5 Tips For Beginner Investors
Investing your money for the first time is a daunting task. Sure, it can sound pretty exciting; the idea of putting money away and watching it multiply over time would be appealing to anybody, and if you do everything right, that’s just what will happen. But to actually confront the strategies, challenges, and mental hurdles involved with setting up an investment portfolio is different than just imagining things going well. It takes a lot of diligent work, and to some extent there’s a leap of faith required.
But never fear. Millions before you have invested, and done so successfully. As a result there’s plenty of good advice out there for when you’re just getting started. What follows is by no means a comprehensive list, but these are five general tips that can help to get you in the proper mindset to approach your first investments. Read more
Downsides of being a landlord
One of the questions I get asked most often about being a landlord is What’s the downsides of being a landlord? While there are numerous upsides; 4 ways to make lots of money for starters. There are a few downsides as well. I’m actually only going to talk about one downside in this article as it recently had a perfect ending to it. This downside is terrible tenants.
I know there’s lots of ways to screen tenants and you could weed out the majority of potential crazies but occasionally you might take a chance on a young person with no references and get burnt.
How bad was this person?
Good question! First let me give a little bit of background on how my duplex is run. One of the major selling points for this building for me was the fact that it’s in my hometown, and my father owns the identical adjacent property. They were built together when the original owners built them. He’s owned his unit for almost a decade and has had no issues. He also helps to manage the duplex for me, I’ll post all of the ads and answer all of the emails but the in-person viewings are done by him and the screening of tenants.
Now on to the tenant…