Knowledge - Expertise - Continues to learn. 7.

Continuous rent for 8 years.

Since hazard insurances lapses every year a lender must continually get updated declaration pages to ensure coverage.

Fast forward a few years & after getting my own re license & taking a 24 hour pm class as continuing education for that re license, when looking over the applications the pms are using, I'm recognizing big holes in the screening process, when reading the pm agreements for landlord's, I'm seeing big holes as well - no real responsibility being accepted by the pms, but tons of fees for both me and the tenant & we decided to run our own rentals.

As municipalities across the country continue to run out of money, you will see more of this.

For that matter, we need to, as professionals, continue to learn and educate outselves, so never stop learning, either here or in a book or in the trenches with a mentor.

(This is a very important question - too much detail to go into)This is just 30% of the work for one deal that continues to give indications it is a good deal, most of the time (95%) you will not get this far before you ween them out of your sights.It is called due diligence.I could write a whole book on this alone but this is it a nutshell, which really doesn't encompass everything that needs to be done to see if this is a good deal to invest your time into.Time is money and money is time.Don't chase everything you see or do not try the shot gun approach, hoping one sticks...

I will continue reading the forum posts and blogs.

Please, any advice would be greatly appreciated, while I continue to immerse myself in the forums here.

Always have a reserve in place to be able to pay for unexpected repairs as they're sure to surface over time.Even with the unexpected road bumps, I continue to be a huge believer in real estate as a critical component of investment strategy.