How can I leverage software and productivity tools to optimize my investment strategies and manage my portfolios more effectively? “Managing investments these days is way easier with digital apps and tools. I use a different variety of apps to stay on top of not just my investments but my overall finances. Specifically, I use apps that help me understand the market movements. Pair these apps with tools that make your research easier and handle the routine stuff. It keeps you updated without drowning you in details. Our company, TaskSpur, is built on this principle of simplifying the complexities of managing life. I use it every day to track my financial, personal, health, and career goals and make sure I’m consistently working on the things that matter. And hey, customizable alerts can remind you to tweak your portfolio when needed.” Bernard Boodeea from Life Intelligence Group What are the best practices for successfully investing in real estate during economic downturns or recessions? “During expansionary periods, every investor looks like a genius because everyone is making money. No one is going to complain if one investor makes 18% while another makes 20%. Since everyone is making money, everyone is happy. What separates the businesses that will survive from the majority that will go bust during a recession is how well they can manage their operations. The single most important factor for achieving success while investing during a recession is cost control. Cost control is achieved through tight operations with good oversight. Your operations/processes are the difference between losing your shirt or breaking even. It’s the difference between a marginal deal and a great deal. The reason is that during expansionary periods, the focus is on growth and revenue. A lot of mistakes can be made because people are fighting to outbid each other to pay more for rent or price. This allows you to absorb a lot of mistakes. During contractionary periods, the exact opposite is true, as people are fighting to undercut the competition. Therefore, the focus needs to be on cost- cutting, savings, and trimming the fat from your projects, team, and transactions. This famous saying says it perfectly – protect the downside, and the upside takes care of itself.” Eric Bowlin from Real Estate Investing What should I take into account when starting to rent out my property? “When starting to rent out your property, prioritizin g maintenance is crucial for preserving the value of your
There are a number of things to profit by protecting your property that you can do. Implement thorough screening processes for renters to reduce the risk of property damage or disruptive guests. If someone has a record of bad stays at other places, you need to keep them from staying at your property. You want people who have been good to past hosts. Past experiences do not dictate the future but it does give you a good probability that you will have a good customer. Install good door locks with programmable key codes for each guest. As each new customer books, you can change the code to protect your property and your customer. In your listing, you can train your customers how they are to respect and take care of your property. Carefully wording your description, cancellation policy, fees, etc., will help you to set the expectations for the customer that you take care of your property and you expect them to do the same. Lastly, consider offering additional amenities or unique experiences to attract guests and differentiate your property in the competitive short-term rental market. By combining a commitment to security, strategic marketing, and adapting to market dynamics, you can both protect and profit from your short-term rental investment.” Dustin Heiner from Master Passive Income
34 SPOTLIGHT ON BUSINESS MAGAZINE • VOL 24 ISSUE 2
Made with FlippingBook - PDF hosting