Recently I started to do a weekly video series called Management Mondays, for all of the landlords out there, what are your biggest challenges these days?

Hopefully it doesn't happen, as these are the biggest money making months of the year. 

) - Gross Monthly Operating Income 1,496.25 Monthly Operating Expenses Property Management Fees Repairs and Maintenance 110.00 Real Estate Taxes 333.00 Rental Property Insurance 51.33 Homeowners/Property Association Fees 10.00 Replacement Reserve 110.00 Utilities - - Water and Sewer - Gas and Electricity - Garbage - Cable, Phone, Internet Pest Control 75.00 Accounting and Legal Advertising Monthly Operating Expenses 689.33 Net Operating Income (NOI) Total Annual Operating Income 17,955.00 Total Annual Operating Expense 8,272.00 Annual Net Operating Income 9,683.00 Capitalization Rate and Valuation Desired Capitalization Rate 10.00% Property Valuation (Offer Price) 150,000.00 Actual Purchase Price 154,000.00 Actual Capitalization Rate 6.29% Loan Information Down Payment - Loan Amount 150,000.00 Acquisition Costs and Loan Fees 4,000.00 Length of Mortgage (years) 30 Annual Interest Rate 3.250% Initial Investment 4,000.00 Monthly Mortgage Payment (PI) 652.81 Annual Interest 4,830.53 Annual Principal 3,003.19 Total Annual Debt Service 7,833.71 Cash Flow and ROI Total Monthly Cash Flow (before taxes) 154.11 Total Annual Cash Flow (before taxes) 1,849.29 Cash on Cash Return (ROI) 46.23%  So no money down and the tenants are paying for you.

As I noted above, your strategy is something that is promoted on the internet and is based on theory. 

The biggest hurdle is banks need to have the ability to go inside, with utilities on to have an appraisal.

What was your biggest lesson from 08?

There are a lot of ways to find these deals, from networking, to cold calling, to direct mail, internet marketing, etc. 

Going to the internet and asking for a list of everything you should and should not do means you are not ready.

This was essentially the biggest driver of the delta.

Your team is almost everything with YOU being a large asset or detriment to that team.One of my biggest mistakes made (of course hind sight is 20/20) was not keeping more rentals while flipping so if you turn out successful flips, don’t stop your buy and hold, increase it with your flip profits.