2020-07-18 LANDLORDS: USE YOUR TIME WISELY
| By:
Jeff Taylor
LANDLORDS: USE YOUR TIME WISELY
by Jeff Taylor, Mr. Landlord
Smart landlords and investors realize that the more they can streamline their business, doing less of the landlording tasks, the more they can focus on building their real estate portfolio. With that in mind, a landlord started a discussion on our Q&A Forum with: "I'm trying to get more efficient in how I spend my time operating the landlord business. One key area is eliminating or reducing the amount of time I spend doing tasks that I can pay someone at a cost lower than the value of my time." The landlord goes on to offer his suggestions for tasks that landlords could possibly streamline or hire out to assistants, virtual or otherwise to complete. Those tasks include: * Contacting current and past landlords* Contacting landlord references* Verifying employment* Checking Facebook* Scheduling and following up on repairs* Inside maintenance checks of properties during the year Other landlords mention ways they stream line those tasks. One landlord summed it up by saying: "Landlords have ONE JOB--Make decisions." Everything can be completed by someone else with a checklist. To see the complete discussion click here. Editor's Note: Definitely do not spend your time collecting rent or going to pick up rents every month from the residents or from your P.O. Box. The entire time you could be doing something else. Instead use a service where the rent from your residents is deposited automatically and directly into your bank account each month. For more details, click to watch this video. |
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| SPEND YOUR TIME WHERE YOU MAKE THE MOST MONEY A real estate investor briefly shared a recent personal story about how he understands the best uses his time. He was sharing with another investor how he was missing out on bigger profits by doing stuff he could hire others to do. "I buy the houses, which is the one thing I can't hire out. I speak to the sellers calling on my ads. I hire out all the work on my houses. I don't like working on houses anyway. I can hire that out cheaper than what I make. I have done the physical work in the past so I am capable of supervising. When you are working on a house you are saving nickels and dimes and missing out on making real money by not running your handyman ("I buy houses") ad all the time. You get home and you are tired so another day was wasted thinking how to save a buck. I bought a place at an auction with a partner, only because he was there and I don't like having to bid against anyone else, so we did it together. The house needed to be cleaned out, the lawn mowed, and resold like it still needing work. My partner says we can clean it out together and save money. I said you can work and I will hire someone to replace me at my cost. They spent 3 days and filled 2 dumpsters. The guy I hired cost me about $300. Meanwhile I went and bought another house. I did the same thing and made $20,000. Spend your time where you make the most money." Agree or Disagree? Share your thoughts. We welcome your feedback or any landlording tip you would like to share. Email editor@MrLandlord.com. |
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| LANDLORD LEGISLATION: NEW HAMPSHIRE GOVERNOR VETOES BILL The New Hampshire Governor went contrary to what many other Governors are doing and actually vetoed a bill which sought to give tenants more time to avoid evictions for non-payment of rent. In the news report, here's part of what he had to say: “We must remember property owners have also struggled throughout the COVID-19 pandemic. Small property owners who rent 10 units or fewer account for 90% of rental units...They too, have financial obligations that must be met...” We invite landlords to send us news of any legislation coming up that will have a negative impact on landlords, so that we can help support and get the word out in these Updates and on our Facebook page (as we last did in support of landlords in Massachusetts). Email editor@mrlandlord.com. |
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| Keep moving forward and continue to make the most of the assets God gives you! Jeffrey TaylorFounder@MrLandlord.com |
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