Rental Property Investment Strategy:
Before getting into specific techniques, if you don’t know what you’re doing, you will get burned and loose A LOT of money. I always recommend doing your homework and investing FIRST in your education.
Here are a couple of things I do to get educated:
Talk to other investors – make sure you are getting solid advice from people who have accomplished what you are trying to do, not from broke family members! You will be surprised by how many well-meaning people are eager to give you free advice on something they know NOTHING about.
Read, Read, Read
I am a HUGE fan of reading. It’s advisable to read a variety of authors who have different approaches. Your job will be to read enough material to begin seeing patterns and to form your own opinions and strategies.
Consider Buying Courses
There is a TON of quality content out there; however, just like any other industry, there’s also plenty of snake oil salesmen peddling get-rich-quick schemes, so be careful. Usually, a thorough Google search will help sort out the bad apples.
Know Your Market
I recommend buying in an area that you are familiar with, at least for your first few properties as you get your feet wet. If you are not familiar with an area, try spending a few weekends in your target market over a period of months. Drive around in 2-3 zip codes you are interested in and talk to neighbors, local shop owners, property managers, etc. . You need a feel for the area and the potential clientele you’ll be dealing with.
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