Landlording from the beginning--New Comer looking for direction

Rehabbing, Fix and Flip, Rental Properties
1

Hey all,

To keep things brief, I have one more year left in college. I am looking into the landlording business. I figure now would be a great time to do research and what not since I have a lot of free time.

A few questions I have are:
Are there any IRC channels where people are active and do not mind answering questions about Real Estate? Specifically Land lording of course if possible.

Are there any more active forums than this for Landlording? Or is this the best place for questions to be answered?

And finally, what book would YOU recommend and why for starting out in Landlording.

Thanks in advance.

Ryan Walsh

PS–Feel free to put your opinions on if entering the LL realm is worth it or not worth it!

2

This is a good place to ask questions.

My opinion: this is an excellent time to be buying rental properties.

3

Thanks! Anyone else?

4

I think mikes book would be the best, followed by landlording by leigh robinson, followed by meeting somebody local in your area that has been doing this for 20 years plus. There are local laws that you just will not get else where. When I did my first eviction, I had help from a guy who has done over 500 of them in my county. He gave my tips that nobody, including the courthouse, has or would give me. Since then I’ve watched others get pounded in the court room who were not so fortunate.

5

Being a LL can be worth it if you do it properly. You have to buy your properties right. Most people think if they can get the rent to cover the mortgage - it’s good enough. There are so many other things to consider. You’d be surprised at how many people think they’ve made a good investment because the mortgage is paid. You also have to effectively deal with people. Tenant screening is incredibly important. If you get the wrong people in your unit, you may as well just be burning your money because they’ll tear the crap out of your place and you’ll be deep in the red to fix it. It also depends on where you invest. Certain states are much more tenant friendly than others.

6

Hire a property manager and learn from them or better yet, let them deal with the headaches as you collect the checks. True passive income!

7

That sounds like guru speak. The more hands off you are with your property; the more you can expect people to take advantage of you and take any profit you would have. Does the PM have any vested interest in calling the most reasonalby priced repair man for problems with your unit or does he just call the first big name company he can find in the phone book?