6. Learn Real Estate and Finance Terms. See our
We got started as a landlord because we could NOT
AFFORD to buy a nice house in New Jersey. At the time, it was easier for
us to afford an investment home. In this case a 3 family home. It WAS in need
of repair. But with two other units producing income- we were able
to live in one and rent the other two. Eventually we would live in
each unit, fixing each one as we went - then rented them
out for TWICE what they previously did. That was in 1986. We have
since continued acquiring and cleaning up older single family
homes - in our area. That was then. The current market simply
doesn't work. The rent will not cover the costs to carry the home.
There is NO GET RICH
scheme. HARD WORK, some luck,
some skill, listening to tenants, maintaining the units and
reading about the industry.
We are not absentee landlords - living within 1
mile of our units...and that is about as far away as
I would go. You may be able to find a property manager who will do
the management for you - but this eats your profits.
Donald Trump didn't start off broke. He is a
successful marketer, shrewd negotiator and is a strong public
figure that people associate with.
But you can invest and earn a positive cash flow. If
you do your homework.
Most importantly - know your market
- the area,
current rents, potential and learn. Learn the business - my father
always said.. "if you would just read..."