Why is researching your local market essential for a successful outcome when investing in property? In this episode of The Academy Presents: Real Estate Investing Rocks, we welcome Sandra Benenate. Sandra discusses the importance of knowing your target demographic and tenant profile before investing in a property. She shares her unique insights on how to conduct due diligence, what platforms like Facebook Marketplace or Zillow are best for advertising, setting base rents correctly, screening tenants properly, and understanding the leasing process.
Sandra provides her on how to save money by renewing existing tenants rather than paying extra geed for new leases, as well as emphasizing that it is ultimately the owner’s responsibility to set expectations and ensure the management team follows them.
Tune in now as Sandra talks about how proper research, responsibility, and knowledge can make or break your investment!
[00:01 - 01:08] Understand Your Tenant Profile
Angel welcomes back, Sandra Benenate!
Understand the tenant profile you want to attract
[01:09 - 07:44] Take Control Of Your Property
Research the area and know what kind of value you can add to the property
Set base rents and have a screening process for tenants
Control aspects of your property and need to know what you want
A good management team will have the same tenants in there renewing every year
[07:45 - 16:14] Gaining Responsibility For Your Property
Have a leeway to control the demographic by where you put the marketing
Property investment can change your life, but also ruin it if not handled well
Decide how much involvement you want in handling daily ins and out, receivables
[16:15 - 18:55] Closing Segment
Sandra talks about how essential it is to research your local market!
Tune in to this episode to learn more about Sandra!
Tweetable Quotes:
“You need to make sure that you convey this to the property management team because what they consider an approved tenant may not be what you consider an approved tenant.” – Sandra Benenate
“If you're new and you're just coming in, then you're going to want to just follow their guidance. But this is a very hardy investment. This is something that can change your life and ruin your life if you don't handle it well.” – Sandra Benenate
You can connect with Sandra Benenate!
LinkedIn: Sandra Benenate
LinkedIn: Disrupt Equity
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