Success Stories
How To Find Rental Poroperties For New Investors
By Susan
Mar 14, 2007, 10:26

Hi, if you are the new investor, beware! Finding the deal , the property is good, next getting the financing can prove very trying, even possible, try several lenders and keep trying. However, the game of "fun" has just begun. Tenants have more rights today than the "owner".You must consider doing a lot of the sweat equity work yourself, a lot of time that you never get back, putting all important things on hold or the back burner. Time consuming are the contractors who do shotty work or do not show up, inspectors, getting insurance on the property, and lastly the tenants! Tenants who do not pay rents as you had planned, then the court dates and cost to get them to court. If they move out of state, with all the privacy protection laws, well, are you getting the picture now? YOU must figure out a way to make the payments to the bank regardless of how long it takes you get the tenants evicted, then it is repair time ...again and money and your time to start all over to hurry and get rent money. Until then, how will you cover the mortgage? A credit card? Humn....as the debt mounts, and or your savings dwindles down supporting the property, feeding the alligator, what else can you do? Have a nest egg for the unforeseeable, the rainy day, as when IT comes, it will pour and leave a very bad taste (experience) in your mouth. Let's not forget you must pay an attorney and hope the tenants don't try to sue YOU the owner for something of which you are not responsible. I had several rentals and you name it, IT happened to me. Therefore, I will caution anyone about rental properties, first form a corporation or some enity to protect yourself/home/family. Otherwise, if you do not have a great deal of cash on hand, try wholesale or flipping property first. I am going to try that now. Good luck.