Property Management and Real Estate in a Pandemic
Many people ask us questions about where to start investing in real estate. As property management professionals we have over thirty years with the “ins and outs” of investing in real estate. As a result, we’ve seen many pitfalls and losses.
So here’s a few resources we’ll offer for getting started with real estate investing:
- Think about creating a relationship with a property management service that also does real estate. There’s many advantages to the advice you’ll receive and the property management company will benefit from the relationship as well.
- Have some capital to invest. The courses you see on TV that promote non-down payment real estate investing are generally bogus. Would you sell your property to someone with no money? Well, nobody else does. You have to have some money to invest.
- Use good sources on the internet to answer you question. One of the most interesting sources is quora. This is a site that allows people to ask questions (in this case property management) and experts answer the questions. Then the answers are rated! Listed below is a link to a good question about the basics of property management:
I think the most important things are understanding initial costs, recurring income and expenses, projected returns, and tax implications. Here’s a quick overview:
https://www.quora.com/topic/Property-Management
If you’re looking to develop a relationship with a property management company that can give you great advice (and probably save you money) give us a call at 201-939-8200.
We’ll be glad to talk with you or answer your comments.
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