D
ana Bull is shifting her focus from acquiring new properties to optimizing her existing real estate portfolio in 2025. To boost revenue, she plans to concentrate on three key areas: insurance, taxes, and renovation costs. As insurance rates continue to rise, Bull advises investors to shop around for better deals. She's taking a more proactive approach this year after noticing significant increases in her own insurance costs.

    Bull is also tackling rising property taxes due to increased property values. While the tax rate hasn't changed, the higher valuations have led to substantial annual tax hikes. For instance, one of her properties will incur an extra $2,000 in taxes annually. She recommends appealing property assessments if you believe your property is overvalued and can provide supporting evidence.

    Renovation costs are another area where Bull aims to make significant savings. With contractors' pricing varying greatly depending on market conditions, she advises shopping around for quotes. Her experience has shown that meeting with multiple contractors can be time-consuming but may result in substantial cost savings – up to tens of thousands of dollars.