Have you thought creatively about your investment plan and strategy, beyond creative deal making? What are your key performance measures? How are you automating? What insurances are you using for protection?
Shoot me a note, I’d love to hear. Go to RealtyMatters.online.
For instance, one of my previous clients had found a niche with buying foreclosures with hard money, fixing them up, getting them rented and then doing a cash-out refinance. Many foreclosures sit for long periods of time, unused, creating hidden problems. As a result of a sewer backup in one of his properties, which occurred after his renter had moved in, his inspections always include running a camera down the sewer line to verify there is no hardened accumulation. THE PLATFORMOF INTERDEPENDENCIES Each of those legs provides support for the platform. They all are interdependent, requiring support from the other two to function properly. As technology and availability of off-the-shelf systems to assist in each of those areas becomes ubiquitous, it will become easier to manage those major risk components. The key is to be creative with identifying possible risk components, beyond the obvious, to anticipate and protect your asset(s) from toppling over from being on an unstable three- legged stool. • BrianWojcik is a housing industry advocate who transitioned into real estate, both as an investor and property manager, after more than two decades of experience in engineering, sales, executive management, and operational/business process reengineering consulting. He resides in Howard County, MD, where he volunteers to teach a “Tenant Success” program he created for Bridges to Housing Stability, and where he created Landlord411 to assist rental housing providers. His expertise of the independently owned rental-housing market has been sought after for local and state level legislation/policy development. Mr. Wojcik has been published in national publications about legislative issues, affordable housing matters, and rental housing advocacy. He holds a Bachelor of Science degree in Manufacturing Management from Clarkson University and a Master of Science degree in Real Estate from The Johns Hopkins University. He is founder of diyRealty.co.
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