{"id":2013,"date":"2016-05-18T15:15:07","date_gmt":"2016-05-18T22:15:07","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2013"},"modified":"2016-05-17T09:44:42","modified_gmt":"2016-05-17T16:44:42","slug":"how-to-avoid-mistakes-beginning-investors-make","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/05\/how-to-avoid-mistakes-beginning-investors-make\/","title":{"rendered":"How To Avoid Mistakes Beginning Investors Make"},"content":{"rendered":"<p style=\"text-align: justify;\">Investing in rentals can be a great way of growing a fortune by having renters pay for your investment. It can also be an ongoing headache if you don\u2019t take steps to avoid these common mistakes most beginning investors make.<\/p>\n<p style=\"text-align: justify;\"><strong>Not keeping an eye on the property.<\/strong> A fellow investor once found his rental house destroyed after the renter moved three of her friends and 15 kids into an 800 square foot house. The rent check was coming in every month and no one was complaining of repairs needing to be made. He thought everything was good and just sat back collecting the rent. Of course, two years later, when she moved out he thought a bomb had gone off in the house.<br \/>\nYou need to visit your tenants occasionally. Do it frequently when they first move in. Just knock on the front door and ask them how everything is going. If they complain about something being broken, you can go inside to see what the problem is. You will save yourself a lot of trouble just by checking up once in awhile.<\/p>\n<p style=\"text-align: justify;\"><strong>Not having a set of rules.<\/strong> Have a written set of rules that tenants sign when they sign the lease. If they break the rules, they break the lease and you can make them move out. These rules don\u2019t need to be complicated. No music or noise that can be heard outside after 9 pm. No illegal activities. Rent is due before the 3rd of the month. Late rent results in a 10% penalty. Only people listed on the lease are allowed to live in the house. No stickers or decals on the walls or ceiling.<\/p>\n<p style=\"text-align: justify;\"><strong>Not making repairs promptly.<\/strong> Many beginning investors work a full time job. The investment house needs repairs periodically but they procrastinate because of time and money. Small repairs have a way of snowballing into big repairs costing a lot more. If you don\u2019t maintain the property, good tenants will move out and you\u2019ll soon be renting to problem tenants at a lower price.<\/p>\n<p style=\"text-align: justify;\"><strong>Manage your property.<\/strong> Many beginners treat the property as a hobby. It\u2019s not a hobby, it\u2019s a business. Before you buy, you need to know the numbers. Know what your return on investment will be. Keep good accounting books so that you can write expenses off your taxes. Keep good repair records. Over the years, you\u2019ll buy new appliances and other features for the house. Some day you\u2019ll want to sell the house and being able to show repairs, maintenance, and improvement records brings you a higher selling price.<\/p>\n<p style=\"text-align: justify;\">Avoiding these simple mistakes will make your early investing experience much more pleasurable and profitable.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/how-to-avoid-mistakes-beginning-investors-make\/98733046\/\" target=\"_blank\">How To Avoid Mistakes Beginning Investors Make<\/a> by Brian Kline | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investing in rentals can be a great way of growing a fortune by having renters pay for your investment. It can also be an ongoing headache if you don\u2019t take &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/05\/how-to-avoid-mistakes-beginning-investors-make\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2013","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How To Avoid Mistakes Beginning Investors Make &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/05\/how-to-avoid-mistakes-beginning-investors-make\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How To Avoid Mistakes Beginning Investors Make &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Investing in rentals can be a great way of growing a fortune by having renters pay for your investment. 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