Ask Litra: How Do I Audit My Portfolio at the Start of the Year?

In this episode of Keys to Success, hosted by Litra Simms, the focus is on how to conduct an audit of your real estate portfolio at the start of the year. The comprehensive guide includes performance reviews, risk assessments, operational checks, and setting actionable steps. The episode emphasizes the importance of analyzing cash flow, checking vacancy rates, scrutinizing expenses, and a thorough performance review. The risk assessment segment highlights understanding debt terms, having adequate insurance, setting reserves, and preparing for market changes. Also discussed are practical operational checks like monitoring maintenance response time, tenant turnover rates, and vendor costs. Finally, Litra suggests clear actionable steps like deciding which properties to hold, improve, refinance, or sell. Overall, the episode provides a detailed roadmap for maintaining a successful and profitable real estate investment portfolio.