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Real estate investors have a love/hate relationship with Section 8 housing, the largest rental assistance program for low-income renters. Section 8 tenants receive housing vouchers, which help afford rental costs—and despite the myths, these tenants are fantastic. The program is managed by the U.S. Department of Housing and Urban Development (HUD), as well as hundreds of regional public housing au...

Looking for a profitable mobile home park is like looking for a partner. Surprised? Don’t be. Both searches start by defining detailed and specific purchase criteria. We want to know when we’ve found precisely what we’re looking for. That means selecting specific, actionable criteria. When you’re looking for a partner, you think beyond, “They have to be cute and friendly.” Our criteria also includ...

Loan underwriting may sound mysterious, but chances are, you already experienced a similar (albeit simpler) process for your pre-approval letter. While pre-approval makes you competitive to sellers, it is not an official guarantee from your lender. Underwriting makes it official. It’s the final step for your lender before you close on the property. Because underwriting is typically a hands-off par...

Going into business with your partner isn’t always a bad idea. In fact, sometimes the two halves of a couple have beautifully complementary skills—especially when we’re talking real estate. There’s a reason HGTV leans so heavily on husband-and-wife pairs. Your business certainly doesn’t need to be as linear as “the wife’s the designer, the husband’s the accountant.” Maybe your husband has a keen e...

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The goal of real estate accounting—or “doing the books”—is an accurate record of all the money going in and out of your business. Bookkeeping is a vital task for your real estate business, and there are several benefits to staying organized, such as freedom, legality, and profitability. When you know exactly how your business is doing at any given time, you are able to make better decisions and sl...

An audit is anyone’s nightmare, but audits involving real estate can be especially complex due to all the moving parts. If you are a real estate investor—especially if you have invested in multiple properties—you would be wise to implement business practices from the get-go that make your finances easy to understand and comply with your state regulations. Managing your business well and being prep...

You have the power to become as successful as you want in real estate sales. Nobody can stand in your way except you, thanks to the influence of self-limiting beliefs. We all have them: pessimism, fear, complacency. Those are the things that contribute to a weak mindset and keep you from realizing your full potential. Attributes such as motivation, focus, confidence, and momentum, on the other han...

Regularly raising the rent keeps your properties in line with market rate. But you can’t just issue a rent increase willy-nilly—the first step is finding out if it’s even possible. When a tenant is in a lease, the rent is fixed for the term of that lease and cannot be raised until after the lease is over. This is why rent raises are most common upon the renewing of one’s lease. Before we dive into...

When we ask for advice on a new idea, we are often looking for someone with experience to validate our ideas. That can be especially true when it comes to residential and investment properties. As a beginner real estate investor looking to purchase residential properties, you will more than likely come to a point where you start seeing single-family houses in a very low price range, and find yours...

Taxes. While we don’t have a choice in paying taxes, we can legally shelter some of that income from escaping our pockets. One way includes the self-directed IRA. An IRA is an individual retirement account. If you work a job with benefits, your employer may sponsor an IRA. It was developed as a tool to help people save for retirement and many income tax incentives are offered as encouragement to s...

In finance, portfolio diversification is the way to grow and protect your assets. Though diversification is typically understood as holding different types of investments or employing different investment strategies, it is still more than possible to diversify a portfolio with only one kind of asset (like single-family rental properties). Every investor knows the importance of diversification. It...

If you have a no-pet policy, you probably won’t be surprised to learn that doesn’t apply to service dogs—but you might be shocked when realizing that emotional support animal laws supersede your policy, too. That’s because an emotional support animal is not considered a pet. Like a service dog, it is an assistive device to help with a disability, similar to the way a wheelchair provides assistance...

New real estate investors often get infatuated with the idea of the passive cash flow that real estate can bring in. So it’s not surprising when you see many new investors throw caution to the wind to chase cash flow and end up buying super cheap homes (in oftentimes questionable areas) thinking they will reach their investing goals faster. But this can be a big trap if you aren’t careful. (Read m...