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REAL ESTATE PROPERTY INVESTMENT STRATEGIES FOR BEGINNERS

As a new real estate investor, identifying your real estate investment strategy is the perfect starting point.  There are many different ways to invest in real estate, and there are a variety of property types to invest in.  In this post, I’m going to give you 3 steps to follow to help you develop a real estate investment strategy that is right for you. Step #1: Choose Your Property Type Single...

WHAT IS THE 70% RULE IN REAL ESTATE & SHOULD IT BE FOLLOWED?

As a real estate investor, you’ll hear about different rules and formulas designed to mitigate risk.  One such rule is the 70% rule.  What is the 70% rule in real estate?  The 70% rule simply states that you shouldn’t pay more than 70% of a property’s after-repair-value (ARV) minus estimated repair costs (ERC).   This can probably be better explained by creating an example.  Let’s imagine you...

IS TOXIC BLACK MOLD DANGEROUS?

Over the years, I’ve purchased several investment properties that have had black mold.  I was able to get them at steep discounts because, quite frankly, no one else wanted them.  I mean, can you really blame people for not wanting to buy a mold-infested property that looks like this?   However, is mold really as dangerous as some make it out to be?  That’s the topic at hand for this post. What...

HOW TO DEFINE YOUR REAL ESTATE EXIT STRATEGY

There is a reason fighter pilots have an ejection seat – to survive in the event the plane is going to crash and burn.   As a real estate investor, your real estate exit strategy is akin to an ejection seat.  Should your real estate plans take a turn for the worst and a crash is inevitable, you need to have a well-planned real estate exit strategy, so you can escape and survive financially...

HOW TO SUCCEED AS A LANDLORD IN A SLUMLORD-RULED PART OF TOWN

Unfortunately, I buy rental properties in an area where houses rented out by slumlords are all too common.  One slumlord, in fact, owns over 400 rental properties!   Over time, this has left the town riddled with trashed out homes and sketchy tenants.  You feel unsafe just driving by some of these properties.   This makes it difficult for landlords, like myself, who take care of their properties...

How much does it cost to evict someone?

Before we dive into the costs of evicting someone, let me tell you a quick story.  When I first started out as a baby real estate investor, I hired a property manager (big mistake) to manage my very first rental property, and, naturally, I had some questions for them.   One of the questions was, “How much does it cost to evict someone?”  They were quick to reply, “It’s $400.”  As a naive...

HOW TO SUCCESSFULLY SHOW YOUR TENANT OCCUPIED RENTAL PROPERTY

For one reason or another, you’ve decided to put your rental property up for sale, but there’s one slight drawback – there are tenants living in the property.  While it is true that a property will show best when it’s vacant, you can still have a successful experience showing your rental property and getting it sold even with tenants in it. Keep in mind that just because you are selling the...

WHAT’S THE BEST FLOORING TO USE FOR A RENTAL OR A FLIPPER HOUSE?

Finding success in real estate investing has a lot to do with striking a good balance between renovating a property well while keeping your costs low.   Flooring is one of those things that prospective tenants or buyers will certainly pay attention to.  I mean how can they not? Flooring is everywhere. Making your flooring pop doesn’t have to cost you a ton of money.  In fact, there are some...

HOW MUCH DO YOU HAVE TO PUT DOWN TO BUY A RENTAL PROPERTY?

Buying your first rental property is a very exciting step in becoming a real estate investor, but you might be wondering if the down payment is more than you can handle.   Down payment requirements to buy rental property typically range from 15%-30% depending on the kind of financing.  However, there are several ways for you to acquire a rental property with no money down.  I’ll explain these...

DO YOU NEED A REAL ESTATE LICENSE TO RENT PROPERTY?

Do you need a real estate license to rent property?  That’s a good question.  If you want to rent real estate, it’s very important to know what the licensing requirements are.   In addition to requirements at the state level, cities and counties may also impose their own licensing requirements for individuals who wish to function as property managers. Furthermore, licensing...

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