Vacation Planning

Everyone needs a vacation, and real estate investors are no exception. Take some time away from the daily routine of managing property and negotiating deals, and you'll come back fresher, more enthusiastic, and full of new ideas.

Of course, you want to be sure you don't return to angry tenants and missed opportunities, and that requires some planning beyond your vacation itinerary. Here's some advice:

• Plan ahead. Decide on the dates of your vacation as far in advance as possible—at least three months ahead of time. Block that time off on your calendar and don't schedule any conflicting meetings, closings, or other business activities.

• Choose a slow time to leave. This may not always be possible, but when you can, choose a time when your work load is lightest to take your vacation. For example, if your rents are due on the first, that's not a good time to be out of town. The second or third week of the month would probably be more manageable.

• Don"t work up to the last minute. Consider the day before you leave and the day after you return “semi-vacation” days. Don't work right up until you have to leave for the airport; give yourself sufficient time to pack and prepare for your trip. Similarly, when you return, allow yourself time to unpack, catch up on the mail, and settle back into your routine.

• Arrange for someone to cover for you. If possible and practical, have someone you trust—a partner, a family member, or friend—be available to take calls and respond to any emergencies that might arise with your tenants. If you can't find anyone to do this, check your voice mail daily.

• Be aware of security issues. Arrange to have your business mail held by the post office or picked up by someone you trust while you're gone—especially if you're likely to be receiving payments in the mail. Do not mention your absence on your voice mail announcement—such information is an invitation to thieves whether you work from home or a commercial location. Take appropriate steps to make sure your home and office look occupied while you're gone.

• Consider combining business with pleasure. If you conduct business while you're on vacation—if you look at property, for example—you may be able to deduct a portion of your expenses. Check with your tax advisor before you leave to make sure you do what's necessary to get the maximum deductions.

Finally, and most important, have fun on your vacation—you've earned it!