On the Hunt
Get your hunting skills ready, as we’re on the search for investment properties. The most successful real estate investors are constantly on the search for the most profitable investments.
When they find them, they find the way to maximize those profits. That is what we want to share with you today.
Prepare to find the real estate investing advice you need to make money in real estate. With time, you can be considered one of the most successful real estate investors in the business!
Secrets to Making the Most Profit from Your Investment Property
We like to share secrets here at Mashvisor. We also like to share real estate analytics with you about your investment property. Mashvisor is able to provide you with a property valuation along with other real estate investing tools. In this way, you are able to make that critical decision to put your money in an investment property, or not.
Now, we share with you the secrets of the most successful real estate investors, and how they made their massive rental income!
They Increase Rent but Remain Competitive
Pricing a property unit too low will allow you to blend in just fine with the US real estate market you’re in. But that’s all, you’ll just blend in! The most successful real estate investors avoid just blending in and instead want to be diverse and unique. That diversity prevents them from missing out on thousands of dollars in rental income.
One way they accomplish that is by correctly figuring out your costs vs. revenue of each rental property under your ownership. Location is one of the biggest influencers on the rental rates you have the ability to set. Step back and ask yourself: “How much can I rent my property for?” Do your real estate market research and get a feel for what the market rental rates are looking. Your rental property will be different from the rest, so make sure you are setting the rate your investment property, and you, deserve.
Advertise 4-6 weeks out from your lease end and aim to get the most you can for the rental property. The most successful real estate investors know the value of their rental property and know how to set rental rates. These rates will be attractive to both the tenant and to you as a real estate investor.
The Most Successful Real Estate Investors Work Smarter, Not Harder
We know you have heard the phrase ‘Work smarter, not harder” plenty of times in your life. This is something you need to implement into your work ethic if you have any hopes of becoming one of the most successful real estate investors.
The 21st century has contributed a number of innovations to our lives that have allowed us to work much more efficiently. Technology is one of the biggest innovations that have had the most obvious effect on our lives. Imagine a world without technology. That would mean no Mashvisor products available to you as real estate investors. That would be a sad world.
However, that world does not exist, and instead, we have the ability to utilize all the technology we want. This is what you need to do as a real estate investor. A little marketing research goes a long way when you want to put your investment property out there.
Social media platforms like Instagram, Facebook, and Twitter have allowed us to reach the world at the click of a mouse. YouTube will allow you to put videos of your real estate investment property and link the tenant applications in the description. Tenants will pour in, all at the click of a link.
Google is able to show you millions of searches for all your real estate investing questions, and you’ll find a number of real estate investor websites. Mashvisor provides you with the real estate analytics you need as a real estate investor. Vacation rental websites are perfect platforms for your vacation rentals to be introduced to the world. What we’re trying to say is: Use technology! You will be able to finish tasks far more efficiently and move steadily in the real estate business if you do.
Property management has never been easier, and rental property passive income has become easier than ever to make. So make it! Work smarter, not harder. Don’t take that in the way that some extra elbow grease isn’t going to be needed from time to time. Working hard is part of the job. However, if there is a far more efficient way to get that job done, choose the smarter way to work, not the harder.
The Most Successful Real Estate Investors Take Advantage of ALL Tax Breaks
This is like a 6th sense for real estate investors. Writing down every possible allowable expense reduces your taxable profits. You know what that means: A lower tax bill and some extra cash in your pocket.
You should claim all the maintenance and repair costs on your investment properties. Keep them in the best condition possible, so you can find tenants more easily and charge higher rental rates. Yes, that is the sound of money. We, too, like the sound of it.
You are also able to deduct mortgage interest, along with the costs you found yourself paying as you were buying your investment properties. You are not able to deduct the latter all in one year, so instead do it through annual depreciation. This is because properties are considered assets like vehicles or machinery.
Related: The Right Way to Do Taxes as a Real Estate Investor
Unlike those assets, your rental property should increase in value over time so long as you did the right research when you were buying it. Other deductible costs to include are insurance, business-related travel, contractors, and home office expenses (if you have one).
That’s All, Folks!
We have just given you some of the top secrets to becoming one of the most successful real estate investors. The main method you get compensated as an investment property owner is through rental income. Using these tips to your advantage will allow you to maximize that rental income and thrive as an investor.
Everyone likes a little extra green flowing into their bank accounts, especially real estate investors like you. Watch the money stack as you utilize these secrets, and watch as you rise to the top of the most successful real estate investors list. You can do it, and we’re here to help you do it.
To learn about the strategies used by the most successful real estate investors, click here.