Author: Memphis Buy and Hold

With so little financial education readily available, it’s no surprise that few people know how to manage their finances. So how do some people kill it, while others struggle? Here are 7 habits of financially successful people.

Being able to collect rent on time is one of the most fundamentally important aspects of being a landlord. Unfortunately, it’s also one of the aspects that feels most out of your control. Many new landlords think it’s up to the tenants to pay rent wherever and whenever it’s due and your only option is to evict those tenants who don’t pay on time.

Many people appear, to automatically, believe, people, who rent a place to live, aren't able to afford, to buy a home. However, many individuals, don't want to own a house (prefer to rent), for a variety of other reasons. This may be, because they are uncertain of how long, they will live in a specific area, whether they will enjoy the particular neighborhood, aren't comfortable with the unknowns of home - ownership, or don't want the responsibilities, etc. With that in mind, this article will briefly attempt to consider, examine, review and discuss, some of these reasons and considerations.

Rental property can generate monthly income while building equity and appreciated value over time. Get-rich-quick success is rare in real estate investing, but rental property can be a sound investment when buyers act prudently based on thorough research and planning. Investing in real estate carries risks, and stakes are high. So it’s vital to understand — among other things — the relationships between a property’s purchase price and the revenue it’s likely to generate in the short and long term.

Managing rental properties can be a tedious process sometimes landing you into legal issues. As a property manager or owner, you should think about preventing problems even before they occur to have an easier time maintaining order.

Hiring a property manager is a daunting task. REIs around the country are tasked with the idea of trusting someone else with their livelihood, and they are often coming to the decision that it is not worth the risk. However, a good property manager could be the difference between you reaching your fullest potential as a real estate investor. Now, this does not mean anybody is qualified to manage your rental properties.