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Poudda
New Contributor
I'm still in.... It just took a while (about a year) to convince my wife that it's still a good idea - it really helped that our friends got themselves into the fastlane this year buying, renting and selling rental properties.
We bought 2 rentals this year, and once I've finished Vollucci's book, I'll be looking at apartment buildings.
What I learned from the above experience (in no particular order):
1. Never rent to friends - it's okay to like your tenants, but it's a business relationship first.
2. Cash Flow is king - I will only buy if the property has good cash flow first. I'll worry about gains later.
3. Tenant screening - this is so important and I'll probably never again rent to someone who is "down on his/her luck." I still have to streamline the screening process to make it painless for all.
4. Having a supportive spouse makes all the difference
5. Plan plan plan for everything
6. I'm sure there's more - maybe I should write it all out.
PS: Thanks for the Rep ATW!
We bought 2 rentals this year, and once I've finished Vollucci's book, I'll be looking at apartment buildings.
What I learned from the above experience (in no particular order):
1. Never rent to friends - it's okay to like your tenants, but it's a business relationship first.
2. Cash Flow is king - I will only buy if the property has good cash flow first. I'll worry about gains later.
3. Tenant screening - this is so important and I'll probably never again rent to someone who is "down on his/her luck." I still have to streamline the screening process to make it painless for all.
4. Having a supportive spouse makes all the difference
5. Plan plan plan for everything
6. I'm sure there's more - maybe I should write it all out.
PS: Thanks for the Rep ATW!