Investor · San Diego, CA · Member since 2014 · 101 posts · 23 votes
12y
treating your investing as a business and not a hobby. I know there have been a couple people emphasize this on the podcast and I think it's great advice.
Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
12y
Yes, to expand on Matt's comment above, keep very detailed books and info from your transactions and happenings. I wish I had good data from 11 years ago that could tell a more complete story today. Photographs are key as well. Starting this habit from day one will save time and effort when (fill in the blank...comparing properties, looking for investors, etc.) day 3,500!
Orlando, FL · Member since 2014 · 152 posts · 54 votes
12y
But then there are the legion of people that insist "you won't need a business card, a business name, or a website. Ever." I dont know how it's possible to "treat it like a business" like so many people suggest, without those items.
Wholesaler · Newport, KY · Member since 2014 · 62 posts · 47 votes
12y
This has been posted but is so good, in my opinion its worth repeating. Never be the owner to your tenants, be the property manager. It allows you to play good cop bad cop and if you are like many of us, sometimes too nice for their own good when it comes to business anyway, this allows you to get out of uncomfortable situations like late rent. You get the call with the sob story and it doesn't always fall on your shoulders. You can say "I would love to help you but you know the owner is a hard *** and doesn't allow late rent." I love this and use it when I need too, hope this helps