Flip Tip Summary
Many think that rental properties are ‘passive’, but if you don’t pay close attention to the numbers…it’s just a matter of time before those investments eat your lunch. Scott Belsley joins us to share this FlipNerd Expert Tip. Check it out!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com. I have a quick Expert Tip to share with you from Scott Belsley, who’s going to share a tip on the importance of watching your numbers.
This Expert Tip is sponsored by RealtyMogul.com, B2R Finance, and VirtualStaffNow.com.
Scott: Whether you manage your own property, you buy and sell, or you have a management company, if you don’t watch your numbers, eventually it’s going to bite you. When you buy a property, look at what the property taxes are going to be, look at the insurance, look at the maintenance, look at the rent, look at what the rent market is like. Compare the numbers. Be sure that there’s enough room for you to make a profit.
And included, when you rehab a property, be sure that you have a contingency because things always happen that you’d never expect. But watch the numbers. And those that don’t watch the numbers will eventually have a problem.
Mike: We’d like to thank Colony American Finance, National Real Estate Insurance Group, and Mid Atlantic IRA.
Please note, the views and opinions expressed by the individuals in this program do not necessary reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.