What can you do if you’ve fallen off the proverbial real estate investing horse? How can you get back into nurturing your portfolio after being out of the loop? That’s the first question I’m answering on this episode!
On this Q&A edition of Investing in Real Estate, I’m taking three of your questions on taking care of your portfolio, dealing with tenant damages, and how to invest without using credit. Click play to hear my answers to your best real estate investing questions on today’s show!
On this episode you’ll learn:
- How to get involved in the health of your portfolio.
- What to do about tenant damages.
- Creative ways to invest without using credit.
How to Get Involved in the Health of Your Portfolio
Nurturing your portfolio and having an understanding of what’s going on with your investments is an important part of being a real estate investor. Once a month, you should be sitting down and taking a comprehensive view of everything that’s going on at your rental properties. This means checking in with your property management team, taking a look at your books, and reviewing any outstanding requests. If you’re looking to grow your portfolio, make sure you watch my video on IRR to ensure you’re making a solid investment.
What to Do About Tenant Damages
My heart goes out to any investor who is dealing with tenant damages. I know it’s frustrating, but I want to assure you that this is part of the business. The first thing you can do is accept the tenant’s security deposit. Then, contact your homeowner’s insurance to see if you are eligible for a claim. The last thing you may want to consider is seeking legal advice. Remember that a lawsuit can be very costly, and requires a lot of time, attention, and (negative) energy. I would seek advice from a lawyer first to determine if it makes sense to move forward with a lawsuit.
Creative Ways to Invest Without Using Credit
You can certainly invest without using credit. The first resource I would recommend is this video on non-recourse financing. You could also pursue private financing. I’d also suggest trying to repair your credit to afford more options in your future investing career. You can always book a free call with my team to see how we can help!
Ask Me a Question at morrisinvest.com/clayton
Episode Resources
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IRR Video
Non-Recourse Financing Video
Scoremaster.com/invest
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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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