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Six Sure Fire Ways for Landlords to Lose Money

A guide by Terry W. Sprouse, Lincoln-holic, Public Speaker "Investor, Lincolnholic, Public Speaker" (Tucson, Arizona)

Products sampled from this guide:
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 Rental Property Manager's Toolbox: A Complete Guide Including Pre-Written Forms, Agreements, Letters, And Legal Notices: With Companion CD-ROM, Every Landlord's Legal Guide, Great Big Book For Landlords and Property Managers (Great Big Book for Landlords & Property Managers), Landlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves, Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches, Property Management For Dummies (For Dummies (Lifestyles Paperback)), Every Landlord's Tax Deduction GuideManaging 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, Fix 'em Up, Rent 'em Out: How to Start Your Own House Fix-up & Rental Business in Your Spare Time; or, Investing in Real Estate and Creating Wealth with Fixer-Upper HousesLandlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches, The Part-Time Real Estate Investor: How to Generate Huge Profits While Keeping Your Day Job, Profit by Investing in Student Housing: Cash In on the Campus Housing Shortage, "Buy & Hold 7 Steps to a Real Estate Fortune"- New 2007 Edition, Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth!, The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich, Women & Money: Owning the Power to Control Your DestinyA New Earth: Awakening to Your Life's Purpose (Oprah's Book Club, Selection 61), The Power of NowChange Your Brain, Change Your Life: The Breakthrough Program for Conquering Anxiety, Depression, Obsessiveness, Anger, and Impulsiveness, Multi-Family Millions: How Anyone Can Reposition Apartments for Big Profits, First-Time Landlord: Your Guide to Renting out a Single-Family Home (USA Today/Nolo Series)

Products mentioned include:
1.  The Rental Property Manager's Toolbox: A Complete Guide Including Pre-Written Forms, Agreements, Letters, And Legal Notices: With Companion CD-ROM  by Jamaine Burrell
$17.96 Used & New from: $4.71
3.7 out of 5 stars   (18)
Add to cart  Add to wishlist
2.  Every Landlord's Legal Guide  by Marcia Stewart
Used & New from: $0.01
4.6 out of 5 stars   (105) | 2 customer discussions
  See buying options  Add to wishlist
3.  Great Big Book For Landlords and Property Managers (Great Big Book for Landlords & Property Managers)  by Stuart Leland Rider
Used & New from: $0.03
4.5 out of 5 stars   (4)
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4.  Landlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves  by Leigh Robinson
Used & New from: $0.73
4.5 out of 5 stars   (60)
  See buying options  Add to wishlist
5.  Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches  by Mike Butler
$18.84 Used & New from: $14.91
3.8 out of 5 stars   (60) | 1 customer discussion
Add to cart  Add to wishlist
6.  Property Management For Dummies (For Dummies (Lifestyles Paperback))  by Robert Griswold
Used & New from: $0.03
4.5 out of 5 stars   (30)
  See buying options  Add to wishlist
7.  Every Landlord's Tax Deduction Guide  by Stephen Fishman
Used & New from: $0.01
4.6 out of 5 stars   (94)
  See buying options  Add to wishlist
8.  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
Used & New from: $0.01
4.3 out of 5 stars   (15)
  See buying options  Add to wishlist
9.  Fix 'em Up, Rent 'em Out: How to Start Your Own House Fix-up & Rental Business in Your Spare Time; or, Investing in Real Estate and Creating Wealth with Fixer-Upper Houses  by Terry W. Sprouse
$13.30 Used & New from: $7.32
4.3 out of 5 stars   (43) | 1 customer discussion
Add to cart  Add to wishlist
10.  Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches  by Mike Butler
$18.84 Used & New from: $14.91
3.8 out of 5 stars   (60) | 1 customer discussion
Add to cart  Add to wishlist
11.  The Part-Time Real Estate Investor: How to Generate Huge Profits While Keeping Your Day Job  by Dan Blacharski
$13.46 Used & New from: $3.80
4.5 out of 5 stars   (17)
Add to cart  Add to wishlist
12.  Profit by Investing in Student Housing: Cash In on the Campus Housing Shortage  by Michael H. Zaransky
Used & New from: $3.36
4.2 out of 5 stars   (5)
  See buying options  Add to wishlist
13.  "Buy & Hold 7 Steps to a Real Estate Fortune"- New 2007 Edition  by David T. Schumacher
Used & New from: $1.33
4.1 out of 5 stars   (28)
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14.  Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth!  by Robert G. Allen
$15.13 Used & New from: $0.01
3.6 out of 5 stars   (108) | 1 customer discussion
Add to cart  Add to wishlist
15.  The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich  by Timothy Ferriss
Used & New from: $0.01
4.4 out of 5 stars   (3,334) | 14 customer discussions
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16.  Women & Money: Owning the Power to Control Your Destiny  by Suze Orman
Used & New from: $0.01
4.6 out of 5 stars   (399) | 1 customer discussion
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17.  A New Earth: Awakening to Your Life's Purpose (Oprah's Book Club, Selection 61)  by Eckhart Tolle
$8.44 Used & New from: $0.01
4.3 out of 5 stars   (2,701) | 32 customer discussions
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18.  The Power of Now  by Eckhart Tolle
Used & New from: $2.63
4.4 out of 5 stars   (2,908) | 14 customer discussions
  See buying options  Add to wishlist
19.  Change Your Brain, Change Your Life: The Breakthrough Program for Conquering Anxiety, Depression, Obsessiveness, Anger, and Impulsiveness  by Daniel G. Amen
$9.28 Used & New from: $0.01
4.2 out of 5 stars   (419) | 2 customer discussions
Add to cart  Add to wishlist
20.  Multi-Family Millions: How Anyone Can Reposition Apartments for Big Profits  by David Lindahl
$19.89 Used & New from: $14.87
4.4 out of 5 stars   (60)
Add to cart  Add to wishlist
21.  First-Time Landlord: Your Guide to Renting out a Single-Family Home (USA Today/Nolo Series)  by Marcia Stewart
Used & New from: $0.50
4.4 out of 5 stars   (53)
  See buying options  Add to wishlist

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About this Guide

 

Author

Terry W. Sprouse, Lincoln-holic, Public Speaker "Investor, Lincolnholic, Public Speaker" (Tucson, Arizona)
Qualifications: Real estate investor and author
Last updated: 3/4/11
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