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Hire a property management company. There are a lot of roles and responsibilities that can come along with being a real estate investor. It’s critical that you focus on your strengths and outsource where you can. The best place to start outsourcing is by working with a strong property management team that’s established in your rental market. As a first-time investor, you might think that you can handle property management on your own, but I strongly encourage you to consider hiring out this role. Having a great property management team is beneficial in so many ways – not only do they have experience in the industry and the market, but they can actually save you money through their marketing, maintenance, and so much more. Most of all, hiring a property manager is going to save you so much time!
Buy new, or newer, rental properties. I love investing in new construction rental properties due to the fact that all of the components are new. New components mean fewer repairs, fewer headaches, and more time saved. The less time you have to put into thinking about repairs and replacements, the better.
Outsource market research. Researching a market may be one of the most time-consuming parts of investing in real estate. If you don’t put in the proper research, you could be in for a world of hurt filled with vacancies, crime, and tenant turnovers. Thorough market research entails combing over multiple data points, including prices, inventory, employment, historical market trends, and so much more. I would advise you to only invest in proven markets, and outsourcing market research is going to save you months and months of your time.
Ensure your properties are in a landlord friendly state. Laws for landlords and tenants can vary greatly from state to state, and seasoned investors will tell you that landlord laws can make or break your experience. Everything from evictions to registrations and licenses are determined by state laws.
Stay committed to one goal. This one is crucial to your success. If you there’s one thing you take away from this video, let it be this: stay committed to ONE goal. If you get distracted and start dabbling in different investment types, you’re going to prolong the time it takes you to reach your goals. This is a big part of why my Freedom Number is so powerful – you set a clear, specific goal, and keep it top of mind. If you haven’t already, you can grab the Freedom Cheat Sheet for free at https://morrisinvest.com/freedom.
Consider working with a full-service team. Investing with a full-service team provides multiple shortcuts for you, including some things we talked about in this video. Property management? Negotiated. Market research data? Compiled. New construction properties? Built and ready to rent. Working with a full-service team gives you access to a multitude of benefits that will help you save time. If you want to learn more, you can schedule a free call with our team at https://morrisinvest.com.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

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