Guideline #11: Good management makes good investments.
Real estate is not a passive investment. Successful investments require steady and competent management. A few trademarks of good management: proper screening of tenants, keeping occupancy levels high, making sure the rental rates remain market appropriate over time, taking care of day-to-day maintenance, anticipating - and budgeting for - capital improvements, anticipating and solving problems, communicating sooner rather than later, and not letting issues fester.
It is not difficult. It does require discipline and effort. It is important.
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