Guideline #12: Budget for management.
Always. It is a temptation when making a small investment in real estate, such as a single family house, not to include the cost of management in the original income and expense projections. We think this is a big mistake.
Successfully managing real estate investments take time, discipline, and some acquired learning. If you are managing your own investments, pay yourself for your time. Not only are you earning it, but that way, once you get tired of it, there will be money budgeted from the cash flow to pay a professional.
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