Buy Right, Manage Right, Sell Right

Each of the three money-making facets of income real estate have their own  challenges and learning curves. But if you master them, then you can build wealth and create income at every turn.

In fact, my property management business actually took off right after the 2008 crash, as new owners (mostly banks) needed professional help to keep their properties healthy until they could be sold off. Knowing how to buy income properties also put me in the position to identify major bargains in the marketplace and increase my personal portfolio.

For many people income real estate seems complicated, but the business of income real estate can be learned.  I know. Believe it or not I had no formal real estate training or experience before purchasing my first income property, a six unit apartment, in 2003. Fifteen years later, I was the owner of 27 units myself, while managing more than 500 units with my property management company.

My secret was twofold. Firstly, I realized that income property was a science. With my engineering background, I started viewing selling, managing and buying as a series of processes and set up effective systems to calculate value and track work. Secondly, I realized that income property was also an art. And that art revolved around human connection and trust. I also recognized that connection and trust were built best by communicating honestly and effectively.

That’s all there is to it.  I’m not saying it’s easy. It’s hard work. But it’s also not nearly as difficult as people think. The key is to know what’s important and what to look for. When you’re buying. When you’re managing. And when you’re selling.