Filling up vacancies is one of the things that beginner real estate investors find extremely challenging. A high vacancy rate can be a major blow to the Net Operation Income (NOI). A poor NOI will have a negative impact on almost every aspect of your investment goals. It will not only reduce the cash flow, but also decrease the property’s market value.
If you are having a hard time renting your property, I would recommend that you use my tried-and-tested ‘VSAP’ method. The acronym stands for Views, Showings, Applications and Pool.
Here are a few tips you will find useful in implementing the ‘VSAP’ method:
As a corporate couple with two young children, my husband and I led stressed out lives. I remember one instance where I was on a conference call while pumping in my office which had newspapers that covered the windows and thinking to myself, is this why I worked so hard for 17 years to build a career? After I quit my job and moved over to full time Real Estate Investing, I used my skills as an Engineer and leveraged my knowledge on building systems, teams and processes that I had acquired while climbing the corporate ladder to exponentially grow my portfolio. It wasn't until I was celebrating my son's third birthday, that I remembered that I had put my first BRRRR property under contract on his first birthday and that it had only been two years. In my recent Biggerpockets podcast interview, I have talked about all of the following and much more. I'd love for you to check it out and also give me some feedback on what resonated with you over on instagram at @openspaceswomen.
“On the one hand, we all want to be happy. On the other hand, we all know the things that make us happy. But we don’t do those things. Why? Simple. We are too busy. Too busy doing what? Too busy trying to be happy.”
—Matthew Kelly, Bestselling Author
In 2016, I gave birth to my second child, my son. A few months later, I decided to become a full time investor and entrepreneur. I put my first BRRRR (Value add investing) property under contract on his first birthday. Two years later, when he turned three, I had built a $4M portfolio. In 2019, our revenue crossed the $1M mark. I launched the coaching arm of my business in 2019 too. I have been mentoring others who are interested in Real Estate Investing for the past couple of years and seeing my students' consistent success, I realized I was good at presenting complex ideas in simple, easy to follow way and felt fortunate to have the freedom to create another business. This whole time,...
“The great danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark."
My goal was to spend more time with my family. My dream was to achieve financial independence, to become my own boss and grow to reach my fullest potential. Once I started and stabilized my business to go towards the path of achieving this dream, I found myself falling into the abyss known as "hustling". Hustling is often the way of life for entrepreneurs - it is the driving force behind a lot of decisions made on the go and it requires constant hard work. Hustling is captivating, motivating and an adrenaline rush, and most importantly, it helps an entrepreneur get their business up and running. However, it is very important to come out of the hustle mindset, because in the long run, it can be disruptive, derailing and can eventually burn one out.
This blog is a case against hustling! The biggest...
After many personal experiences – good and bad –hiring property management companies and managing properties on our own, we’ve figured out some key elements to keep in mind when choosing a property management company. Here are four that we think lead to a successful business partnership.
It may seem like a cliché to put integrity on the top of the list; however, a property manager’s decisions and actions have an effect on the property owner’s profit. Tracing the actions and decisions that result in a lower return on investment after the fact is difficult.Therefore, integrity is the most important component to look for from the onset. The best way to find out whether the property manager in question is reputable to use the following tools:
• Have a face to face meeting to get a sense of the person or team and their attitude.
• Check references from current property owners who entrust their property to the property...
“The fight is won or lost far away from the witnesses, behind the lines, in the gym, and out there on the road; long before I dance under those lights.”
We just finished rehab on a new rental property in a great location in Philadelphia, close a major transportation hub and a University. However, majority of the work in entrepreneurship is not glamorous. These are stories that don't come with cool shiny photos, these are stories that will definitely not make it to Instagram. This post is highlighting one of those stories and the lessons learned from that. I wanted to share this because it will help a new investor navigate through adversities in their journey. The day we closed on the property, right before we could even change the locks, there was an unfortunate theft at this property. One of the items stolen was the boiler among many other things. My contractor called me genuinely upset about this. A theft can...
I'm a huge proponent of the 80-20 rule wherein 80% of the tasks / projects must be outsourced or eliminated and only the most important 20% must be performed by entrepreneur. Even if the owner is in the same general vicinity, property management is one aspect that seems to fall under the 80% for a lot of investors. Over the course of the past few years, I've come to realize that managing one's own properties isn't just to save money, it has other advantages as well. With process streamlining and outsourcing key elements of property management, the tenant landlord relationship can be some thing an investor can maintain without a lot of time commitment. Here are the four key advantages that aren't always apparent.
The amount of money one can save by not hiring a property management company (5-10% of the rent) can be used to make both the tenant's and the landlord's life easier which helps provide high quality service. Time and again, my tenants...
Look, I get it. We live in an information-overload world. We listen to hundreds of podcasts and read numerous stories about how people started in real estate and wonder, “Which strategy is the best? Which market is the best? Which is the best stage of the market cycle to invest?”
Fear of failure resulting in hesitance to invest affects male and female investors alike. There’s even a name for it: analysis paralysis. But if you try to understand the science behind it, you will see why these questions are undermining your ability to get started.
Gretchen Rubin, author of The Happiness Project, talks about satisficers and maximizers: “Satisficers make a decision once their criteria are met; when they find the hotel or the pasta sauce that has the qualities they want, they’re satisfied.” On the other hand, “Maximizers want to make the best possible decision; even if they see a bicycle that meets their requirements, they...
Have you ever had an idea brewing in your head for years and then woken up one day and decided—no excuses—you’re going to just do it?
And you do, going so far as to execute it with the fervor you had dreamed about. You’re unstoppable!
This is the attitude I had the day I jumped into real estate full time.
However, after rehabbing a few properties, my progress came to a standstill. I was held up by the second-to-last “R” in the BRRRR strategy—the dreaded “refinance.” I wouldn’t have more cash to deploy in more deals until I was able to refinance.
Limited capital is the single biggest reason newbie investors are unable to scale. But I wanted to avoid knocking on the doors of private lenders or exploring partnerships. To keep growing my real estate portfolio, I had to find more capital within my existing properties.
And I did! How? Through the power of home equity.
In one year, I grew my portfolio from three to 20...
“Your level of success will rarely exceed your level of personal development, because success is something you attract by the person you become.”
~ Jim Rohn (From: The Miracle Morning)
Do you use independent, passionate and perhaps perfectionist to describe yourself? Let me guess, you have a thriving career, great family and friends and are generally happy. Yet, something is missing, you find yourself wondering if you were meant to do big things, if this is all there is. However, despite this nagging feeling, you feel stuck.
These attributes that you just used to describe yourself, those are your strong suits, right?… Wrong! It’s time to start looking as them as your drawbacks.
These attributes allow us to achieve growth and progress. They allow us to be liked by our employers and customers and have great relationships with friends and family. But that’s just the problem, you see! These are the same qualities that stop us from...