Landlords are facing costly bills by making silly oversights, according to a seasoned real estate investor and guru.
Investors need to stop focusing on the big issues and end-line and concentrate on the small factors that will dictate the success or failure of their portfolio.
That is the view of seasoned investor and real estate guru Lena Guirguis. “Many new and seasoned investors agree that when we are starting out a lot of the information we receive from books, webinars, workshops, and television focus on the really great rewards real estate investing offers or the really big mistakes many of us make,” she tells CREW.
“What few people actually share are the very common ‘small’ oversights that actually end up costing more in the long run than that huge mistake that nearly sinks your ship.”
One such mistake, she says, is the failure to create a set of systems that will help in the operation and management of a portfolio. Guirguis says the main systems include tenant communication tracking and work-order request tracking.
Guirguis adds that many investors also fail to understand the true fundamentals of local markets, such as the type of units that are actually in demand and school zones.
***Do you want to read more about these costly mistakes and learn how to avoid them? In the bumper October/November issue of Canadian Real Estate Wealth, Lena Guirguis outlines the five key oversights that investors cannot afford to make and how they can be avoided. The issue will be on the newsstands on October 6. You can also subscribe here today to avail of a special offer.
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