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Do you think there are people who grow up dreaming they could be a Property Manager?
I didn’t. Here’s my story: I purchased my first principal residence in my late 20’s. Shortly thereafter, I bought a rental home in the same neighborhood in Georgetown, Texas. I was able to rent the home out and keep an eye on it since I lived just a few blocks away. I’m not a math wizard, but figured that I had a winning formula as long as the income exceeded the expenses.
Over the next ten years, that first rental home investment soon led to the purchase of five more residential and commercial properties. Over time I developed the expertise, systems and best practices to manage my investment properties. Soon after, my real estate client’s took note of my effective systems and asked me to manage their properties too! This is what started the wheels in motion for what would become a new property management division at Mars Hill Realty Group. Mars Hill Property Management now oversees more than 100 properties for successful investors in Texas, Virginia, Maryland and Washington DC.
Should You Own Investment Real Estate?
As an experienced investor, property manager and tenant, I am passionate about rental real estate. I believe that, if managed properly, rental properties can create true value for both the investor and tenant – and even the neighborhood! There’s no better way to “sell” the benefits of a neighborhood than having somebody test-drive it in a rental home. I believe everyone should own real estate in their investment portfolio. People often tell me that, as a homeowner, they are already a real estate investor. However, your home is not a performing asset as is an investment home. That’s because at the end of the year, your home isn’t putting money into your pocket – it’s taking money out.
Since the lesson still hasn’t sunk in for many Americans, I’ll repeat here: Your house is not an asset. It’s a liability. Very simply, an asset is something that puts money in your pocket. A liability is something that takes money out of your pocket. The reason people are confused and think that a home is an asset is because from the 1970’s through the early 2000’s they were able to pull money out of their house in the form of loans, like a real estate ATM…Buying a home and counting on it to be your retirement is financial ignorance and recklessness at its worst. – Robert Kiyosaki (RichDad.com)
If you’re interested in learning more, check out the following links below: