As with any venture, a bit of homework before getting started, can improve your chance of success. Network with local property owners: learn from the lessons of those before you. Many landlords started small and grew. Sometimes that growth involved some painful lessons. I once had a condo ruined by an exploding toilet, only to discover that I had the wrong insurance for the property. All of the repairs came out of my pocket and that was a mistake which cost over $15,000.
Study the local laws: rental laws vary from state to state and different based on the type of rental. With apartments, know the protected rights of the renter as well as of the landlord. Commercial property is usually governed by an entirely different standard and specialty properties like boat slips and plane hangars may have their own special rules as well. A little bit of networking, with people in the area of your interest, can go a long way. Just remember that friendly advice is not qualified legal advice. Use the input from other landlords as a convenient, and free, starting point and always finish with a qualified lawyer.
Have a plan: Create an income target and then fit your rental growth plan to fit accordingly. Project expenses, such as insurance and repairs, in your model as well. Having a plan also gives you a greater sense of confidence. You know when you're ahead or when you need to focus on further expanding your tactics. It's difficult to hit a target that isn't there so make sure you always have an up to date plan. Get started: I've run into many people working on residual Income business opportunities that never see the light of day. They're too focused on "all or nothing" and aren't willing to start small and invest their earnings into new investments. The more you invest your money in growth, the more explosive the results.
John_Le_Bleu
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