Re: Payoff Mortgages Early? - Landlord Forum thread 359155

Re: Payoff Mortgages Early? by lpadave on March 22, 2019 @13:39

jason
you're off to a great start.
its very hard to start out with positive cash flows. Usually for the first couple of years till the rents work upward most of us with mortgages are negative and depend on the tax benefits to help it make sense. Your mortgage rates are great.

Work on screening prospective tenants VERY CAREFULLY and try to avoid just putting a warm body in,...out of desperation or frustration. -- IT WILL PROVE TO MAKE YOUR LIFE EASIER AND MORE PROFITABLE. Its hard when a month or months pass with a vacancy(ies). build up some cash reserves to carry you thru those times.

take proper care of your properties AND your tenants,...they are your customers and they deserve proper value AND service for their money.

REMBER the '4 r's' ----RAISE RENTS REASONABLY REGULARLY.

resist the urge to grow too fast. don't get over leveraged and top heavy.

get a good cpa that knows RE and find out who the good lawyers are who know RE --- both transactional and LL / T law.

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