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Are You Scared To Buy Your First Rental Property?

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Buying your first rental property is a big decision.  You know why you want to do it…to increase your wealth of course…but taking that first step and buying a property is huge! What are your biggest fears as a new real estate investor and landlord? I bet I can list almost all of them here as I’ve heard them before from new landlords and also experienced them myself when I was first starting out: I’ll pay too much for the property I don’t know if I have enough money to do this I don’t know how to set this all up at the bank I’ll end up with a money pit that needs constant repairs I don’t know how to do house repairs I won’t know the first step about being a landlord I won’t know what forms to use for my rental property I won’t know what to charge for rent I won’t find any tenants and my property will sit vacant for months If I do find tenants, they will be the tenants from hell I’ll get a million calls in the middl...
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Real Estate Investing - Never Stop Learning

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  When you’re just getting started as a new landlord and buying your first rental property, the learning curve is very high.  There is an enormous amount of information to find, read and gather before you take the plunge.  Some examples include doing a Property Analysis before buying, all aspects of managing your rental and how to deal with problems as they arise.    Finding The Information You Need To Succeed All of the information you could ever need is available online but it’s time consuming to sift through it all to find the useful articles and true expert landlords that can help you along the way. It took me many years to find everything I needed and create a system for myself to keep my rental property business running smoothly.    What starts out as a difficult task though, soon becomes a joy as your confidence grows, your rental business grows, and you see a significant increase in your net worth.  Eventually you w...
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Essential Rental Property Forms

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In this day and age, there is a form to cover every possibility in the rental property business. From pet leases to utility sharing agreements, everyone will agree “it’s best to always get it in writing”. Making sure that all of the rules are clear before a tenant moves in leads to fewer disagreements and a cooperative landlord/tenant relationship. These signed documents can also protect the landlord if a sub-standard tenant should slip under their radar and take up residence. If you are just starting out with one rental property, there are 4 essential rental property forms that you should have on hand before you start to look for a tenant.  You can click through if you would like to purchase any of these forms for your own use. Application Form The Application Form i s the first form that a prospective tenant will fill out for you during the first meeting if they are interested in renting from you. It covers the personal information of all the people that wi...
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