Best Tid Bits of Advice on Real Estate Investment I've Heard

So this will be a rapid fire list of quotes, advice and tidbits of experience I've come across that I've taken to heart and have helped me immensely. Hopefully you'll find some of these things useful:

- Treat real estate like a business, not a hobby

- Don't make friends with your tenants

- Be fair, but firm. Especially when it comes to tenants, have a policy regarding rent collection and don't let any sob story sway you

- It costs twice as much as takes twice as long as you think. Make sure to add in a contingency to your rehab budgets.

- Never pay a contractor the full amount up front

- Vet everyone... call references

- Never skimp on screening tenants

- If a prospective tenant needs some help regarding the deposit, do no rent to that person.

- Don't be cheap on rehabs, use licensed contractors/quality employees and good materials. Otherwise, it will cost you more in the end.

- Don't over-remodel, you don't need granite counter tops in C area.

- Hire slowly and fire quickly.

- Treat everyone with respect.

- Ask for what you want. The worst someone can say is no.

- Never trust a pro forma.

- Always verify the rent roll.

- If the property is older than 30 years, scope the sewer line before you buy it.

- Pick a niche and master it, don't be a jack of all trades and a master of none.

- Don't neglect accounting.

- It all comes down to the quality of the deal. You can have a buyers list that's a mile long, but it won't matter if you have a bad deal. A good deal on the other hand, can be posted on Craigslist and under contract the same day.

- Be honest and do business with integrity. In the long run, it works out by far the best.

Feel free to add any more in the comments if one comes to mind.