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Updated over 16 years ago on . Most recent reply

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28
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New investor advice

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Posted

Some times I wonder if we don't go far enough with advice to new investors. Some give great advice on the numbers of investing. But should we also talk about the mind set involved. Are you the type of person who can hand over the keys and still sleep at night, just wondering if your good tenants are having one hell of a party. Also are you ready for the work involved. It takes allot of time to get that first house ready to go. If it needs rehab and you do it yourself are you prepared to work late at night and on your weekends. If you hire it done you had better be there to check on the progress (not as much work but still allot of time). There is nothing easy about this except for opening the rent check and signing the back on the way to the bank. I guess you should also be warned that once you get that first deal done, it seems to get in your blood and you can't wait to find the next one, what starts out as a little investment becomes a fixation of sort...At least it did for me. I know there are things I left out, I just know its not always about the numbers.

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