you and the contractor are on the same page.
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How to know if Your Property Business is Valuable

Running and building property business is not an easy feat. There are many challenges in the process of securing deals and closing them. However, it is worth it when you are able to build your business to grow bigger and more valuable. There are many roles in which you involve in property business.

You can become a realtor, entrepreneur, investor, or simply a broker. Each role has different due diligence but the goal is quite the same which is to make the business valuable and profitable for a long term.

How to know if your property business is valuable

However, it is also not uncommon to find individual who aim for short term personal income. However, this can cause losing a chance to earn million dollars instead.

The process of building property business is not easy since you need to build revenue, make sales, create your own brand, and make a solid team to work with. In the end, you will need to accumulate your business value to see if you have gained progress throughout your attempts.

By finding about the value of your business, you will be able to plan, organize, and sell the venture when in need. Here are ways to value your property business:

  • The first basic way is the asset value. This is where you value your asset’s worth. There are many things you can to add the value of your asset besides physical things such as desk, laptop, etc. Things like staff, trademark, and even income producing contract such as leases can add to this value as well.
  • The next approach is income value which has been familiar for those who are already involved in property business. You need to value based on the stocks are quoted on price. Then, you need to value the earnings ratios as well. Not to mention that you need to value the super-sized valuation of hot tech startups. Remember that buyers will be more interesting to buy future cash flow. If your income value is low then your chance is also lower to sell your business when the opportunity comes.
  • Team value is also another way you can use to find out your real estate business value. Remember that your team is a great asset. In this business, your team is being purchased for their talent. The stronger your team, the more value you have in your property business.
  • Another method is VC or Venture Capital in which you combine several different ways to find out your business’s worth. You will need to value the fundamentals, management strength, as well as cash flow.

When you are trying to value your business’s worth, you need to pay attention more n important factors such as brand strength and recognition, resources, technology and system, strategic channels and partnerships, traction, contracts and recurring income, market timing, etc.

It is important to understand more about business valuations. You need to know how it works so you can create a better plan to increase the value of your property business.

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Reasons why Real Estate Investing Takes Time to Success

It is not a secret that real estate success doesn’t happen overnight. However, lots of new investors are still adamant to think otherwise especially when today everything seem more reachable, hanks to advancement of technology. However, technology is not everything and cannot determine to fasten the time to gain success in real estate investing.

Why real estate investing takes time to success

There are many things to consider building the business. If you aim for long-term success then you need to do everything right. To do so, you need time to choose the best plan, calculate the right strategy, as well as make backup plan just in case your plan doesn’t work your way.

What does it take to gain success in real estate investing?

The most important things to do to succeed in real estate business is that to do your due diligence. Here is what you need to earn success in real estate investing which last long:

  • Work hard is certainly a must when you get started with this business. It is not only about obliging basic works but you need to be active throughout the process no matter what kind of works you need to handle. You need to work extra especially when your focus is on rehabbing and flipping. It requires the most work compared to other types of real estate investing. You need to work harmoniously with the contractor, keeping an eye of the budget, and other important things. It is important to make sure that everything is in the right order.
  • Time commitment is something you need to earn success in real estate investing. This is a big deal in this industry. If you cannot commit your time doing your business properly then it’s going to be hard to reach your goals. From finding to closing deals, it takes times. Even if you work in team, you still need to allocate your personal time at some points. Spending eight hours per day will be not enough to score a deal. It is true that there part-time investors out there. However, it is a must to have time commitment once you choose to become a real estate investor whether you are part-timer or full-timer.
  • Gaining knowledge in numbers is important to reach success in real estate investing because this industry is about number anyway. Everything revolves around number. Calculating every step is a must when it comes to handling real estate business. You need to calculate everything from small to big things. Every decision you are going to make should be based on numbers. Understanding return, expense, and profit is a must.
  • Education is also important to earn long-term success in real estate investing. Education doesn’t always mean formal school. The most important thing is you have knowledge about the market, negotiation skills, quality of work, and other important factors in this business. You can gain knowledge from any sources such as online journal, books, real estate TV shows, or local networking clubs. It is important for you to be willing to learn anywhere and anytime.
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