LANDLORDING 101 – CASH FLOW KAREN RITTENHOUSE
Everyone wants to own real estate (or so it
seems) but very few new investors consider the
fact that it only takes one property to make you
a landlord. If you want to own properties, you
will be a landlord and there are some basic
things to consider before you get started.
What type of property should you buy?
Buy in areas you know. Don’t guess about an
area or purchase in a location someone
suggests - know your market. Pick two or three
nearby neighborhoods with good schools and
convenient shopping. Areas you know are
easiest for keeping up with statistics such as
crime, property values, and rental and vacancy
rates.
When starting out, I knew a little bit about the neighborhood I lived in, nothing about any others. Trying to
search through for-sale marketing and determine locations was overwhelming. I decided, almost
immediately, to focus exclusively on three separate neighborhoods - focus, study and buy there - ignore
the rest.
Own properties near where you live. This makes filling and maintaining properties much easier. You
want something nearby because you’ll be driving by, especially when the properties are vacant, to check
on your investment, to put out signs when marketing, to meet potential tenants and, if you plan to manage
it yourself, to do repairs.