The 3 Benefits of an Organized Landlording Business

The 3 Benefits of an Organized Landlording Business

2 min read
Brandon Turner

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience
Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital, where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing, is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast, is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press
Brandon’s writing has been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

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YouTube
Instagram @beardybrandon
Open Door Capital

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Why is organization in your landlording business so important? Let’s dive into three major reasons.

The 3 Benefits of an Organized Landlording Business

1. Freedom

Being organized is not about rules, it’s about freedom. The freedom to relax when you are away from your desk. The freedom to enjoy your work, knowing it’s all getting taken care of. Organization helps keep your stress level at a minimum because there is a plan and place for everything.

  • You won’t need to worry, “Was that bill paid yet?”
  • You won’t need to ask, “How much money is our rental actually bringing in?”
  • You won’t need to wonder, “Did that maintenance job ever get taken care of?” Or, “Did I ever call that tenant back?”

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Related: 4 Practical Ways to Keep All Your Real Estate Documents Organized

David Allen, author of the incredible productivity book Getting Things Done calls that concept “mind like water.” It’s the idea that your mind becomes still, like a calm lake, when everything is organized and out of your head. The goal of this chapter is to walk you through the process of doing just that: getting your property management system out of your head and into files, computers, spreadsheets, and software. Only then can you achieve “mind like water.”

2. Legality

In addition to keeping stress to a minimum, organization is also about staying legal. The IRS requires accurate reporting about the income and expenses on your property. Therefore, we’re going to spend some time showing you a few different ways you can keep records about how much is coming in and how much is going out.

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3. Profitability

Finally, organization is about profitability. That’s right: Being organized can actually make you more profitable in your business. By knowing where all the money is coming from and where it’s all going, you will always have an accurate picture of how your rentals are performing, allowing you to take action to correct it.

Related: The Free, Award-Winning App That Takes the Pain Out of Home Maintenance & Repair

As you begin to set up the organization for your business, keep these three goals in mind. Does the action you take move you closer to these goals or further away? Can you improve upon them? As we talked about in Chapter 2, one of the things that sets a business apart from a hobby is the goal of always improving. Being organized will help you do just that.

The good news is, organization is largely a “set it and forget it” event. Once you have a system in place, your business organization will become second nature to you. You’ll spend less time organizing, less time working, and more time enjoying life. But first you have to set up the perfect system, and that’s what we’re about to do.

[This article is an excerpt from Brandon Turner’s The Book on Managing Rental Properties.]

Do you make organization a priority in your business?

Let me know with a comment!