Separate What "You Would Do" From Your Rental Business - Analyzing A Property On Its Own M
When you go to look at a property try not to think about what you would do if you were moving into the property.
Obviously the very fact that you are looking into buying a rental property means that you have some kind of success in your life, and you do not want to take a step backwards in life.
It is very rare, in fact I never heard of a landlord who only buys houses better than the one he lives in.
You are usually buying in a area far different from where you live.
It does not matter if you would live in the house or not, it only matters if the house is a good investment to you.
I learned this lesson on the first house that I bought.
It was a very small house with two very small bedrooms that could hold a bed and maybe a small dresser in each room if the bed was small enough.
The bathroom was tiny and you could hardly turn around because of the cluttered layout of the bathtub and toilet.
This would have been a deal breaker if I was considering moving into this property.
The bathroom was clean and it was in good working order and later I was pleasantly surprised that the potential tenants did not even question the size of the bathroom.
(When I sold the house the bathroom was not a problem due to a little imagination on my part.
I completely remodeled the bathroom and the the layout was significantly better.
I felt that I was able to move freely in the bathroom even though it was still small.
I bought a smaller bathtub that could be turned the opposite way that it currently faced and it changed the whole feel of the bathroom.
And size was not even a issue after that point.
) The other rooms were decent size but the idea of living there to me was a very scary proposition.
All the financial factors of the property were favorable but I started to have doubts as to whether or not anyone would want to rent the house.
That is until my first open house.
I had cars lined up and down the street, and they showed up about ten minutes early.
I couldn't believe the way that everyone that came through just loved the house and thought it was perfect for them.
After that I had a whole new outlook on properties and how I could make money with them, without having the need to want to live in them.
Obviously the very fact that you are looking into buying a rental property means that you have some kind of success in your life, and you do not want to take a step backwards in life.
It is very rare, in fact I never heard of a landlord who only buys houses better than the one he lives in.
You are usually buying in a area far different from where you live.
It does not matter if you would live in the house or not, it only matters if the house is a good investment to you.
I learned this lesson on the first house that I bought.
It was a very small house with two very small bedrooms that could hold a bed and maybe a small dresser in each room if the bed was small enough.
The bathroom was tiny and you could hardly turn around because of the cluttered layout of the bathtub and toilet.
This would have been a deal breaker if I was considering moving into this property.
The bathroom was clean and it was in good working order and later I was pleasantly surprised that the potential tenants did not even question the size of the bathroom.
(When I sold the house the bathroom was not a problem due to a little imagination on my part.
I completely remodeled the bathroom and the the layout was significantly better.
I felt that I was able to move freely in the bathroom even though it was still small.
I bought a smaller bathtub that could be turned the opposite way that it currently faced and it changed the whole feel of the bathroom.
And size was not even a issue after that point.
) The other rooms were decent size but the idea of living there to me was a very scary proposition.
All the financial factors of the property were favorable but I started to have doubts as to whether or not anyone would want to rent the house.
That is until my first open house.
I had cars lined up and down the street, and they showed up about ten minutes early.
I couldn't believe the way that everyone that came through just loved the house and thought it was perfect for them.
After that I had a whole new outlook on properties and how I could make money with them, without having the need to want to live in them.