When I’m asked about real estate investing and, more specifically, buying rental properties in Indianapolis, people always want to know my input on two things:
- What does it take to be a landlord?
- What’s your best advice — do’s and don’ts — to someone who is starting out in this business?
The answer to the first question is easy. Good landlords understand the importance of being very organized and keeping good records. They also understand the importance of “letting go.” There are so many things beyond our control, especially in tenant management. You have to let that stuff roll off your back and move on.
The do’s and don’ts question is very interesting. I was interviewed for an article about this very subject and the piece appeared last week. Here’s the link:
There’s lots of good info there, for people who are either considering investing or have already jumped in. Several of the tips are covered in my book, but one of my favorites is to not fall in love with a potential property. When you make emotional decisions, whether it’s about a purchase or a tenant situation, you’re headed for trouble.
Even though I read everything I could get my hands on before I began my real estate investing career, I made tons of rookie mistakes. I wrote my book to share my story and expertise, to save others from making needless mistakes. So, when I come across additional information, I enjoy passing it on to my readers . . . happy investing!