| by Kenneth Chase | 2 comments

Common Property Investing Mistakes | How to Avoid One of These | Simon Zutshi


– In this video, I’m gonna share with you how you can avoid a very common mistake that most property investors make. Not just new property investors. But I meet many experienced
property investors who are still making this mistake. And I don’t want that for you. So when I first started
investing in property, I was managing my own properties
for a number of reasons. It didn’t take much time
to manage the properties, that was the first thing. But also, I didn’t wanna lost 10 percent of my rental income to an agent to manage the property for me. And to be honest, I
thought I could probably do a better job than the agents. And the other reason was, I
thought wouldn’t it be great to get to know and meet my tenants? Now let me tell you that third reason. The novelty soon wears off. So I was managing my own properties. But I noticed that as I bought
more and more properties, it took more and more time
to manage the properties. And I fell into what I
call the landlord trap. And that’s a mistake that
I wanna help you avoid. You see, if you’re managing
all your properties, it’s taking a lot of time. I found that the amount of time I had to go and buy properties diminished because I was so busy
managing my properties. As I say, one or two
properties isn’t hard. But as you get more properties, you spend more time managing
and less time buying. And I’m sure you would agree that you make money when
you buy the property rather than managing the properties. Now I understand why people
wanna start managing, that’s what I did. But as soon as you possibly can, I encourage you to
avoid the landlord trap. Give your properties
to a good letting agent who can manage them for you. Now of course, you are
still ultimately responsible for your property. You know if something
happens to your tenants, it’s still your fault. So you wanna make sure you
have a great letting agent who knows what the legislations are. And they’re looking after the property and also the tenants and
doing things correctly. And the great way to
find a good letting agent is to get a recommendation
from other investors in your area who are using good agents. Word of mouth is always the best way. So go to your local property
investor network meeting and you could get a recommendation there. But the sooner you get to the point where you get someone else managing, what it means is you have your time back. And for most people I meet, it’s wanting to get
that cash flow coming in so you don’t have to work. Which means you can do what
you wanna do with your time. And I’m sure when people start investing, the plan isn’t to be managing
their properties full time. So get someone else to do it for you, avoid the landlord trap. And what that means is
you can spend your time doing what you want. The reason I’m filming here, I’m actually on holiday
in Denver, Colorado and I’ve come to some
training here with my partner because I’ve got the time to do that. If I was getting calls from my tenants because they’ve lost their keys or there are problems with their toilet, I wouldn’t be able to enjoy myself and have a proper holiday. So I really encourage you to make sure you avoid the landlord trap. As soon as you possibly can, get other people managing
your properties for you. That’s it for now. If you like this video,
please do comment, like below or feel free to share it with anyone you think will benefit from it. As always, I encourage you
to invest with knowledge, invest with skill.

2 Comments

Harriet Thomas

Aug 8, 2019, 9:28 pm Reply

I'm loving your videos. Thank you Simon 🙂

M Khan

Aug 8, 2019, 7:32 am Reply

Thank you Simon. Excellent content sharing experience is priceless

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