It appears that many individuals experience a moment in their lives where they aspire to become a landlord. With the prevalence of reality TV shows and success stories of those who have transitioned from full-time work to earning substantial sums of money through rental properties, it's understandable why people view being a landlord as a profitable and enjoyable endeavor.
Although, historically, owning investment real estate, is considered, a quality, relatively - safe, vehicle, it takes some knowledge, understanding, planning, and carefully, choosing the right/ appropriate property, to do so!
Adding properties to your investment portfolio diversifies your risk and can certainly lead to more passive income, but with more properties comes more challenges (and more work). If you have the time and skills to manage multiple properties on your own, more power to you.
Sending properties to thousands of people sounds much more appealing than sending a property to a small handful of individuals. The chances of selling your property are much greater if you send it to thousands of people, right?
Any tax person will tell you that you should save a receipt for every business-related purchase, no matter how small. Even so, many landlords are not keeping a paper…
Wholesale real estate has a controversial reputation and has even faced legislative restrictions in various places such as Oklahoma and Philadelphia. Regardless of the legal and ethical considerations, however, wholesaling can be done in an above-board way. Furthermore, wholesalers can provide some very good deals for end-buyers.
As a landlord or property manager, one of the most frustrating situations you may encounter is a tenant who fails to move out of the rental property in a timely manner. While most tenants will honor their lease agreements and vacate the premises on or before the lease expiration date, some may remain in the property even after the lease has expired.
When it comes to investing in real estate, you may be tempted to stay close to home, and this is understandable. You’re more likely to understand the market and feel more comfortable being nearby while looking for tenants or collecting rent. It may seem daunting, but several real estate investors find it lucrative to seek out markets in other cities or states in order to secure more affordable investment properties.
Getting rid of bad smells after a tenant moves out is one of the unpleasant parts of being a landlord. But, if you don’t take the time to do this, issues with funky odors or a foul stench can severely impact your cash flow.
There have been some discussions lately about the legitimacy of wholesaling. Others argue that it can be done properly with full disclosure and reasonable margins between the wholesaler’s purchase price from the original seller and the sales price to the end-buyer.