I started this blog with the intention of sharing my experiences with being a landlord. Far too many people just look at the numbers of Real Estate (RE), and decide that is the path to wealth and riches. Any Realtor will tell you the same, and when you look at their financial statement you wonder how it can be.
It is true that many of the world’s multi-millionaires got their start at RE. Most people start by renting their home after they buy a new one and move out. They find and attract a tenant every few years, if that. Most get lucky, some do not. Horror stories abound, as landlords attempt to trust people, comply with the law, and attempt to be a good person. Even Ted Bundy would have looked like a solid tenant, if not for his serial killer mentality.
This is not a blog about how to be a good person in RE. It is a blog about how to put the statistics in your favor, to use my mistakes and the information that every landlord has available to them, to have a higher probability of success. To help you understand what it takes to be a landlord or property manager. Sure, you can hire all of it out, but then your profits are much lower. Paying 8% for a property manager might cut the profits (and cash flow) in half.
The path to success in RE is not guaranteed. If it was, everyone would be doing it. There are many examples of failures; the years after 2007 were filled with investors going broke. It can and will happen again. Put the odds in your favor, read the blog entries.
