Check your laws carefully. If you were in California I would definitely recommend not at this time.

In some states that are very tenant friendly and with COVID-19 you could have a tenant move in and pay the move in costs and not pay another penny for months like in 6 to 12 or with Civid-19 who knows.

Be patient and buy right. If you buy right, it will work out.

Too many "investors" never realize that owning rental property is like having another child. You can not put off chores, repairs or maintenance. Have to think on your feet and make "good" judgement calls.

Be sure that personal finances are rock solid, no cc debt, must have shown the discipline to save.

If married, must have spouse be fully onboard. If spouses hide finances from each other- don’t buy.

1. you make your money on the day you buy the property,....

you realize your profit on the day you sell your property -- buy right.

2. having no tenant is better than having a bad tenant --

screen right and don't allow yourself to get desperate.

3. buy good tools and learn how to use them.

4. learn the laws and create a plain english lease that covers EVERYTHING. Start with form leases for your jurisdiction, cut and paste AND HAVE A RE ATTORNEY REVIEW.

5. locate 2 or 3 RE TRANSACTIONAL LAWYERS AND LL/T EVICTION LAWYERS, before you need them.

6. Banking relationships with 2 or 3 banks -- both for lines of credit and REO'S. work the line of credit up before you need it. the bank is the business of loaning money and collecting interest and getting the principal back. they're less concerned with what the money is being used for, than seeing it out and in,....out and in,....out and in. just don't be a wise guy.

7. you're running a business. be professional with your tenants, suppliers and contractors. be a tough, knowledgible negotiator, fair and reasonable,...and pay your

bills. don't be a wise guy.

8. keep your properties secure, clean and painted.

6 x 6, you really can't learn property management until your feet are in the fire.

Have a good mentor.

I’ve had a couple of newbies call me and I told them to wait, this is more of a seasoned investors market. Newbies have FOMO right now.

I’ve seen houses 5 yrs. ago you could buy for $20,000 and now sellers want $50,000 and the house will need a new roof and more work on the inside. Investors, will spend lots of money for what the tenants want in today’s rental market. Help is hard to find and negotiate prices. Can’t do evictions at this time… if they get the wrong tenant in the home it could be a huge loss on their first investment property.

If you live in my county give up. It’s useless. Futile. I bought all the good deals.

If you insist, education is everything. It’s cheaper than college classes but will make you MUCH more money. Gumption and grit must be properly applied. It can get you into trouble without proper education. Knowledge is power and profit.

BRAD

PS Real estate “been good to me”. I make waaaaaaay more than on a job with only a few hours work per week.

Everything that Dave (CA) said and I agree #2 should be in All caps as mentioned by Jim in OC. Education is key as Brad (IN) said but don't get analysis of paralysis...you must act.

But I would also add, don't follow the pack. I have always gone against whatever the herd investors were doing and have been successful.

Brand NEW?

you know this investing is not for you. Let me take that property off your hands.

1) RE is often a "get rich slow" business. Better be ready to be in it for the long haul.

2) Learn all you can. Take advantage of all that the internet has to offer, yes, but then make sure to interact with other LLs when possible: Boot Camp! Convention! Local meetings! Also, READ your state laws - the actual law, not some paraphrased version.

There is opportunity in every market. The real issue become - are you willing to face the risk associated with it compared to the potential pay off.

The longer you are in the field, the level of return and risk change.

Interesting you mentioned that Jeffrey. I was looking at the boot camp information. I was thinking of doing the on-line version so we could go through it together at our pace (he is working a day job). I've been needing to update my lease and other procedures so I was thinking of tying it into the process so he has a good clean set of procedures and lease that he was involved in creating, thus knowing the reason behind each piece. Did I read correctly that we can do the on-line version and get tickets to a future in-person boot camp?

Spend an hour every day reading posts on MrLL. After six months of this reality check, if they're still interested, start looking at properties, but be patient until they find one where the numbers work.

Sorry. My typing! Correction...

Robin,

Who do you want to rent to? Where do they want to live? That's what you need to buy.

Keep your debts (personal and professional) low and easily manageable, keep at least 6 months worth of cash on hand, but in times like this, I may recommend 12 months. And finally, screen potential tenants like your livelihood depends upon it, because it does depend on it.

Don't be in a hurry to buy a house, and don't fall in love with the house you're buying.

All the advice is good. It is certainly necessary to learn first and invest later. I studied for one year before jumping in, decided on a plan and then found a home run within two weeks. Create a plan and work the plan.

1. Join your local REIA, Real Estate Investors Assoc

2. Become active in it.

3. Network with active REI. Take them to lunch and bleed their brain. Ask if you can go with them to see property they are looking at? Before you buy, as them to walk through and review the property.

4. Read lots of REI books to get ideas but don't get hooked on thinking you need to buy various REI systems, software and VA's. DO NOT chase the next shiny object.

5. Become very familiar with your lease and associated docs.

6. Know your Landlord/Tenant state law AND your county law.

7. One of your attorneys could be your local judge. He won't rule on your case but he could call the presiding judge on your behalf.

8. Have a REI system and stick to it. I believe that the most important issue is price, price, price.

9. I have found that the most motivated seller is the tax delinquent facing an upcoming tax deed auction. I ONLY deal with sellers who are desperate.

10. Talk with sellers and try to give them what they need, but in a way that you can make a profit.

Buy where you live. some might disagree but do you really want to drive an hour to fix someone's toilet. Learn your area. What sells, who buys, who rents. How much does a 2/1, 2/2, 3/1, and 3/2 rent for in your town? What do SFH cost with those attributes. What do duplexes and apartments cost with those attributes. Do you want SFH or apartments? Pros and cons to each. What will make your rentals special (so you can charge more).

Read landlording books. This web site has some, go study.

Attend CE and lectures on landlording. It's a process that you will continue to update and change.

You need a system, so do the above and create a system that works for you.

Hmmm...the "get rich quick" thing...

My goal was not to get rich but to become FREE!!! by replacing my job's income.

From day one each of my properties made positive cash flow.

With enough little rental houses providing cash flow, that cash flow let me quit my job and be FREE!!!

I wasn't focused on getting rich, my focus was on gaining my FREEDOM!!!

The rich part followed.

BRAD