Amen. No truer words were spoken.
I had some negative people around me in the beginning…but the longer I have my properties, the less I hear their BS and the more they wish they had the balls to do it.
Realestate is more of a passion , don’t listen to everyone, listen to your self, my wife and family all told me not to get into realestate for the last 8 years , now they all want a piece of the action ( like that going to happen) i work full time and use my realestat for retirement, the only piece of advice i can give you is , if your going to do this you will where many hats, you will be on call 24 hours, but and the end of the day it is the easies way to wealth,
word of advice start out with condo there alot easer then house, and stay away from low income housing
good luck
monnchew:
Why are you listening to the people who have never done it? What do they know about landlording?! You need to listen to those who have done it and successfully.
On other boards, I see comments like “You can never do out-of-state landlording successfully” or “You should never use PayPal (or bank deposit) for rent payments”. Many of those who say that (and some are experienced LLs) have never done that! We’ve been doing both successfully. Why should I listen to those who have never done that?! Some tried, but failed (or didn’t like it). Does that mean I’ll fail? NO. I have a different skill set from those people.
So talk to successful landlords. Sure, every LL has at least a few war stories (we’ve got our share), but most of us have survived and you will learn a lot from your bad expeirence, which will be tremendously valuable.
Most evictions and damaged properties result from poor tenant screening If you screen your applicants thoroughly (you have to go beyond what they say on applications), your chance of ending up with a problem tenant becomes very small. If you end up with a problem tenant, that usually means you made a mistake during the screening process (often out of pressure to avoid a vacancy).
I may add, however, landlording is a people bueiness and some people aren’t made for that. Tenant management is like employee management–the difference is tenants pay you! (I had to pay my employees even when they caused me problems and financial loss.)
Happy Landlording :smile