Pamela Madore
Owning rental property is a good way to create passive income. You get depreciation on your taxes and the tenants pay your mortgage. How much better could it get?
Before you get going too fast in buying your property, there are a few things you might want to know. I am sure there are other things but these stick out in my mind.
- Have a plumber on speed dial or you will become a plumber. Everyone's toilet is backed up on a rotating basis. I think tenants collude on this subject.
- Have an exterminator on speed dial. Be sure he knows how to get rid of bed bugs. Another collusion I believe.
- Take a Judge to lunch. You will need a friend in eviction court.
- Remember that when school is about to go in that the rent will be late. School supplies trump rent.
- Learn what breeds of dogs look like. Pit Bulls are not similar to Miniature Poodles.
- When a tenant wants to paint a room, expect either orange or black.
- Roommates are not good tenants. They think each one is responsible for half the rent,
- I'll have the rent on Friday. Translation. I will probably never have rent so you may as well evict me now.
- Cell phones are disposable. The original phone number they gave you was at least three cell phones ago.
- Rent will be late for a myriad of reasons. Even "I had to buy a frying pan and an ironing board".
These are just some of the tips that I have learned. If you would like more tips, I would be gad to introduce you to my tenants.
Pamela Madore
Keller Williams Realty
3955 S Soncy Amarillo TX 79199
806-290-1920
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