To make the big bucks in this business, you must hold onto your rent-producing properties. Flip-flopping and selling off assets might sound a little more sexy but its short lived at best. Selling works in direct opposition to retaining income, depreciation credits and avoiding the tax collector. Combined with appreciation, these are the main ingredients for wealth. Obviously, keeping properties requires handling the tenants, who pay you their money every month. As your collections grow, landlording becomes much more tolerable, and eventually, more fun!
When you ask folks who are successful long-term real estate operators what made them that way – I’ll bet I can tell you their answer. It’s their ability or skills to handle the people who live in their properties! Do-it–yourself investors like me don’t become successful without landlording skills. No one is born with these unique set of skills, but it’s nearly impossible to succeed with out them.
Finally, learning “street skills” as well as rules regulations in the book will make your landlording job 100 times easier. You must learn enough street knowledge to gracefully handle tenant intimidation and treats. My technique of handling most tenant issues by mail was a lifesaver for me. Heated telephone conversations and personal visit are not necessary to manage your customers (tenants). My management product MANAGING YOUR TENANTS BY MAIL, could save your sanity. Visit www. Fixerjay.com…. educational products.