3 Quick Tips - lessons learned the hard way
1. Cheaper Property does not equate to a higher Cash Flow
2. Screen your tenants - do background, credit and eviction checks. Have strict guidelines that you abide by and do not break them. Probably the most important thing we do.
3. If your property isn't in good shape, the tenants you attract will make you rethink real estate investing altogether. Keep your sanity, make your rental property a nice, safe place to live in and you will attract stable, clean, responsible long term tenants.
4. If you are going to improve your property, let the neighbors know, inform them that you have individuals working at the property and that if they should have any concerns or problems with the work being, give them your number and let them know they can connect you with any concern that you will remediate the problem. If they can't contact you, they'll contact the authorities.
Comments (1)
Wendy, #4 is excellent advice! thank you. But why would the neighbors be concerned about repairs or improvements to your property? They should probably be thrilled. But if you're doing work without permits, that's definitely a concern, and you want them calling you first before the authorities. Personally, I'd recommend NOT getting permits whenever possibile. It's an extra unneccessary expense if you do work properly and up to code, which I always recommend. I know another investor who likes to make sure all neighbors have his phone # and knows how to contact him. He tells them he will get rid of any misbehaving tenant with no questions asked, which makes his neighbors loyal to him.
Ed B., over 5 years ago