Soar to Success May 2019

SOAR TO SUCCESS / Business Acceleration Strategies provide a capitalization cost for your accountant. Develop a timeline for the additional upgrades. Current value (Periodically assess your current value (quarterly, semiannually or annually) Loan to Value – XVH WKLV WR PDNH UHĆQDQFLQJ RU sale decisions. Insurance – Policy numbers and coverage dates Tenant History – Lease agreements and renewal dates as well as turnover. This is helpful as every time a property turns over it costs money. Keeping track of reasons for turnover can provide feedback on effectiveness of management style and process. Service/Maintenance Repair Log – Keep a chronicallistofrepairsdoneonthehome.Document repair, cost and service provider. Incorporate your annual schedule of maintenance such as heating/ac service, gutter cleaning, etc. Information is key to making good decisions. If you have existing properties start now. Go back and build this data. Utilization of an excel spread sheet or google docs can assist you in collecting historical documents therefore bringing each property up to date. Remember it is all in the questions that you ask and the data you bring forward. Once you have pulled all this data forward schedule time to do analysis on the performance of each property. Don’t let fear or busyness get in your way. Take time to consider all the pieces of information. ,I \RX KDYH GLIĆFXOW\ PDNLQJ \RXUVHOI GR WKLV schedule time with one of your trusted Real Estate Investment Group partners. There is something about explaining your portfolio to others that will shed light on your process. Remember this is a wealth building portfolio that is your business. As a business person you owe it to yourself tobewell rewarded for your risk. Consider, if you were reviewing an investor portfolio and it included these properties…. would you buy it? You won’t know until you get your tracking system in place.