Best Tid Bits of Advice on Real Estate Investment I've Heard: Part 2

For Part 1

- Live below your means

- Don't wait for good things to happen, be proactive

- Never buy something you can't re-sell in 45 days (hat tip @Gary Thomas)

- Unless extreme circumstances, never buy something based on appreciation or cash flow if it doesn't have equity in it at the time of purchase

- Use a deadbolt and a pass through knob instead of keyed knob for exterior doors. That way tenants can't lock themselves out

- or at least charge tenants if you have to go over and let them in 

- Don't waive late fees for tenants, otherwise paying rent on time will become optional

- Make sure to maintain some cash reserves 

- Under-promise and over-deliver

- Never meet with tenants at your home, even if that means you meet them at a local fast food joint, always maintain a professional relationship with them

- Remember, not every maintenance call is an emergency, even if the tenant makes it sound that way

- Always review time cards and cost sheets from employees, and ask about anything that looks odd, just this practice alone will help keep them honest

- Remember, no employee is indispensable, if they start to believe they are, that's a really bad sign

- Be willing to ask for what you want, especially from a seller

- Get organized (GTD is a great way to help with this)

- You will eventually need to hire someone, deal with it

- You will eventually need to fire someone, deal with it

- Don't give employees the title of "supervisor", they will automatically go into delegation mode and stop doing real work

- Remember to have fun, all work and no play will make Johnny a dull boy

Again, feel free to add any more in the comments if one comes to mind.