Most successful property investors have a number of tools - Tool 2

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.

Not budgeting for maintenance

You must always treat your investment properties and your tenants with respect.

That means always budgeting for maintenance, because your investment property is actually your tenant’s home.

Keeping up with repairs and maintenance keeps your property value and keeps your tenants happy, which means they may stay longer. Long term tenants are what every property investor should be striving for.

You should also always look at increasing the property value and the rent you can get for your property. You can do this by always trying to keep the property up to date and looking its best. Things like adding Air con or replacing carpets when needed, painting, and landscaping, etc.

Doing one or two of these a year will keep your property looking its best and keep your tenants happy. Remember all these are tax deductible

Not doing this will see your property decline in looks and value, which in turn will see less tenants interested in renting your property.
It also means that when you do decide something needs to be done, that there is lot more work that needs doing and the cost to you would be a lot higher. It would also be highly likely that the property could not be rented while you were renovating.

Keep tuned for your next tool

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Jason Gwerder
Tuesday, 14 July 2020

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