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Ready to invest in residential real estate? Here are 14 tips to becoming a profitable landlord:
1. Buy it right using a specific rate of return.
2. Study your market. Set rent accordingly.
3. Market using high-quality photos.
4. Check credit, evictions and criminal background.
5. Complete your paperwork accurately.
6. Understand your obligations.
7. Prepare for maintenance costs.
8. Prepare to hire a property manager.
9. Manage your time.
10. Treat your real estate like a business.
11. Prepare annual pro-formas.
12. Understand fair housing laws.
13. Have an exit strategy.
14. Consult your CPA and attorney.
– Scott Korbin, Coldwell Banker HPW