It doesn’t matter what type of property your buying, Residential or Commercial.  If you holding them long term both require property management skills.

I learned how to manage my properties from a tenant who ran me ragged for almost a year.  They submitted an application and on paper they were pretty strong but 28 days later the wife called to tell me that her husband was injured at work and they were very sorry but they couldn’t make the Sept payment and asked if I could work with them.  “Sure”

One month of no rent turned into several.  Each month I got a new sad story and I fell for everyone. I thought I was being a decent person and in the end all i did was hurt them and myself.

Treat your investment property management like a business.  As hard as it may seem you need to remove the emotion and treat it like a business.  Rent is due on the first.  If not in my hot little hands by the third (check your local laws) then a three day to pay or get out is sent by certified mail.

I have learned that tenants will push you just like children, if you’ll draw a line in the sand early, it will make the management a whole lot easier.

By the way Kevin J was my tenant mentor.

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