Brokerage firms have developed structured processes to encourage this mentality and force agents to compete with each other.

That's strictly a cashflow mentality since he seldom assumed appreciation.Colorado is experiencing major appreciation, so you could lower your payback standards since your profits would come from appreciation.Finishing the basement: Assuming $15,000 to get an extra $250/month, that's a payback of 60 months or 5 years.

I do a Mental Rehearsal before starting a project.What do I do if X should happen?

Also, if you're reading a good book and it mentions a U.S. law, or custom, maybe just make a mental note that it may be different near you....then ask other investors what their thoughts are....The networking will do more for you than you can imagine!!! 

Justin Seng you need to have the mentality that 99 percent of all reasons tenants give you for not paying rent or paying late aren’t valid.

Three months ago I quit my job and started a private practice (mental health).

. - Lot more inventory to work with (flexibility)- I see many affordable homes 150k-250k range and multi unit homes around 250-400k range- Thinking of buying between or near UNLV university/ main strip so I have faculties, staff, students from the universities as well as employees from the casino/hotel- Property Tax is cheaper (but can be a con in other states).Con & other inputs: - I feel like Las Vegas have short term residence more than long term residence (most of the properties seems to be owners who are not purchasing to live but to use it as vacation home or short/long term rentals.... so many properties can be vacant and potentially allow squatters/long eviction process)- Nevada law require a "responsible" person aka landlord/property management within 60 miles - Distance (I like to buy my properties locally because I can stop by or fix something if needed either by myself or contractors that I work with/familiar with- Property Management fees since long distance - Finding a property management company that is reliable and trustworthy. - Unfamiliarity with the area/surroundings- Lower Rent compared to CA but I know I can't compare apples and Oranges (But I don't want to invest just to break even)------------------------------------------------------------------------ Tax questions ***Some state does not have tax on income(?)

I am excited about this mental shift and it has been a refreshing way to change the transactional mindset that flipping had become.  

Unless, of course, she managed to scrape up enough money for a down payment on her own property.Those are the consequences of tenants with an entitlement mentality treating their landlord's rules like filth to be scraped off their shoes.

If you go into it with the mentality of hoping for the best, but prapraring for the worst, you will do ok.