Let us help you ring in a successful 2023! We have put together our recommendations to any owner to make sure that you are operating the happiest and most lucrative investments based on your current portfolio of assets.
Here is a list of our best practices for a successful 2023:
- Complete a very localized survey of competing properties. Find out the current vacancy rate and the maximum in-place rents in the immediately comparable properties.
- Schedule a visual inspection of your property if you haven’t done so in the last 6 months.
- Talk to your tenants about how the property is performing for them. Ask for any issues or problems.
- Review the investment’s performance; Key ratios like LTV, Return on Equity and Maximum Potential Return are critical to making sound decisions.
- Explore potential financing options, not that you need to change, but what is out there and how would the property perform or your options.
- Consult with someone regarding your long-term goals for the equity in the property. Short-term strategies should change dependent on your goals of:
- Immediate Cash Flow
- Future Retirement Income
- Making Things Easier for Yourself or Heirs
- Estate Planning, or
- Multi-generational Wealth Accumulation
- Meet with your property manager or local investment RE expert to discuss ways to maximize your property’s income potential.
If you need assistance acquiring any of these data points or answers, reach out to our team and a local expert will happily prepare a report for your properties. We find that it is important for owners to perform regular analysis of their properties and find the opportunities to add value.
Connect with an Adviser at 562.269.4844