Ten rental property owners share what they believe is the single best piece of landlording advice that they have ever received. Here are their school of hard knocks words of wisdom:
1) Like Reagan said, “Trust but verify”.
2) Treat residents well!
3) Hang out with like-minded people. Ask to shadow a successful landlord in your area.
4) Don’t underestimate the actual cost of owning real estate! Many studies indicate total
expenses including vacancy, etc. will average around 45% to 50% of gross income.
5) Compared to a bad resident, a vacancy is a delight.
6) Put your rental criteria in writing.
7) Figure out who you want to rent to and only buy/fix properties they will rent.
8) The landlord is in charge. The resident is not!
9) Make sure you have a fantastic lease that covers everything – Everything!
10) Five years from now YOU WILL BE the books you read, the audios you listen to, and
the people you associate with. Wealth creation is between the ears.