How do you know when it’s time to start working with a property management company? This can be a hard decision for investors to make, but it’s an important issue to consider. On this Q&A Monday, I’m answering this question—and more.
Today I’m answering three listener questions about hiring a property manager, evaluating financing options, and consolidating investment loans. You’ll hear my personal recommendations on different investing situations, and how you can submit your questions.
On this episode you’ll learn:
- How to know when to hire a property manager.
- What to consider when you’re deciding between different financing options.
- How to consolidate multiple loans.
How to Know When to Hire a Property Manager
When starting out, many investors think they can self-manage their rental portfolio. And maybe that’s true for one or two properties.. but as your portfolio grows, things can get overwhelming! It’s well worth the 8-10% to have someone else handle repairs and tenant turnovers. My advice is to spring for the property management team as soon as possible.
What to Consider When You’re Deciding Between Different Financing Options
When evaluating the pros and cons of different financing options, remember that you’re essentially shopping. Try to find the best terms and prices! You’re paying money for money, after all. There is no “one size fits all” when it comes to finances, so shop around and do what works best for your personal situation.
How to Consolidate Multiple Loans
Depending on how you’ve chosen to grow your portfolio, you might have multiple loans—which can get overwhelming. Consider finding a commercial lender who can consolidate your loans into one business loan.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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