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Real Estate Investing - So You Want to be a Landlord!
Is landlording the way to go if you are starting into real estate investing today? Receiving cash flow from rental residuals is an exciting idea. If the rental housing is congregated in large apartments within a focused area, the costs of management and maintenance are more economical. Rentals are even more appropriate when all of the portfolio is in the "path of developmental progress" with "upward mobility" population of a prime metropolitan city. This results in clustered landlording of an area free of crime, prostitution and drug traffic. However, whether purchasing large quantities of these apartment complex units as fix-up properties or pristine properties, acquisition usually demands deep-pockets and is not within the cash range availability of the beginning real estate investor. Therefore, I suggest such acquisition of these larger apartment properties after some experience in real estate investing has resulted in a big wad of cash in the hip pocket. For the beginning real estate investor, the choice is usually between becoming a near-slumlord or fixing up cheap properties for resale. I recommend residential fixup for quick return on investment and less hassle from landlording for the beginner. I bought $10 million dollars in rental properties during my first four years in the business, and it made me a multi-millionaire. I followed the instruction of the books and seminars precisely. It made me rich. But it was a costly mistake. In fact, in my opinion, becoming a landlord in the beginning of my real estate investing career was what I consider my "$10 Million Mistake." Perhaps an explanation of what I term a serious "mistake" can guide your decision in starting a real estate investing career. Problem 1. I can clean out toilets pretty well. I've cleaned out quite a few. It's not the most fun activity I've ever had. I never thought of it as a party. But I can clean toilets in the maintenance of rental property as well as anyone. Cleaning toilets is simply symbolic of all the upkeep jobs necessary for being a landlord. But let me assure you, there are many, many other detestable jobs required in landlording, too. I can clean out one toilet. But cleaning out toilets in $10 million dollars worth of properties is a little beyond me. So, that's why I had to quickly start an in-house maintenance company. Problem 2. I can rent one apartment to an applicant. But renting $10 million dollars worth of properties is beyond me. So that's why I had to start an in-house management company. Here's the point. Any person who becomes a landlord can handle a few properties. But a few rental properties seldom make you rich. I "became rich" as a landlord by acquiring a lot of properties which required a lot of renting and a lot of maintenance work. Eventually, my landlording life became helter-skelter. I never want to be a landlord again in this same capacity. It is a deterrent to real estate investing success. Real estate investing has many better opportunities other than landlording. The easiest and most quickly initiated opportunity is the fixup of cheap housing. With efficiency, the beginning real estate investor can acquire a cheap house with little or no money down, repair it with "sweat equity," and dispose of it through a sale within 30 days for $5000 to $10,000 profit minimally. Several of these cheap houses can quickly replace a job income and can lead to full-time real estate investing. Phil Speer, Ph.D., started his real estate investing career 25 years ago. Without the availability of credit and using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. http://www.CashinHouses.com/ He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director. To learn how to profit in real estate investing, even without cash or credit, read his report at http://www.BigMoneyinRealEstate.com/nomoneydown/flipping.html/ Subscription is free to his Fix-up Ezine. He and other contributing authors provide free articles and resources on real estate investing at his online "Academy of Advanced Real Estate Investing Techniques" at http://www.AAREIT.com/
