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Build Income and Wealth with Residential Proper ties

beginning. Even worse, if you violate some legislated (or court-dictated)
tenant rights, the tenant may end up collecting a large sum from you.
8. Persistently work to increase your rent revenues: Even the perfect value

proposition becomes less perfect—or even obsolete—over time. At
least every six months, put on your Sherlock Holmes hat. Perform
some detective work. Search through the “for rent” listings of classi-

fied ads, web sites, bulletin boards, and other potential sources. Focus
on properties (more or less) similar to those you own.
Make phone calls. Visit units. Check out their condition, appeal,
rent levels, application procedures, and lease terms. Then monitor
your findings. How quickly are the units renting? What patterns or

trends do you notice? From this market research, execute ways to
profitably revise your value proposition.

What property features should you add (or upgrade)? Does the mar-
ket justify a rent increase (or maybe even a decrease)? What market gaps
(scarcity) or surpluses (lingering vacancies) are emerging? Should you

reposition your properties to target a more profitable market segment?
What percent of all rental property owners systematically sleuth
about their competitors? A majority? Or very few? You know the
answer: Very few.
As a result, entrepreneuring in real estate offers many profi table
opportunities.
In acquisitions, you can nearly always fi nd ways to immediately enhance
the rental revenues of a property, and in operations, you will enjoy higher
occupancy rates, quality tenants, and longer-term residencies, for one very
simple reason: You understand possibilities that your competitors never even
knew existed. To help you determine what kind of real estate investment suits
you download and complete Exhibit 14.2 , The Real Estate Investor Self-
Assessment at www.trumpuniversity.com/wealthbuilding101 .

Downloadable Exhibit 14.2 Real Estate Investor Self-Assessment*
Question 1: Do you prefer to work on your own, or would you like to join with

others to share equity financing, work, responsibilities, and decision making?

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