Building an Empire
When you’re an entrepreneur… it’s something that’s in your DNA.
Bryan Chavis, founder of the Landlord Property Management Academy, talks about what it takes to build a real estate empire on the Door Grow podcast. He lays out 5 phases to becoming a profitable property owner:
- Exit Strategy
With an undertone of what he calls a Franchise Mindset throughout the podcast. If you’re looking for inspiration and many practical tips then give this episode a listen here.
Investment Sales Volume Total $115B
Investment sales volume totaled around $115 billion in the first quarter of 2018. CoStar, one of the firms tracking, says this marks a 10% year-over-year decline. This was forecast in Q4 last year due to uncertainty in tax changes. Commercial property values are also expected to trend downward in 2018. NREI gives the full scoop here.
Rents appear to be flattening out (at their peaks) in major metro areas around the US. Rent fluctuations in major metros tends to be reflective of the overall industry according to Appfolio.
- Rent Falls in New York: Median rent fell for the first time in years in Manhattan, Brooklyn, and Queens. That isn’t saying rent is cheap since the average rent of a 1 Bedroom in New York comes in at $3,330 per month.
- Los Angeles Rent Stabilizes: Rent prices have not changed since September of last year, sticking out at $1,350 for a one-bedroom apartment.
- Chicago Rent Drops 15%: Rent prices are estimated to have dropped by 15% between 2017 and 2018 in Chicago. This makes Chicago one of the more attractive urban environments with increases in entry level workers.
5 Ways to Lease Faster
In manufacturing you need to start with good product. Same with cooking. Same with leasing. Your leasing process moves faster when you start with an exquisite showing. Propertyware gives 5 ways to highlight your rental property in their latest post.
- Photograph the right features.
- Do virtual home tours.
- Share high quality images.
- Share your walkscore, crime stats, and the age of the property.
- Use previous tenant testimonials.
Design an excellent showing experience and you’ll have your rental property leased in no time.
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