Anything worthwhile has a time or money commitment
attached to it. There will be an investment of time when you choose to
invest. But I promise you, the small
investment of your time up front with pay huge dividends in the long run. You will need to devote some time to creating
your team - your real estate agent(s) and lender, to start. Once you get into a property, you’ll want a
reliable and inexpensive, handyman, plumber, electrician, etc.
You also will need to invest some time in market
research: going out to see properties in your desired area and price range, or
when you have vacancies, going out to view the competition. Investigate the vacancy factor in the areas
you’re searching. Drive through the
areas you like, and see how many for rent signs are up, etc. When looking for property to buy, check your
local newspaper and drive around areas to look for For Sale By Owner properties
(FSBO’s).
Once
you buy a property, you may want to improve it; and then, you will need to take
the time to find a suitable tenant. Once
all that is done it gets easier, as tenants usually don’t like to move. I often go several months at a time without
hearing from tenants, except to receive their on-time rent.
|
