Christian Osgood says successful landlords physically walk their properties regularly. By owning larger buildings far enough away to justify trips, he spots problems like code violations and broken machines before they become expensive. He calls it management by walking around.
Chapters
If you want to fail at real estate, just skip walking your properties. Like, just never visit them. This is why I buy bigger buildings, by the way, so you can actually travel out. It's always worth the expense. This is about 2 hours from my house. These buildings, I'm just walking the grounds. I'm going through, cleaned up a shopping cart that was sitting on site. Looks trashy, but overall this one actually looks really good. I've been to properties we've walked around, there's barbecues outside, outside of code. There's insurance violations. The laundry rooms have a machine broken and no one reported any of the things. I've come and we fixed a lot of stuff. We call this management by walking around. If you're not doing this in your portfolio, you need to start immediately. This is one of the most important things we do. If the only reason you're not walking your properties is they're so small it's not worth the trip out, probably go out and buy some bigger real estate.