Your tips for investment property?

Discussion in 'Landlord & Rental Property Questions' started by SteakTartare, Mar 24, 2014.

  1. LindaKay

    LindaKay Guest

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    I guess it really depends on where you live, what's available and your own situation. I have thought about buying a cheap house and fixing it up, then living in it for a while, then reselling it and buying something else to do the same thing. I just don't know if I would like the instability of it all.
     
  2. Stacked

    Stacked Active Member

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    All depends of your looking at a long term investment property or short term like a flip.
     
  3. wanderingwildman

    wanderingwildman Well-Known Member

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    I agree with stacked. You have to take into consideration if you are going long or short. It makes a big difference.
     
  4. Kate

    Kate Senior Investor

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    My biggest tip is to find a property manager who is *good.* Who knows the business top to bottom. For us, that happens to be a real estate agent who is well respected in one of the country's biggest cities. He has to be the best because of the competition and that's always a very good thing.

    Your property manager will need to do more than collect the rent... s/he will want to go by for inspections as often as they think is necessary. And things like driving by to be sure lawn is mowed... snow removal is taken care of, and so on.

    I'm in a different state than the rental house and besides sending me the checks, the only issues I need to be involved in are things like approving appliance purchase, yearly maintenance such as a termite check and furnace maintenance. Oh, and choosing/approving tenants, of course. I've never had to dispute what he recommended in any of these areas... and not having to do things like choosing appliances is important to me... especially being so far away.
     
  5. waseem59

    waseem59 Well-Known Member

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    Please give tips other than real estate , if you have some more idea please share it for investing in good business
     
  6. dianethare

    dianethare Senior Investor

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    Even for a landlady who is so tempted to curse at the deadbeats that have fallen my way in the name of tenants, such advice is on point and very applicable, learning lessons, the bitter and hard way but as its said, 'its a learning curve' and everyone must pass through it!
     
  7. Kate

    Kate Senior Investor

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    Our property manager is excellent... and absolutely trusted. Sometimes, as in our case, the homes you're renting out are not local. Ours are not even in my state, so there's really no choice but to find a trusted property manager. He is also a real estate agent and has taken care of everything we've ever needed done.

    We're considering buying a house for investment purposes closer to home, but there's absolutely going to be a property manager for that one as well. You are 100% right that it needs to be someone who is trusted and with a good track record, DivvyDiv!
     
  8. Thehick

    Thehick Member

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    Investment property is like any other business, a fact that would-be landlords often overlook. If you bought a business and turned it over to a manager and became an absentee owner, how long would the business last? If you extended credit without fully qualifying your credit customers, how many of them would default on you? Rental property often attracts people because they believe they only have to buy a property, collect the rent and occasionally unclog a toilet. A major misconception. It's a business and has to be run like one whether you have one property or one hundred.
     

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