MORE RESOURCES: Prologis Warns of Slowing Industrial Real-Estate Market The Wall Street Journal Former HGTV star from Los Gatos sentenced in $10M real estate fraud case CBS San Francisco Office market collapse: Commercial foreclosures spike 117% in a year Business Insider 'It was surprising.' Metro Detroit man caught up in real estate scam; here's how to protect yourself WXYZ 7 Action News Detroit 21 Largest Real Estate Companies in the World Yahoo Finance Big Tech Is Downsizing Workspace in Another Blow to Office Real Estate The Wall Street Journal Real Estate Briefs | April 19 | News, Sports, Jobs Cape Coral Breeze Banks' Commercial Real Estate Risks Are Uneven Federal Reserve Bank of Kansas City Inked: Recent LI real estate deals Long Island Business News TikTok’s Origin Story: Court Files Show Role of GOP Megadonor Jeff Yass The New York Times Blackstone Earnings Rise as Investment Giant Projects Commercial Real Estate Recovery - CoStar Group Motley Fool: Investors could trust real estate The Spokesman Review Real Estate Minute – 04-18-2024 KFDX - Texomashomepage.com Real Estate Balance Announces Chair CoStar Group Real Estate Transactions: April 19, 2024 The Recorder Real Estate: Q1 2024 - Coronado Real Estate Market Update Coronado Times Newspaper Southeastern Wisconsin industrial real estate market softens in Q1 BizTimes Milwaukee Inside PROFILEconnect 'A Night at The Museum' Real Estate Impact Conference at the Coral Gables Museum PROFILE Miami Google's Strategic Job Cuts Reflect Ongoing Cost-Cutting Measures, Affecting Real Estate and Finance Departments Yahoo Finance Bronx real estate sales drop across the board, though spring market may be more active: report – Bronx Times Bronx Times Legacy Hills neighborhood in Celina wins award at DBJ Best Real Estate Deals - Dallas Business Journal The Business Journals Jefferson at the Grove apartments among DFW's Best Real Estate Deals - Dallas Business Journal The Business Journals 'A Man in Full,' starring Jeff Daniels as an Atlanta real estate mogul, dropping May 2 FOX 5 Atlanta Inside Savannah Homes: $6.475M Historic Monterey Square home Savannah Morning News Mike Wyatt honored with Lifetime Achievement Award for brokerage career, community support - Dallas Business Journal The Business Journals S.F. housing market: Still very few homes, selling even faster San Francisco Chronicle Tom Thumb southern Dallas named one of Dallas' Best Real Estate Deals - Dallas The Business Journals Will It Be a Pricier Housing Market in Spring 2024? Norada Real Estate Investments Mixing real estate & renewable energy to help build greener world NoCamels - Israeli Innovation News Blackstone Real Estate Earnings up 15% in First Quarter The Real Deal EquityMultiple Bullish on Industrial Real Estate Sector, Brings Opportunity to Individual Investors Newswire Why you might not need a real-estate agent when buying a home Business Insider WHO?! This Southern Utah Town Is A Real Estate Hot Spot! Cat Country 107.3 and 94.9 AI in real estate discussed during virtual forum Westfair Online The Real Estate Top Performers share tips for buying or selling a house in today's market! WUSA9.com Documentary shows roots of segregation were planted in Chicago Tribune High Country Real Estate: First Quarter 2024 High Country Press Real estate mogul concerned how Americans will deal with squatters: ‘Something really bad is going to happen’ Fox Business Millennials Are Coming for Your Golf Communities The Wall Street Journal Boise Real Estate Market Steady Amidst California's All-Time Low KIDO Talk Radio Celebrity real estate agent Mauricio Umansky explains when housing prices will come down Fox Business ‘It doesn’t smell right.’ Michigan councilman linked to $69,000 marijuana real estate sale MLive.com A new real estate trend? Shopping malls converted into residential units in South Florida NBC 6 South Florida China home prices slumped in March as property crisis drags on Business Insider Will Hilton Head real estate pricing rules change this summer? Here’s what’s in play Hilton Head Island Packet Fannie Mae, Freddie Mac clarify real estate commission rules National Mortgage News REAL ESTATE | The Lofts at Cedar Lake include access to a 245-acre wooded campus washingtoncountyinsider.com Tiny California home the size of a hotel room will sell for 'considerably' more than its $1.7M asking price New York Post Real estate: Buyer’s agents’ role in today’s real estate market Main Street Media of Tennessee Retirees: Is it time to downsize, even in this real estate market? Effingham Daily News Arizona Coyotes owner cares more about real estate than hockey The Arizona Republic |
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