What’s Your Plan? Or Do You Have one?

Your Landlord Plan

It’s amazing how often a landlords plan it to invest in a rental property and rent it out. There done, that’s my plan. But is it a plan or is it a part of a plan.

In the following video I talk a little bit more about landlord plans and hope to provide you with some clearer thoughts about what your landlord plan should be.

I experimented with some close ups (sorry if I scare anyone), and my new microphone had the volume levels too low so hopefully you can still hear it. As always, love to hear any feedback you may have so leave me a comment, send me an email and be sure to share with any other landlords you may know.

Hey, if you have a plan and want to share it for inspiration for other new landlords out there, we’d love to hear it so leave a comment below. Hope this video helps with your landlord education. As always, if you have other areas you’d like to see videos or articles on, let me know.

Landlord Plans Update

I just finished a chat with an aspiring landlord this morning. He’s nearing the end of month three and getting ready to start month four of his two month renovation before it’s ready for tenants.

He had a plan, but couldn’t stick to it for various reasons. And that’s fine, sometimes your landlord plan has to change to fit the landlords situation!

Just remember that plan is what will get you to the end, so if you have to adjust your plan, make the adjustment to continue to move you forward.

With the fellow I talked to this morning, his challenge was lack of time as he was doing all the work. To help him get back on track I recommended his plan change to include some paid workers to get the property back on track.

His two month over run cost him not just his mortgage payments, but utilities, taxes, insurance and his lost time. Worse yet, he had tenants lined up and the delay could end up costing him another month of vacancy once he’s done.

Spending $1,00 even $2,000 to get it done, now, will change the plan, but it will get ti back on track as well.

So the lesson here is be ready to adjust and correct plans that don’t work!