This may be so obvious that you’re missing it.
We real estate investors talk a lot about buying more properties.
But we fail to talk about optimizing what we already have.
That’s possibly because the topic isn’t exciting. But I’d argue that it is equally as important to you bottom line.
To make things easier, I’ve attempted to frame out the discussion.
Check out my article at Landlordology:
The 5-Day Roadmap
In the article, I expand on what a 5 day brainstorm might entail:
Day 1 – Focus on ways to reduce your rental expenses
Day 2 – Challenge yourself to completely eliminate expenses. What can you do without?
Day 3 – Brainstorm ways to create additional income streams. My book 40 Ways will give you a big head start with this.
Day 4 – Work on optimizing your business. Bring it back into balance.
Day 5 – Focus on the neighborhood surrounding your rental. What can you do to make it nicer and grow the demand for living in your rental. My book How to Build Wealth with Inner City Rentals give you more details about this.
Take Away Lessons
1 – Be intentional about your financial freedom.
2 – Don’t under-index your potential. Your rentals can generate a tremendous amount of revenue if you allow yourself to think creatively.
3 – Build up your discipline to focus on your rental for 5 days each year. You’ll be surprised on the return on investment.
I’m planning to develop some checklists and playing cards to help you brainstorm these ideas. Do you think it’s a good idea?
Leave a comment below and let me know what you think.