quickly does not mean acting
impulsively, though. You still will carefully
structure your contracts with contingencies
and the option to assign the contract, which
will protect your interests and profit potential.
If your plan is to flip, be sure beforehand that
no “major surgery” on the property is
required. Any improvements you plan to
make should be visibly beneficial and have
the potential of raising the rental price or the
resale value.
5.
Learn landlording. Even if you
plan to turn the task over to a
professional management
company, you still need to know the
fundamentals of how to manage properties
and tenants. Otherwise, how will you know
whether a management company is doing a
good job for you, or not?
6.
Establish trade accounts with
companies such as building
supply stores. This will enable
you to save money, get into the loop with
local tradespersons and other real estate
professionals, and build your line of credit. It
will also help you establish good
bookkeeping, which gives you a sound basis
for business decisions on your properties. I
suggest keeping a daily log for your
expenses. You’ll be glad you did when you’re
doing your recording keeping, and at tax
time.
Success
4.
Learn to identify hidden
bargains and act quickly. Acting