Rental Property Profits Maximized by Avoiding Mistakes

Rental Property Profits Maximized by Avoiding Mistakes

How many times have most of us taken on a project only to have it turn out to be a total learning experience?  Going in, we may have thought we talked to the right people, asked many of the right questions, researched enough but in the end still were hit with surprises and costly mistakes.  No one has the time or money to spend on a hit and miss investments strategy.   

We were talking with a small group of people at our Local REIA (Real Estate Investment Association) meeting who were interested in using their rental properties to make $1000 net profit every month through our system of transitional housing.  One member joined our small discussion group and said he had tried transitional housing with the specific tenant population we work with, with a program he put together himself.  He was disgruntled and said it was not working for him.  His biggest problem was vacancy rates. We suggested meeting with him later to find out what he was doing and offered him a free consultation.

He was the first of two transitional house landlords we met recently who were having difficulty with their properties.  Neither of them were our students and both were doing poorly because of avoidable pitfalls.  During our meeting, we discovered if he wanted to turn things around it was necessary for him to approach areas of his property and tenant management differently, along with how he marketed. 

Transitional housing may appear simple to figure out, and it is not rocket science, but there are caveats to every unique business venture.  Don’t confuse learning something new with unusual time commitments or more work, but with simply knowing how to use tried and true choices. Why re-create the wheel?  Get the job done efficiently the first time around instead of on a live and learn basis.

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