1. Buy a rental property in the worst possible area. The type of tenant you attract will be determined by the location and appearance of your investment property, and it will affect the amount of rent you are able to charge.
2. Buy the best fixtures and appliances for your property. Never buy from recycled construction material shops or yard sales. Money is no objective.
3. Do not learn how to make repairs on your properties. Donít take trade & building classes at community colleges. Having no knowledge of how to change electrical outlets, install ceiling fans, stop leaks and unclog toilets, and replace broken windows will require you to hire someone who does, for a good chunk of money. Never try to do-it-yourself or learn to make basic household repairs.
4. Never screen tenants. Donít call references to see if the tenants pay their rent, take care of places they in, disturb their neighbors, or are constantly requesting repairs. The more you know about your tenants the less chance that they will trash your property and/or avoid paying the rent.
5. Be sure not to learn any landlord skills, or the rights and responsibilities of landlords and tenants. Be in the dark about how to evict a tenant. This will assure never ending disputes with tenants. Do not maintain accurate book keeping and records of correspondence.
6 Never check on your property or ask neighbors let you know if what the tenants are up to. Just assume everything is fine, and before you know it your tenant will disappear under the cover of darkness owing you two months rent, and leave the place a mess.
Here are books to guide you on the path to becoming a good landlord. Because many people believe that they can't invest in rental properties because they don't have what it takes to be a landlord, I have sprinkled in a few titles to broaden their perspective and to help them think outside the box.
The following 12 items are not able to be added to your cart through this feature. See their product page to buy or learn more.
Every Landlord's Legal Guide by Marcia Stewart
Great Big Book For Landlords and Property Managers (Great Big Book for Landlords & Property Managers) by Stuart Leland Rider
Landlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves by Leigh Robinson
Property Management For Dummies (For Dummies (Lifestyles Paperback)) by Robert Griswold
Every Landlord's Tax Deduction Guide by Stephen Fishman
Managing Rental Properties for Maximum Profit, Revised 3rd Edition: Save Time and Money with Greg Perry's Foolproof System for: *Buying the right ... tenants *Getting paid on time *Fixing and by Greg M. Perry
Profit by Investing in Student Housing: Cash In on the Campus Housing Shortage by Michael H. Zaransky
"Buy & Hold 7 Steps to a Real Estate Fortune"- New 2007 Edition by David T. Schumacher
The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss
Women & Money: Owning the Power to Control Your Destiny by Suze Orman
The Power of Now by Eckhart Tolle
First-Time Landlord: Your Guide to Renting out a Single-Family Home (USA Today/Nolo Series) by Marcia Stewart