Land lording with fears of non paying renters/squatters etc

[Colin Sexton]

Howdy!  Super new here y'all but I'm thinking of buying a fix and flip and (or) also a place to rent.

My concerns are with covid people didn't have to pay rent but landlords still had to pay mortgage. If that were to happen again is there anyway to protect us as landlords?

Also if I buy a place to fixe and flip and I get squatters in there while I'm not there working (8 hours away so can only go on weekends) how to I protect my self against that or kick them out?

Thank you in advance! :)

[JD Martin]

Quote from @Colin Sexton:

Howdy!  Super new here y'all but I'm thinking of buying a fix and flip and (or) also a place to rent.

My concerns are with covid people didn't have to pay rent but landlords still had to pay mortgage. If that were to happen again is there anyway to protect us as landlords?

Also if I buy a place to fixe and flip and I get squatters in there while I'm not there working (8 hours away so can only go on weekends) how to I protect my self against that or kick them out?

Thank you in advance! :)

 Well, for starters you'll have difficulty being successful if you start from a place of fear. You need self-confidence to be in this business.

Beyond that, everything starts with your processes. If you put good processes in place and follow them to the letter, you are going to avoid 97% of all problems. That means there's still a 3% chance you'll be dealing with squatters or other bums. Your process covers that 3% as well. You just don't stay up nights worrying about that 3%. It may happen at some point. If you've done good homework, there's a very minute chance of things going wrong.