I’m sure if you’re reading this you are scouring the Interweb for anything related to rental property, the advantages and disadvantages of owning real estate and the pitfalls of being a landlord. If this is true, you’re at least smart enough to do your due diligence before bailing off into something that has the potential of causing you great misery if handled improperly. There are many myths about being a landlord and even about owning real estate in general. I’ve learned, as I get older, that with everything in life comes differing opinions. There will always be someone who thinks something is great and another who believes that same thing is complete shit. I strongly believe the difference is only in the way each individual handles the situation.
So many times I read opinions or get told stories about the negatives of owning a business, owning real estate, being a landlord, even trading options (don’t get me started) and just shake my head. The one true gift that I’ve had for most of my life is to believe my opinion was better than everybody else’s. Haha…that cracked me up, and it sounds terrible, but what I really mean is I never let someone else convince me I shouldn’t do something or I couldn’t do something just because they’re opinion on whatever was poor.
I am smart enough to make my own opinions. I would figure out on my own if it was viable and go with my gut. I’ve had an amazing gut and I truly believe everyone has an amazing gut, but few actually listen to it or can decipher what it’s telling them. Typically, when I hear anyone say anything negative these days I immediately think to myself they must have screwed it up…it was something they did wrong.
I am a strong believer and living proof that proper preparation and expectations (more importantly) are the keys to success in anything you do in life. You can be successful at absolutely anything including, but not limited to, owning rental properties if you prepare yourself properly and have realistic expectations (a little luck doesn’t hurt).
Buying your first rental property is always the hardest and scariest moment in your landlord career. You’ll be scared to death, but keep in mind you’re buying an asset and something that has some intrinsic value. It’s not like you’re buying a car where it depreciates immediately upon purchase or is worth nothing in five years. Real Estate typically holds its value and when the market does crash (which it will again) you must be ready to buy, buy, buy.
In this section of my blog I will be writing articles and concentrating on being a landlord and owning Real Estate as part of a good diversified portfolio.