Tips I learned in my Real Estate & Investing Career

Being a real estate investor is really not easy. I have encountered issues that at least I thought I never would. It seems to come from all sides. From your builders you will have surprises…from the properties themselves even though you had a proper inspection and obviously from your tenants.

Besides my degree from college I can also say I have a degree from the School of Hard Knocks. It would have been much nicer to have simply opened a book or better yet someone share some of their learning lessons.

In this post, I am going to share some of my personal experiences and hopefully some ideas to enhance your real estate investments…

Not so obvious tenant screening ideas

1 Escort them out to their car. Once they are at your property and have expressed a strong interest…Thank them and then walk them out to their car and take a peek inside the vehicle. Does it look clean or a disaster on wheels?

2. Don’t assume anything

3. Be friendly and ask questions

4. Not sure your thoughts on pets…They are fine at my private residence but not my HMOs. Ask a potential tenant how many pets do they have not just if they have pets. I have been shocked over the years.

Tenant Communication

I know it is obvious…and probably redundant…however I always repeat myself and mostly believe in writing. If you have something you want your tenant to know, put it in writing. There is much less confusion if you put it in writing.

Leases

Only solid leases. Preferably your solicitor who always updates you on changes in current legislation etc. Smoking, pets, and parking are just a few of the thousands of things we get to decide about our property. Spell out everything you want your tenant to know. Again…good communication is paramount!

Posting Actual street number

Never post the actual address of your property, only the street. Posting an actual address will only make it easier for those scammers to steal your listing. Clearly when you speak to potential tenants be candid and be forth coming. I have gotten so many calls from so called agents either to sell our properties or rent them from Gumtree or trovit adds. Er on the side of caution and go with your gut.

I am always learning and growing in my investments with real estate. Be open…Surround yourself with like minded people….Let me know your thoughts…curious to hear other points to be aware. The above was just a quick jotting of thoughts on a Sunday afternoon.