Success in real estate is like a drug. Once you have your first profitable rental, you want more and then dozens. Finding and buying is the glitzy part of the business but learning how to manage your portfolio day-to-day is critical for generating profits.
You don’t need to have a big staff or spend hours a day analyzing your portfolio; just a few tips from the experts can streamline your processes and maximize your efficiency.
Whether your portfolio is one property, or a collection of hundreds of investment properties, using well-designed tools will save you time and money.
#1 Where to Find Opportunities for Your Next Real Estate Deal?
Investors wanting to scale up their portfolios are always on the lookout for good deals, but where can you find them? Here are some portfolio management deal tools experts use.
· Check the MLS. Also, check on opportunities that may be miscategorized by realtors; for example, when searching for a duplex, there may be houses with two kitchens that are listed as single family.
· Walk your neighbourhood. Do you see a house that’s slightly neglected? The owner may have circumstances that would make them a motivated seller.
· Pocket listings — associate with realtors who know of people who want to sell but haven’t yet listed their properties.
· Align yourself with property management companies. Property managers work with property owners daily and know investors who may be ready to sell.
· Check laundry/coin-operated mechanics — who do they service? There may be multi-family complexes with motivated sellers.
· Join Facebook Groups — off market groups list their properties in private groups.
· Tell people in your network, landlords, investors, realtors, and people wanting to downsize.
· Look at properties you could re-develop as duplexes/fourplexes (value add).