What are some best tips to help investors prepare for investing in real estate? I was talking with a property manager today and a great tip I took away from our conversation was to have space heaters or other heating sources if/when the heater in your rental properties go out so you don't need to pay ridiculous fees to have someone come out immediately.
I would love to hear what tricks/tips you wish you'd know when you got started in Real Estate. Any and all advice would be appreciated!
I think you're jumping the gun. That's like asking someone how to install a roof when you don't even know how to properly create a solid foundation! You haven't even purchased a property yet and you're trying to figure out how to deal with a broken furnace?
Locate deals. Analyze them. Finance them. Prep them for rent. Market. Screen Applications. Have a solid lease agreement that you understand and know how to enforce. Collect rent. Deal with late rent. Process lease violations or eviction. Determine who is responsible for pest control or pruning the Lilacs. How to receive maintenance requests and respond.
Seriously, your question is way too generic and can't possibly be answered without giving you everything under the moon. I just listed about 20 things and haven't even started!
Get a good, general overview of what is involved and then ask specific questions to fill in the blanks.
@Nathan G. Thanks for taking the time for your response, I do appreciate the thought there.
I see where you are coming from with your response and I should have structured my post differently. My whole intent was to share what I had heard because I felt there was value there for someone else. My intent was NOT to ask a specific question or get a specific answer. Just trying to being involved, find and contribute valuable information, and be uplifted.
I do not need any specific tips on getting starting. I am doing my due diligence the best I can and know how. If you have any quick tips, gems of knowledge, or something like that, then I will appreciate that and I hope others will too.
For example a great slogan I heard and try to live by is "Live on less and invest the rest".
Or a good tip would be to teach your tenants where the water shut off is. Something like that.
I do appreciate your book suggestions though!
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