Now that you have acquired land or property it is best to employ a good financial strategy so as to maximize your returns. A smart investor will always seek to acquire assets that generate more income than expenses. In most cases, especially when it comes to property, expenses like mortgages, taxes, utilities, insurance, maintenance and association fees are inevitable.
These expenses need to be kept to a minimum so as to generate positive cash-flow. This will require a certain set of skills. “Do you like to do it yourself?” If you are a handy person and are good around the house with plumbing, electrical work, landscaping and light construction work you will save a lot of money. If you have a small real-estate portfolio, you can employ this strategy but as your portfolio grows, you will get busier and it will get to the point where you cannot do all the work yourself. This is especially the case if you work another job or have family obligations. Your priorities will often compete. As a result, you will have to hire the right people. Contractors to keep your property habitable and a property manager to keep it all running smoothly.
At MRG we will answer those 3 am calls to any fix household problems. Additionally, we will give you access to potential tenants, screen and vet them so as to fill any vacancies as soon as possible so as to avoid negative cash-flow. Tenants won’t always care for your property as well as you would but MRG will. We look forward to working with you.
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