Just got back from closing on my first investment property!

[911Rob]

Originally Posted by mudman

I did my due diligence on the whole game, talked with other RE players, landlords, spent lots of time in the schittiest areas I was looking in. I really did know every single listing in several zip codes for a couple of months as I was in the research/discovery phase. I made it my full time job. I'm loving it now and can't wait to have more. Of course I don't have a tenant yet...(this part doesn't really worry me, though)

Opportunity + Preparedness = Success!

I love it, brings back good memories; very good
You've likely got lots to learn, but you're on the right track!

NOW, what'ya gonna do with the millions?

[911Rob]

Hey Mud,
My humble suggestions for you.

1. Make a cash flow spread sheet and update it EVERY month. In any business 'cash flow' is king and it all starts by actually keeping track of what comes in and goes out. No matter how simple it may appear, DO IT.

2. Learn everything there is to learn about being a landlord. Go to your municipality and ask for info; they'll give you the Landlord/Tenant Act, forms, regulations, etc. Get good at being a landlord, it'll alliviate some headaches down the road for you. Dont rent to losers.

3. Learn the concept of "value adding", keep good maintenance practises, learn how to properly do the maintenance on a home. Fix broken things, clear all trash, dab and caulk where needed. If you're "just" starting, you might want to consider minimizing appliances; if the home has a dishwasher, washer or dryer maybe remove them or make sure the tenant knows that the rent does not include their use, cuz if they breakdown you'll have to fix them or replace them.

I started just this way, many years ago and my wife and I owned over 50 homes and we managed 40 tenants at one time for a few years. It's a great business, there's none like it and very few ever do it. If you're interested in more tips, let me know, I'd be glad to share my experiences with you in an effort to help you out, anytime.

The pickup truck in the driveway costs more than the house

These are exciting times! BAMM, that's hot!

[speeder]

That's fantastic but of course the "X-factor" is the tenant pool. Is there a supply of decent renters when people can buy a house for ten or fifteen grand?? That's the problem in Mpls., (my hometown and where I'd like to invest), the north side is all foreclosures and $5k houses but there are no decent renters for that side of town. None. My life as a landlord would be a never-ending nightmare.

I still seriously want to do it but need to figure our that part.