Rental Property Ownership 101

[John Williams]

Drop your top tip for new/inexperienced landlords. What is something you wish you would have known when starting investing in long-term, buy-and-hold rentals? I'll start:

Rental property investing can be a great tool to build wealth! I'd suggest the need to budget for reserves. Have a bank account for vacancy, maintenance, turnover, and CAPEX. Fund the account initially and make monthly contributions to it from the rent that is collected (even in months where these expenses do not occur). If you have sufficient reserves, most problems associated with rental property investing can be mitigated!