Income Properties Tips In fact real estate is now America’s favorite long- term investment. According to a recent “Bankrate” study, the popularity of real estate is at it’s highest point since “Bankrate” started the survey seven years ago. Should you take the plunge into the rental property market? Experts offer a qualified yes provided you do your homework first. Here are several Income Properties tips to consider before diving into the income property market. Hi. I’m Rich Barnes, owner/broker of Realty Experts in West Allas, Wisconsin, 53214. Number one tip, before you leap in, you want to consider whether you have the time and skill to put into managing a rental. Where people who want to become landlords fall short is they don’t realize how much work is really involved. Tip number two, if you’re going to look to make money in real estate, you want to think long-term. As you pay down the principle over the years, you should be able to grow your cashflow. The way people get into trouble with almost all investments is they just don’t hold on to things long enough. Tip number three, know the law. State landlord tenant laws can act like a black hole for rental owners who ignore them. You’ll want to be familiar with rules around eviction, fair housing and other regulatory requirements. Tip number four, make sure you are landlord material. If you get too close to your tenants and the tenants have financial problems, you can see yourself stuck because you won’t want to evict them. Treat it like a business because it is a business. Tip number five, budget for problems. There will always be problems. As a landlord, you want to save about 20% to 30% of your rental income for upkeep, maintenance and emergencies. Professionals say that you always underestimate all the different expenses that have a way of coming up and always overestimate just how positive the cashflow is going to be. If you have any further questions or you’re thinking about becoming an income property owner, feel free to reach out. I’m here to help. Thanks and you have a great day.