Tips and Tricks only learned the hard way?

Question

Andrew Hogan · Answer

1. Hold folks to their budgets and incentivize/disincentivize them for coming in below/above budget.

2. Everyone has the same 24 hours in the day. Ask yourself what you're doing to make the most out of your 24 hours.

3. Always have backup credit lines ready in addition to cash reserves.

4. Hire slow, fire fast.

5. Find a partner who aligns well with your core values and pushes you to be better.

Steve Vaughan · Answer

Don't sweat the small stuff.

It's not worth changing banks to earn an extra .2% on your savings acct or deal with the  junk mail to earn points or miles on a new little credit card.

Be generous with your security deposit refunds.

Fix those smalls like clearing drains even if it may have been tenant-caused.

People may not remember what you said or did, but they will always remember how you made them feel.

Jim K. · Answer

There's only half a shade of difference between landlording and pimping.

I own properties. My job is to advertise my properties, let other people use but not abuse them, take good care of them so they'll make me a lot of money.

I don't fall in love with my properties.Landlording ain't easy.

Brock Hoffman · Answer

Be honest with yourself when you do your numbers. Do not force the numbers to work by adjusting what the true values are because you want the deal.

Do not fall in love with the deal. If it makes sense, go for it!

Good Luck!

Brock

Eliott Elias · Answer

Paying contractors before they finish work!

Karla Simmons · Answer

Before you purchase a home, make sure you understand all costs associated with the house, such as:

1. Are there HOA fees? How much?

2. Do you need flood insurance and if so how much will it cost?

3. Will you need to hire a gardener and how much will it cost?

Those things can eat up your profit quickly if you haven’t factored them in.

Andrew Hogan · Answer

Love these @Steve Vaughan!A little generosity and kindness can go a long way.

Nathan McIntire · Answer

Thinking that I could do everything by myself. Investing in real estate is a team sport!

Evan Polaski · Answer

Along the lines of Eliott's post, thinking that going with the cheapest contractor will save you money.

Zachary Inman · Answer

Networking is the number 1 skill of a real estate investor

There's always another deal.

It's better to pay a fair price for a great property than a great price for a fair property

Property management can turn a good deal into a great deal or a great deal into a poor one.

Lowering expenses is just as important as increasing revenue

A good tenet should be treated like royalty

Always have cash on hand to cover several month's expenses

Tips and Tricks only learned the hard way?

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