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- All my property shouldn't be more than 30min from each other. This is achieved by having all my property in a circle of 15min radius (or 30min diameter). My own house that I live in can be outside this circle, but the property I own is better contained within this circle.
- Use about 20+ agents (or other people) to find deals for me.
- Check criminal and credit reports on potential tenants. Check references. Make the tenant responsible for maintenance.
- Shop around for business insurance. Find one that does not go up in premiums every time you claim.
- High-end single-family homes take about 8 months to close the deal. Low-end single-family homes take about 2 months to close.
- Keep properties in the town you live. You want to see and feel the property. If you do the deals right, you will only need to see your property about 1 or 2 times a year, but it's still better for your properties to be in the same town that you live in.
- Don't wait for all conditions to be perfect before you invest. Do concurrently the things you need to get in order (clean up credit, read all the theory, etc.)
- The progression of property investment go from single-family homes to multi-family property (complexes, etc.). When you reach the stage where you need a property manager for all your single-family homes (should be more than 15), you should rather sell all the single-family properties and trade up to multi-family properties (stage 2).
