Multifamily Legacy Podcast 114: Multifamily Properties: Three Mistakes To Avoid
Getting stir crazy due to the COVID-19 crisis? The sooner we can get back to work, the better. About all you can control during this difficult time is your attitude. Stay positive.
Today, I'm talking about three mistakes that you must avoid in the multifamily space. There is no 'Easy' button. Doing the right thing involves communication, compassion, and community.
Topics on Today's Episode:
- Mistake 1: Avoid accepting checks from tenants
- Solution: Set up, register, and pay via automated clearing house (ACH)
- Mistake 2: Avoid not owning your software
- Solution: Install your software, then give access to management company
- Mistake 3: Avoid paying bonuses for people doing their job
- Solution: Pay bonuses for profitability and being proactive as incentive
Links and Resources Mentioned:
- Kahuna Boardroom (Early Bird Special is $5,000)
- Kahuna Investments (Deal Room)
- Yardi
- AppFolio
- Rent Manager
- Mastermind Group
- Copy Your Way to Success
- Quick Start Workshop
- Multifamily Legacy Podcast on YouTube
- Multifamily Legacy Podcast on Facebook
Quotes:
"I cannot stress enough the power of having an ACH set up. You should be using it, you should adopt it, and you should make it just part of what you do." - Corey Peterson
"It only makes sense to own your data." - Corey Peterson
"Your profit's made in your budgeting, in your staff, in your people, and your systems." - Corey Peterson
"It should be a reward to get a bonus." - Corey Peterson
Don't forget to download my Free Workshop Quick Start Video Series, and if you like what you have heard please leave a review on iTunes.
Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family.