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7 KEYS TO HELP YOU SUCCESSFULLY UNLOCK YOUR NEW RENTAL PROPERTY
So now you’re a landlord. Congratulations. Investing in rental properties can be a smart way to grow your income, especially in today’s rental market. Just remember, being a landlord is not for everybody. It’s also not a way to get rich quick. Being a real estate investor is a long-term commitment, and like marriage, not to be entered into lightly. But if you're still itching to tap your inner real estate baron, here are 7 keys to help you successfully unlock your new investment property. KEY# 1: Recognize that being a landlord is a business. Even though a rental is someone’s home, it’s not your home. It’s a business and you must treat it accordingly. You need a business plan. Although it’s classified as “passive revenue” there’s nothing passive about it. It requires your time, involvement and a certain skill set. You must understand the financial commitment, your tenants and their needs, and the market in your rental area. Do your homework. KEY# 2: Start small. Most experts recommend starting with a single house or smaller multiple-dwelling unit, perhaps with a partner, to see if the business really suits you. They are easier to buy and will allow to get your feet wet with ... more
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