The biggest difference between successful individuals in any field and civilians is that the successful individual is willing take action faster, and adjusts for results sooner.

We considered many factors, some of which have already been mentioned.Condition of individual unitsPayment history of current tenantsMarket rentsLease expirations per unitLow rental seasonVacanciesThe first thing we realized was rents were definitely way below market, so there was definitely going to be a general increase, then based upon the previously mentioned factors, we evaluated each unit and respective tenant and made increases accordingly.

Yet in some aspects of REI an appraiser is needed and a realtor isn't.Banks and lenders have more use for appraisers whereas individuals lean more toward realtors.

I'm brainstorming on the expense side this evening, and I'd be interested in hearing turn-around stories from properties you have purchased, tips or tricks you apply to your individual properties, or any other broader concepts that have helped you control the expense side of your investments.I just purchased my first duplex in July and am currently renovating one of the units.

Household income for these individuals are $100k+ even with one salary.

Suffice to say we have several years until we bump up into our limits (currently 10 for me, 10 for the wife), and I fully expect for the lending to look very different at that time.Depending on how you title these properties and how strong your income is individually and your wife's income is individually you may not get past 10.The good news is once you get into the commercial financing world things get much easier really fast.

Multiply that by four.If your question is can you convert this multi-unit building into condos (which you could then sell as individual units) that's an entirely different set of challenges.

For individuals still having trouble finding deals, I would actually counter what others have said.

I've picked up entire rental portfolios from mom and pop landlords and then spun them off individually.

All are on separate electric meters (thank goodness) and have individual laundry facilities.