One of the most
important of them all is using property management platforms to do the heavy
lifting for you and help you with all your property management needs.
That’s because, to
create significant wealth, investors not only need to be strategic with their
property purchases, they also need to hold for the long-term.
Similar to thinking
that property management platforms are not worth the expense, some landlords
believe that insurance is not needed either.
Savvy investors, on
the other hand, always have landlord insurance as well as the relevant building
insurances to ensure their asset is always protected from damage.
Remember that investment
properties are a business and you need to think of it that way. You can’t teat
the property as your home and get attached.
treating property investment as a business
Far too many
landlords adopt a set and forget mentality about their portfolios.
The most successful
investors remain engaged, including regularly their portfolio’s performance.
You have to treat
it as a business not a hobby that "hopefully” will make some money someday.
If a tenant stops
paying rent or damages the property, it’s a business, give tenants notice to
leave, claim their bond and claim on the insurance, fix the property and rent
it out again. There should be no loss of income (or very little) and you just
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Friday, 17 July 2020