As you might have guessed, all of this happened to me after I owned 26 rental properties. In fact, sometimes all of these problems happened within the same month. I used to be able to cover rent payments for one person, even though I had a lot of houses. My business suffered when three, four, or sometimes five tenants failed to pay rent in a given month. I had to go to business and pay up $3,000 per month in mortgage payments. I didn't have any income to pay it. I also had the expense of hiring a property management agency to get my tenants to either pay or evict me.

Accept the fact a business worth its salt will take time. Perhaps you can make money in a few months. Or maybe it will take a whole year. You need to be able maintain your current lifestyle for as long as it takes. It won?t be a steady climb from where your are; the path will go up-and-down.

In six months time, I had purchased eight houses - many with loans from the same wholesale lender.These lenders should have been concerned about all the debt I was creating, but they continued to approve loans based on my credit and rents that covered the mortgage payments. learing from home The problem I didn't see was that most rents were $50-100 above the mortgage payment.

All of this is great. You will be glued to the words of the person selling the course at a low price of $297.00. "Real estate is the safest and fastest way to make money, today," the expert will tell you.

Soon, this became the norm, not the exception. There were constant problems at my houses. Unhappy tenants led to poor upkeep of the property and even more maintenance problems. After having 26 houses, it was about one year before I started having problems with around 10-15 houses and/or tenant each week. I was evicting around two tenants per month. About four to seven tenants had not paid rent at all or were late on their rent. Promises were made, payment plans arranged and few, if any, ever followed through.

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