I have been a landlord since 1996 and for the most part I enjoy it. As in anything else in life, sometimes I run into a snag. Most tenants I have are really good, hard working people. Occasionally one becomes a thorn in my side, but I suppose that goes with the territory.
My broker has been in the business for nearly 50 years and he has owned investment property for all of those years. Thus, our company, M & M Real Estate Inc here in Brevard County Florida deals heavily with clients in helping them buy, sell, rent, own and manage investment property.
Owning rental real estate is not for everyone!
Many people believe that real estate is a get rich quick scheme. I don't believe that! And we have seen the fallacy of that theory when everyone was buying at the peak of the market. Everyone jumped in because they were following the crowd.
I believe that in real estate estate you create wealth over time. You must buy property and hold it. You cannot get rich overnight. Few do. And often the ones that do, get greedy, as we saw over the past several years, and they quickly lose their fortune.
Let me qualify my statement by adding that there are some successful investors and contracting companies that have a crew of workers, that can get in and out of a property, after completing the necessary repairs, and make a profit. Some have the skill and experience to know which properties to look for, which areas to buy in and what repairs can be cost effectively completed. These investors and contractors are professionals and have perfected their system in time. They know the importance of the saying that "Time is money." And some are earning a decent living.
In being a landlord, if you're weak at heart, or if you aren't handy, real estate investing may not be right for you.
If you have a problem with the word "NO" then it definitely is not for you!
I have seen many easy going, happy go lucky people get into the business, thinking it is going to be a piece of cake. They rent to friends and people they know. They let their tenants get further and further behind on their rent. THIS IS A RECIPE FOR DISASTER! And they take tenants in that they feel sorry for! BAD IDEA!
It's not a popularity game, it is a business.
You must be firm and be able to say that enough is enough. Some don't realize that it is a lot of hard work and it can be time consuming, sometimes.
I began purchasing rentals 12 years ago. And I remember people asking my husband, my father and I why we were buying those 'little rental houses.' Today, even with the rollercoaster ride that our real estate market has seen, my properties today are worth 2 to 3 times what I paid for them 8 to 12 years ago.
IN REAL ESTATE INVESTING, YOU DO THE OPPOSITE OF WHAT EVERYONE ELSE IS DOING!
Visit my website at www.SandyShoresMelbourne.com
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