If you’re thinking about investing in San Antonio real estate, you need to get to know the market and the opportunities. You need to surround yourself with local experts and industry leaders who can help you make smart business decisions. To be a successful real estate investor in San Diego, you need to be willing to watch and learn.
It’s very important to study what other investors have done.
Every investor is unique. But, our years of experience have demonstrated that many investors are successful for the same reasons.
Today, we’re sharing some of the top reasons that investors are successful in the San Antonio, New Braunfels, and Converse markets. We work with a lot of investors who are enjoying great success while their investment portfolios continue to grow and perform.
We’ve found that three things in particular can predict success in people who invest in our local market:
They know their numbers.
They treat their rental property like a business.
They value professional advice, and leave their property managers alone to do what they do best.
These three things nearly guarantee success. If you’re thinking about investing in a rental property in San Antonio, make sure you are ready to embrace those characteristics.
San Antonio Landlord versus San Antonio Investor: There’s a Difference
Working in property management, we have learned that there’s a difference between a landlord and an investor. The challenge of being a landlord is that you’re committed to doing everything yourself. You’re marketing the property and screening residents. You’re managing security deposits and lease agreements. You have to maintain the home and respond to tenant issues and conduct routine inspections. You have to collect rent and figure out what to do if it’s late. You have to know the laws and follow them.
There are two limits that you’ll bump up against with every home you self-manage: time and knowledge. You have to make sacrifices elsewhere in your life when you decide to be a landlord and take care of your rental property on your own. You run out of time in the day. If you have two rental properties, managing them on your own might seem completely possible. If they’re low-maintenance and you have great tenants, it’s probably not bad. With 10 or 15 rental homes, however, you’re not going to have enough hours in the day. You will always have one property with a vacancy or a maintenance emergency or a resident who needs to be evicted.
Your free time vanishes and your income is no longer passive.
You also have to come to terms with the fact that you probably don’t know everything you need to know as a landlord. There are a lot of laws to work with, from federal laws such as the Fair Housing Act to state and local laws like the Texas Property Code. Things are different here than they are two towns over. If you don’t know what the laws are, you can find yourself getting into some expensive legal trouble, and that’s going to hurt you.
Move from the mindset of a landlord into the mindset of an investor. This will dramatically increase your odds for success. You’ll start with one property and maybe manage it on your own, and you’re doing fine as a landlord. But, as you begin to buy more properties and think about future investment opportunities, you need to allow a shift in what you’re willing to do yourself and what you’ll hire others to do for you.
Successful Investors Know Their Numbers
Numbers are important when you’re investing in rental property. Sometimes, new investors don’t understand that the numbers indicate whether a deal is good or bad. You have to do this math before you invest, otherwise you could be in for a surprise. For example, maybe you will expect a higher rent than the market will allow. If you hold out thinking that you’ll get your higher rent, the property is going to remain vacant for much longer. Find out where the rent will be before you buy.
Your property management company can perform a rental market analysis and let you know the starting point for any investment you’re thinking of making. The market changes from season to season and even from month to month. If you want a certain rental amount and you’re unwilling to be flexible, you might find it difficult to be successful as an investor. You’ll have no rent coming in, and your numbers are not going to look good.
Rely on your professionals. Property managers can find you a good resident at a good rental price.
At Mynd Property Management, we have the belief that when investors win, we all win. A vacant property isn’t going to make anyone happy. It’s stressful and it’s expensive. Putting the wrong person into the property can be just as bad, so you don’t want to be in a position where you’re feeling desperate for a resident. Just having a resident in your property and paying rent doesn’t automatically mean you’re going to be successful with your investment. A bad resident leads to more problems.
To be a successful investor in San Antonio, let your numbers dictate your deal. Put together a smart team of experienced professionals to give you advice, resources, and support. And remember – you’re running a business.
If you want to learn more about investing in San Antonio, New Braunfels, or Converse, you can contact us at Mynd Property Management. We’d be happy to help you throughout your entire investment experience.
We also have other opportunities to connect with us and learn more about investing in San Antonio. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.