money5No one goes into a business wanting to lose money. Owning a rental property is no different. When you embark on investing in real estate and becoming a landlord, it's often prudent to take advice where it's given. Granted, not every piece of advice you'll receive will work for you, but you'll be able to work through it and find what does. Other landlords that have been in the business longer will have many stories, both good and bad, and can often provide helpful hints on good policies to keep and useful habits to form. If they're located in the same area as you are they may be able to provide helpful information about rental prices and the market.

In today's world information is at our fingertips. Likely if you're a new landlord you're searching the internet for tips, and as well you should. Many sites will offer free advice and articles (just like this one) to better help you avoid common mistakes. Advice and recommendations on maintenance personnel and property management companies help to give you peace of mind in the people that you are hiring to help you take care of your property.

In the end, it's always best to listen to those that have come before you and do your research. It will help you save money and keep your properties running smoothly.

Check out three tips from BiggerPockets on how to save money as a landlord!
POSTED February 12 2014 10:57 AM

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