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Friday, December 31, 2010

Property Investments and Tenant Management

I finished reading Your Tenants, Your Jewels by Renesial Leong yesterday. The book belongs to Sara who bought it at Wealth Summit. According to the book, only 1% of the population in any country is actively practicing property investments. Why?
Today I found out some of the reasons from a personal experience.
Many people feel that property investment is a big hassle.  Not only you have to come up with the cash for the deposit.  After you finally get the property, you may have to repair it, renovate it or furnish it.
Then you have to look for a tenant or a few tenants.  For example if you are renting your apartment to students, you will have to look for a few student tenants. You have to deal with their parents.  They might call you for every little problem that arises.
So, in summary, there are a lot of people who do not know about the rewards of property investments, and based on their own narrow views, they just push the whole idea aside.  They said things like they would rather invest the money in business than worry about petty things like that.
And so, there remains only 1% of the population who would go through all these trouble (and in fact, we enjoy doing it!) and become property investors.
Yes we enjoy it.  Property selection, furnishings selection, cleaning up and seeing the beautiful end result.  Tenant selection and management.  Money in the bank passively every month.  For all the benefits of property investments, there are just very few people who know the true beauty of it.  And then there are the people who do not know, but keep "pouring cold water" onto other people who may be interested to start.
My advice to all property investment beginners: don't listen to the negative people.  Check and see how many properties they have.  It is no wonder that they have none (aside from their own house).  Check with the people who do have the properties, and learn and listen to them.

1 comment:

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