One of my best friends and business partners Reid is finally buying “The House”. The one his wife actually wants. The one he can stuff a gaggle of kids and pets and toys and (ahem) visiting business partners into. The one by the country club & the good schools. I’m so happy for him.
Thanks to the region of the US he happens to reside in, he’s buying this property for the equivalent cost of my garden shed in Santa Cruz, CA. It is awesome. Part of the decision they face is whether to sell their current home or become landlords. So I decided to write an article for him. This should get you going buddy.
One of my babies, the very first property which we remodeled entirely, is coming back on the market. It has a massive garage, a big ol yard and one of my favorite floor plans for a sweet beach cottage. If you are a swimmer like I am, or if your kids can’t get enough of the 3 story water slide, being able to walk less than a block to Simpkins swim center this summer is a huge plus!
After seeing the state of the market, and great deliberation, we have decided to take advantage and list the property for sale. We’ll do a 1031 exchange to leverage our equity into our next property adventure. The home is under escrow.
We are extremely excited to have purchasing our second property on Cathy Lane. We lived on the cul-de-sac 3 doors down for 4.5 years and loved watching our daughter grow up with the neighborhood kids. It is a sweet 2-bed, 2-bath duplex with a huge 2-car garage. This side also has an really nicely landscaped enclosed private yard for bbqs, play and pets. The home has only ever had one owner and she retired and headed to warmer pastures. We will be doing a smattering of upgrades as the family we inherited moved out, including upgrading the stairs and back deck.
The home has been rented. We had an amazing amount of applicants from our open houses. Thank you for all your interest.
I walk through each of our properties at least twice a year. Some property managers, especially when managing C class units, check as often as 4 times a year. They have vendors on site such a gardeners who have eyes on the property and report suspicious activities. Real estate is an amazing asset to invest in, but with that much value tied into a property, it is wise to keep an eye on it and make sure it is in good health. There are a lot of ways to hack a property to increase income, but that is built upon a foundation of good tenants and owner / manager diligence.
FYI, this article was written for the Zillow investor blog. Check them out for interesting tips and answers to timely real estate investing topics.
Early in my career as a business owner, I thought being clever was more important than being on time. In retrospect, I probably would have never renewed a contract with my 20-year-old self. Flash forward and today my partners and I run a service business that thrives for a simple reason: we consistently deliver, time after time. As one of our longest clients recently told me, “I am buying peace of mind. I could give it to someone cheaper, and then either manage it myself or have to worry they might fail. I can trust you guys to take care of it and I will go focus on what matters most to my business unit.” In short, we’re successful, because we are dependable.
FYI, this article was written for Mashable. Check them out for interesting tips and news in business and social media.