Landlords reveal what advice they would tell a new investor if they asked about being a landlord now – (especially given the current state of affairs).
How Do I Survive Now?
- Check your state and local laws carefully (particularly for various state and federal eviction restrictions and moratoriums.
- Work alongside a seasoned landlord for one month as an unpaid intern.
- Screen potential tenants like your livelihood depends upon it, because it does depend on it.
- Spend one hour every day reading landlording forums like MrLandlord.com/LandlordForum.
- Create or modify your lease so that it covers EVERYTHING. Have a real estate attorney review it.
- Don’t be in a hurry to buy a house, and don’t fall in love with the house you’re buying.
- I also add my two cents: Right from the start, learn all you can about how to run a rental business (not just how to manage properties), AND put your trust in God.