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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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Want To Be A Successful New Landlord? Run It Like A Business

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In order to be successful in the rental property business, you really do need to be prepared. Putting good systems and processes in place will give you the confidence to get started and also keep things running smoothly as you acquire and manage more properties. This business-like mindset is the key to success for a new landlord.   On that note, here are a few things you should have in place before you start looking for tenants: Rental property forms . Your basic collection of forms would include an Application Form , a Lease , a Walk-Through Checklist and a Landlord Checklist . Keep them in a handy file on your laptop and print off as needed. A prepared ad to attract quality tenants. I advertise on a few rental websites when I’m looking for new tenants.  I always keep the description along with many photos handy in a folder on my desktop.  If a tenant gives me notice, I can have an a...
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