A review of the 33 Guidelines.....................
1. Do it.
2. Know why.
3. The money is made when you buy.
4. Value is derived from usage.
5. Location, location, location.
6. Know what you are, and are not, buying.
7. There is no bad real estate, only wrong owners.
8. Survive your first investment.
9. If it is too good to be true, it probably isn't.
10. These are business relationships, not friendships.
11. Good management makes good investments.
12. Budget for management.
13. Budget for vacancy/credit loss.
14. Cash flow sometimes equals deferred maintenance.
15. Roofs leak, just a matter of when.
16. Budget for taxes, income that is.
17. What you do, or don't do, matters.
18. Have a professional team.
19. Read the fine print.
20. Leverage is a two-edged sword.
21. Pyramiding is not to be undertaken lightly.
22. Don't borrow just because they will lend you the money.
23. There is a lot of land.
24. Pay attention to your financing.
25. It is an investment, not a tax shelter.
26. Hold it, or add value.
27. Flipping is speculating, not investing.
28. Don't sell, exchange.
29. Don't eat your seed corn.
30. Don't sell the little piece before you sell the big piece.
31. Have a plan for the future in mind.
32. Cash flow is king.
33. The IRS always bats last.