Mike Taravella Interviews Brandon Abbott of PassiveInvesting.com.
- Consider what a tenant is willing to pay for before moving forward with full renovations. What you think is a good renovation, and what your tenants are willing to pay for are not always the same thing.
- If your property management team is not hitting the mark, it is ultimately your fault as an owner. There is always something you can do as an owner to ensure things are being done.
- When delegating tasks to your team members, be clear about communicating what the end goal is. Clarify not only what needs to be done, but why it needs to be done so that your team can be proactive in achieving that goal.
- Value-add doesn’t just translate into renovations, it can also mean cutting excess spending by running the property more efficiently and effectively.
- Hiring good employees may cost more money in the short term, however, it will increase revenue in the long term. Good employees provide a better service to the residents and drastically increase the operations of the property.
- Property Reviews are very helpful for pinpointing how a property can improve its operations to better appeal to its future residents.
Expert Pro Tip: “Take Action”
Rehab Wallet – Hard Money Lending
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