If you cannot confidently state how you will withdraw your investment capital from the property you have no business investing in it.  Period.  NEVER break this rule unless the capital you are putting in is disposable.  If you do not have a plan other than appreciation, you are speculating.

• It is Never Rented Until it is Rented

Allow me to explain.  No matter how solid a candidate is, no matter how charming, no matter how many times their references give them glowing recommendations… Until they sign on the dotted line, you treat it exactly as if you’d never met them.  Your marketing continues just as hard.  Your property is maintained just as well.  Your management of your asset never waivers.

• A Good Handyman is Worth Their Weight in Gold

They will decrease your stress level to the point that you will gladly write a check for every dime they ask for.  How do you know if you’ve got a good handyman?  Honestly, I look at this a little bit differently.  I look at value.  And I define value as quality of service provided, including all aspects of it, divided by expense.  You may find an extremely cheap handyman. And you may find their work looks extremely cheap.  This is not high value.  If you can find that person who will do an absolutely adequate (average to above average) job while keeping costs in check, this handyman is your handyman.

• Always Treat Your Contractors with Respect

Treat them well the first time, and each time after that.  This will pay off in the long run.  Never forget to go the extra mile when they do a good job.  A $50 gift card today might just earn you an after hours visit to a property to address an issue that saves you hours in the long run.  That combined with the lowered stress level when you solve a problem quickly and easily will always be worth it.

Lastly, but Certainly NOT Least…