Protect Yourself As a Landlord. As with most jobs, a landlord’s job is not complete until the paperwork is done. A landlord needs to protect himself with all sorts of documents. The days of renting a home on just a handshake are long gone. Instead, in today’s tenant-friendly states, you need proof of everything. That being said, great tenants do not need any documentation, nor do great landlords. Both sides know what is expected, and both sides perform as you would expect them to – with or without paperwork. The documentation is to protect us (and them) from the unruly behaviors that the ‘other’ guys might have.
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As a long-term Real Estate investor, I am always trying to determine where the money is to be made in Real Estate. I personally like passive income generated through being a landlord. It’s not as passive as some would like, but it is passive in terms of the IRS.
If you are a short term investor, a ‘flipper’, you are somewhat insulated by the long term direction of Real Estate. If you only hold for three or four months, your window of risk is short.
If you are a long term investor, which many homeowners are, the direction of RE could make or break you. Many people are relying on their home to enhance their retirement life style.
Continue reading “Where is the Housing Market Headed?”
The best investment property is one you can walk to. But if the deal is super-great, going across the country is OK, but it better be real super-great. If it’s that great, others across the country are also looking at the property. And local investors have already passed on it. You will pay more in expenses when a property is located more than a few minutes away from your main location. Wherever you are, you have to know how to find investment property.
Continue reading “How to Find Investment Property”
Know your market. When a great deal comes up on an investment property, there will be multiple offers. You want yours in, and accepted, before the other offers even come in. Knowing what a good price is saves time. The ‘other guy’ is writing an offer while you are still thinking about it. Continue reading “When You Purchase Properties, Make Sure You Know your Market”