I was recently listening to a podcast that had a guest interview with University of Chicago professor Harold Pollack, and I found it very interesting.
The way I understand it, a few years ago he was discussing general financial literacy with an author and said that "the best financial advice for most people would fit on an index card." Shortly after that conversation, he actually wrote 9 rules on an index card to demonstrate the theory (you can find the card here: https://media.npr.org/assets/img/2016/01/07/index-...).
While the 9 rules weren't comprehensive (and he actually later tweaked them for a book he wrote with that same author), they provided people who didn't necessarily know a lot about investing with a good baseline when it came to managing their personal finances.
It got me thinking about what rules a similar index card would have on Real Estate investing, and who better to ask than the BP community?
So, BP, what rules would you put on The Real Estate Investing Index Card? I'm sure we could fill an entire book with different rules, but what would be the main rules that, if followed, would steer investors in the right direction. I'll start it off with a couple:
1. You make your money on a property when you buy
2. Be sure to maintain a reserve account
Just thought of another important one:
3. Tenant selection is crucial. Good tenants mean more money in your pocket and less headaches.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.