The Mortgage Digest

Mike Costaglio

  • Home
  • About
    • About Us
    • Privacy Policy
  • Blog
  • Mortgage Info
    • Buyer Info
    • Seller Info
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Contact

How To Manage Investment Property While Working Full-Time

June 19, 2018 by Mike Costaglio

How To Manage Investment Property While Working Full-TimeIn 2017, upwards of 75 percent of independent rental property owners in the U.S. reportedly worked another job on top of being a landlord. That means the overwhelming majority of landlords are attempting to juggle more than they can handle at times.

There are organizational and strategic concepts that can maximize efficiency and profitability.

Consider the following tips that bring property management tasks under three basic headings: organization, automation and outsourcing.  

Organization Matters

One of the things that tends to overwhelm landlords is thinking about the rental properties as an extension of home ownership. The rental seems like it involves many of the same tasks such as maintenance and repair.

By rethinking rentals in terms of a small business, the way these and other tasks are approached can become radically different. If this were a Mom and Pop store or a corporation, the necessary resources would be brought in to handle niche labor. Organize all of the tasks that the rental unit(s) require under categories that may include the following.

  • Rental Advertising
  • Applicant Interviews
  • Background Checks
  • Legal Documents (leases)
  • Maintenance and Repairs
  • Rent Collection and Bill Paying

Accounting

With a defined set of tasks organized under specific headings, it becomes much easier to visualize the breadth of work involved and what supporting resources would be needed.

Automation Matters

Industries across the globe are moving to automation as a way to increase productivity and lower costs. There’s no reason landlords working other jobs cannot do the same.

While fixing a burst pipe may not be a good candidate for automation, there are numerous tasks property owners undertake that no longer require valuable time.

  • Advertising: Consider a process where an online advertisement is pre-written and posted when a lease expires.
  • Rental Payments: Consider automatic withdrawal from tenant accounts or having them direct deposit.
  • Bill Payment: Consider auto pay for every possible facet of the property, including utilities, taxes, insurance, mortgage and others.
  • Maintenance and Repair: Consider an online form for tenants to fill out that provides real-time notification.

These and other tools can streamline the amount of time required to manage a rental property without incurring significant expense.

Outsourcing Matters

People who work regular jobs and also manage rental properties are entrepreneurs by nature. That go-getter personality leads many to take on more tasks than there is time in the day. That’s why outsourcing is so important.

Outsourcing things like accounting or legal services are no-brainers because they require specialized knowledge. But other tasks such as applications, background checks and maintenance may be good things to put on someone else’s plate as well.

As noted in the beginning of this article, if a small business mindset were applied, many of these tasks would be assigned to a designated resource. Consider operating rental units in this fashion by running a cost analysis and outsourcing. Roll in the labor costs that make sense and take some time to binge watch a Netflix series while your investment turns a profit.

Contact your trusted mortgage professional to make sure that you have the most competitive financing on your investment property or to get pre-qualified if you’re ready to get started on this new real estate venture!

Filed Under: Real Estate Tagged With: Home Rentals, Investment Property, Real Estate

Mike Costaglio

Contact Mike Costaglio


Loan Officer
C2 Financial Corporation
CALL (858) 602-2100

NMLS #238627 • CalBRE #00574968

FREE RATE QUOTE →

C2 Financial
Subscribe to The Mortgage Digest

Connect with Me

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025, NMLS # 135622. Michael Ralph Costaglio is licensed by the California Bureau of Real Estate, #00574968, NMLS #238627. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA. The services referred to herein are not available to persons located outside the state of California.

www.nmlsconsumeraccess.org

Recent Articles

  • 5 Simple Tips To Make Your Home Showings Easier
  • What’s Ahead For Mortgage Rates This Week – February 19th, 2019
  • 3 Ways To Help Your Kids Deal With The Move
  • 5 Tips To Price Your Home To Sell For Top Dollar

Previous Posts

Categories

Our Location

C2 Financial Corporation
10509 Vista Sorrento Pkwy #200
San Diego, CA 92121

Copyright © 2019 · Powered by MySMARTblog