The Top 5 Landlord Mistakes
I'm looking to see if we could compile a list of the top 5 mistakes made by landlords. I'll throw out a few and hopefully we can come to some kind of consensus.
Note - to all who participate, we're going to give you all a plug in an upcoming blog post on the subject. Thanks in advance!
My Short List:
- Overpaying up front - paying too much for the property, resulting in diminished cash-flow
- Failure to understand financial management of a property
- Leniency - not going after late paying tenants immediately
- Failure to address problems with your rental units ASAP. Small problems often explode into huge ones when ignored.
- Overcharging / undercharging rent
Add your own or expand upon this list and we'll start to narrow things down to a list of 5 (10 if we must).