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10 Real Estate Investing Quotes to Live By:  Part 4

10 Real Estate Investing Quotes to Live By: Part 4

1. Expect the unexpected from Tenants. Plan for the worse and be pleasantly surprised when you get a great tenant.  Tenant planning usually involves money; either periods of no tenants, making property repairs to non-functioning items and non-paying tenants. It’s critical to have reserve funds available to handle these money-draining time periods. – Lynn Pineda

2. Don’t be afraid to ask for help. There are so many details in real estate that it can be overwhelming.  One of the great things about experienced investors is that they have all been in your place.  Turn to more experienced investors with your questions, as there is no such thing as a stupid question. – Joshua Dorkin

3. Focus on raising rental income without annoying your good tenants. The best way to do that is by being attentive to and flexible on reasonable tenant requests. It is much easier to increase rents on happy tenants, than those that you’ve been fighting against. – Elias Nathaniel

4. Spend time learning the math. The math will keep you from buying a bad deal, which is more important than buying a good one! – Brandon Turner

5. Get the money, then handover the keys. Always collect the security deposit and any pre-paid rent before you allow a tenant to move into a property. Don’t just accept a personal check but rather make sure that the money is in your bank account before handing over the keys. – Lucas Hall

6. Understand the difference between passive income and active income. Active income means you work for your money (and secretly, most real estate investments actually require a lot of work). Be able to differentiate between working for your money and being able to earn is passively (there’s a huge difference!) – Ali Boone

7. It’s important to network with like-minded folks to bounce ideas off of, advise you on your first few deals and help through the rough patches. Things will not always be easy or run smoothly, especially at first. – Sharon Vornholdt

8. Relationships. In the world today everything is very fast-paced/cut and dry. Everyone is just trying to get the job done and make money. This method may get things done quickly, but it doesn’t necessarily ensure quality. By taking your time and focusing on building relationships you can eliminate the ones looking for a quick penny and only work with people who genuinely have your best interest at heart. – Engelo Rumora

9. Know who all the players are in your market…… who they are and what they do. You want to be known as “the guy (gal)”. Being able to put people together with what they want will enable you to monetize more of the leads you pay for, which will let you market more which will get you more leads, which you will monetize….. – Jerry Puckett

10. Buy properties in great neighborhoods with good school systems and great highway access. When you follow a blueprint of what the market wants you will be in a much better position to make a profit. Go with what the majority of buyers are looking for and you will be in a much more favorable position. – Bill Gassett