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Property Management 101

Property Management 101

If you're like us and enjoy listening to podcasts throughout your day, then make sure the next one of your list features our CEO, Janet Fields. Janet speaks as a podcast guest with Emily Cox from Onyx Design Collaborative

This podcast discusses everything you need to know about property management from beginning your investment journey, reaching your financial goals, and growing your portfolio. Below we pulled some highlights of what Emily and Janet discussed. 

Why You Need A Support Circle With Your Property Management Company 

"A lot of times, people don't know what property managers do or what property management is. It is something they have seen or heard, but it never really registered that it is a way to gain income. Once you do get into it, you start finding that there is a whole realm, circle, a community, and we all help each other get to our next step." 

How To Design Your Rental Property As A Profit Generator 

If that baby isn't open, open it up! We want lots of natural light. Let's not make it a maze. Low overhead, low costs so we can still get that money on the investment. It is fun to design them, but we want to keep it more as a hotel room so when people walk in, they can say, I can totally live here, not who lived here before. It needs to be extremely neutral, and so anyone can drop and place." 

The Best Way To Manage Your Passive Income 

"The first step is that you want to make sure that the numbers run. You don't just buy any property at the top of your pay rate and then try to make that a rental property. You are not going to have a positive cash flow. Anytime there is an emergency, you are going to be stressed out and upset. And now this passive income has become a stressor in your life, instead of mailbox money." 

Rental Property Mistakes To Avoid

"A lot of times, it is just having the property be your home still. You are still feeling emotionally attached to the home. It's very hard to function as a business when it's your baby. When we leave something, or it's ours, it has much more value to us than to the market. This is working with the perceived value of something you personally have, and the rest of the market does not reflect that. Any wear and tear on the home hurts more when you are attached to it...When you detach yourself from it and decide to be critical and try to look at it as data, it makes it easier to move forward." Want to learn more about the strategic services that Oak Trust Properties provides? Call us today! (843) 804-9991