Ask Litra: How Often Should I Review Existing Deals?

In this episode of Keys to Success, host Litra Simms discusses the importance of regularly reviewing real estate investments and presents optimal review schedules for investors. Litra emphasizes that monthly reviews should focus on tracking income and expenses, monitoring upcoming repairs, vacancies, and lease dates, while quarterly evaluations should delve deeper into portfolio performance, looking at cash flow, expenses, debt, occupancy rates, and maintenance. The episode also instructs on conducting comprehensive annual assessments, examining properties' market value, debt balance, equity, return on investment, insurance coverage, tax obligations, lease terms, and future repair costs. The episode also highlights occasions that require an immediate review, including undertaking major repairs, loans, changes in insurance or taxes, long vacancies, and shifts in the market. It encourages investors to take a proactive approach to property management by conducting regular reviews to stay informed and make rational decisions, prompting listeners to start implementing a consistent review process.