DO treat investing like a business. Adequate insurance, bookkeeping and liability protection are a must.
DO stick with deals that have a 15% return on investment or higher.
DO stick with homes priced in the low median price range.
DO start with 3-2-2 single family homes.
DO specialize in properties in one part of town.
DO keep your rent properties close to home.
DO use as much O.P.M. (Other People’s Money) as possible.
DO your own due diligence on any deal that you intend on purchasing. Never rely on anyone else to do it, not even a partner.
DO remember that quality of lifestyle is the goal NOT money!
DON’T buy your second property until your first is making you money.
DON’T buy a property that you cannot support for six months.
DON’T buy a home without inspections.
DON’T ever buy a property without title insurance.
DON’T buy more properties than you really want.
DON’T buy properties that you wouldn’t want to manage.