When you get into real estate investing, it can be alluring to think about the freedom of time that passive income can afford you. But I see so many investors fall into this trap where they fail to put the right fundamentals in place, and they end up creating a full-time job for themselves.
I don’t know about you, but I didn’t begin investing so I could have even less time… So today we’re going to go over my top time-saving tips for real estate investors. These tips are going to help you maximize your efficiency, reclaim your time, and maintain focus on what truly matters to you. Click play to learn more!
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- Hire a property management company. There are a lot of roles and responsibilities that can come along with being a real estate investor. It’s critical that you focus on your strengths and outsource where you can. The best place to start outsourcing is by working with a strong property management team that’s established in your rental market. As a first-time investor, you might think that you can handle property management on your own, but I strongly encourage you to consider hiring out this role. Having a great property management team is beneficial in so many ways – not only do they have experience in the industry and the market, but they can actually save you money through their marketing, maintenance, and so much more. Most of all, hiring a property manager is going to save you so much time! They can handle fixing toilets, collecting rent, and all of the day-to-day operations at your property. I don’t know about you, but I didn’t get into investing in real estate so I could field phone calls all day. Trust me when I say that a good property management team is worth their weight in gold.
- Buy new, or newer, rental properties. I love investing in new construction rental properties due to the fact that all of the components are new. New components mean fewer repairs, fewer headaches, and more time saved. The less time you have to put into thinking about repairs and replacements, the better.
- Outsource market research. Researching a market may be one of the most time-consuming parts of investing in real estate. If you don’t put in the proper research, you could be in for a world of hurt filled with vacancies, crime, and tenant turnovers. Thorough market research entails combing over multiple data points, including prices, inventory, employment, historical market trends, and so much more. I would advise you to only invest in proven markets, and outsourcing market research is going to save you months and months of your time.
- Ensure your properties are in a landlord friendly state. Laws for landlords and tenants can vary greatly from state to state, and seasoned investors will tell you that landlord laws can make or break your experience. Everything from evictions to registrations and licenses are determined by state laws. Dealing with legal issues is draining in every way –but especially the time that is involved. Avoid the majority of legal problems by exclusively investing in landlord friendly states.
- Stay committed to one goal. This one is crucial to your success. If you there’s one thing you take away from this video, let it be this: stay committed to ONE goal. If you get distracted and start dabbling in different investment types, you’re going to prolong the time it takes you to reach your goals. This is a big part of why my Freedom Number is so powerful – you set a clear, specific goal, and keep it top of mind. If you haven’t already, you can grab the Freedom Cheat Sheet for free at morrisinvest.com/freedom. The download will walk you through specific formula that will allow you to calculate how much monthly income you’d need from real estate in order to be financially free. And if you can set that goal and stay laser-focused on it, you’re going to save yourself tons of time in the long-run.
- Consider working with a full-service team. Investing with a full-service team provides multiple shortcuts for you, including some things we talked about in this video. Property management? Negotiated. Market research data? Compiled. New construction properties? Built and ready to rent. Working with a full-service team gives you access to a multitude of benefits that will help you save time. If you want to learn more, you can schedule a free call with our team at morrisinvest.com.
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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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