Real Estate Investing is a team sport. From beginner to experienced veteran, real estate investors need vision, infrastructure and process to grow at scale.
If you fool yourself to believe you can go it alone, you will suffer costly avoidable mistakes that experienced investors could have helped you avoid.
All the world’s best performers, regardless of discipline, have coaches or mentors who provide valuable feedback that helps them stay on the path towards success.
The landlordcoach.com is where Mark Dolfini shares his twenty years of landlord experience. shares his twenty years of landlord experience. The wins, losses, and how he mapped his path from a do it yourselfer to a documented success, that is scalable.
The first step is to create the vision, the map. How can you achieve your goals if you don’t know where you want to go. How would you know if you reached your goal if you have no goal? A vague idea is not a vision. You have to get specific. Identify exactly what you want, and by when.
Infrastructure is the foundation, the track for how to run your real estate business. Do you have the right tools? The right tool to make achieving your goals easy. Good infrastructure can appear invisible when it allows your business to run effortlessly. When your business lacks infrastructure, it is easy to tell. Every problem gets a custom solution. This is not scalable.
Process is the locomotive that pulls expectations and behavior to a desired outcome. Process provides the ease so that you can repeat your results. This gives all parties involved a clear expectation for what will happen when they follow the process.
Regardless of your desired outcome, or your position in real estate investing, you can do more with less aggravation if will invest in your vision, infrastructure and process.
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To the untrained real estate investors eye, the financials provide an excellent map of where your business has been. They provide income, expenses and the bottom line telling you if you made money or lost money.
How do you know if a part time CFO is right for you?
Instead of hiring a costly full time CFO, you can benefit from the professional ability at a fraction of the cost by hiring a part time CFO. In most cases, Brent McClure has been able to pay for his services in by increasing his clients bottom line.
An experienced CFO can look at the same information and provide a good estimate of where you are going and what needs to change if you want a different outcome.
In the acquisition, you need to know what the sellers numbers mean. A trained CFO can determine if there any room to cut expenses so that you can improve the net operating income.
During the operation phase, you are dealing with the day to day activities of running a business. Collecting rents, renting units, maintenance, banking, taxes, insurance, creating financial reports, etc. A trained CFO can put into place the needed controls to contain cost and eliminate waste.
They can also prepare standardized financials for you to present to lenders or potential partners when you are looking for additional capital.
Prior to sale, disposition of your property, is the time to keep great records. Record keeping is key to determining the value of your property. If your financial records are incomplete or miscategorized, you will lower the value of your property and leave money on the table.
In each case, a trained professional can identify the expenses that are out of line and provide controls and ways to lower your costs.
For more go to: https://www.brentmcclure.com/
Underwriting your Multifamily Insurance is more than plugging in a number.
Multifamily Investors want rules and systems to make analyzing a deal easy. If it was easy, there would be no value. Insurance is an operating expense that can vary from seller to buyer and property to property. Here are some things to consider when underwriting your multifamily insurance.
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Some insurance companies offer coverage nationwide, but the rates are specific for the territory where the property is located. That’s because different territories have different exposure to weather related events.
Think about it; the midwest has hail and tornadoes versus the southwest which has hurricanes and floods. The northeast has long cold winters with deep heavy snow and the northwest has rain.
Each region has a different set of risk that can cause a claim.
Think about who put the prospectus together. The seller’s multifamily broker. The broker has two jobs. The first is to get the listing, and the second is to get the seller as much as he can.
When writing the prospectus, the goal is to show the highest NOI and value possible. The expenses are likely a combination of actual and industry averages. I’ve seen brokers who will disregard the seller’s insurance cost and use the industry average because it supports a better NOI and value.
What do you know about the seller? Chances are, you are nothing like the seller. Does the seller have multiple properties with the carrier he is currently with? How long has he been with the insurance company? What deductibles, limits and coverage does he have?
All of these are issues that affect the cost of insurance for your property. Unless you are a carbon copy of he seller, you are different, and will likely get a different insurance cost.
Pick your insurance broker wisely. Work with an agent or broker that specializes in multifamily, and you will get the best price the insurance company can offer.
The insurance brokers job is to gather the information. Then create a story for the underwriter that makes them want to apply all the available credits to get the best rate possible.
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