Posted by noel b (152.163.253.102) on September 02, 2003 at 10:59:09:
In Reply to: WHAT PROGRAM TO USE posted by JUDY THRASHER on August 21, 2003 at 16:34:35:
: MY HUSBAND AND I ARE PLANNING ON BUYING A DUPLEX OR AN ONE FAMILY HOME TO RENT FOR THE FIRST TIME. WE ARE NOT SURE WHAT PROGRAM WOULD BE BEST FOR US.
: ALSO, WE ARE LOOKING TO FIND FORMS. WE ARE NOT SURE WHAT FORMS WE NEED ACTACLLY WHEN WE BECOME A LANDLORD.
response; first, you need an education--I can't stress this enough! You are going into a number of fields/professions all at once, including Real Estate Investment, finance, RE law, structures, mechanicals/utilities, maintenance, RE management, handicapped, landlord-tenant law, insurance (you ARE going to have fire and LIABILITY insurance, aren't you?), accounting, financial analysis, record-keeping, tax law, etc. In other words, you are going into BUSINESS!! Actually, one of the most regulated of all businesses! Oh, yeah--almost forgot the lawsuit-invitation-of-the-day....BLACK MOLD!!! (iT'S ANOTHER tempest-in-a-teacup, but you probably don't want to be sued over nothing, do you?)
Go to your nearest college and take some RE classes, read some textbooks on RE investment (not "how-to" books), build yourself a team of people experienced in the fields you need, join your local landlord/investor association and get to know the practicing pro's in your neighborhood. Use their knowledge and experience to make your business profitable, efficient, and legal, but for heaven's sake, don't go blindly into this---you can't become a Nuclear Scientist in a week, and you can't become a successful Real Estate Investor in a week, either....forget all that crap you've seen on TV (a lot of those guys are already in prison!), and do it right--start at the beginning, and you will be successful, but first, you must understand that YOU ARE GOING INTO A BUSINESS, NOT A HOBBY!
It is said that "A wise man learns from the experience of others...a fool, only from his own." DON'T BE A FOOL! Start right, stay right, and retire early, like so many of my personal friends---and like me, too!
After 30 yrs in the business, I am qualified to say these things by virtue of having made practically every mistake possible, AND PAYING FOR EVERY ONE! The easier way (read "smarter" way) is to take advantage of the resources around you---there are people around you right now making lots of money doing this...personally, my rental income is about 400% of my retirement check, and I have stayed small because I don't want another j-o-b....which stands for "just over broke" in the real world. If I can help you, just let me know.
noel b, retired professor
kent, ohio
nblanke688@aol.com