Posted by Bert G on April 26, 2000 at 17:59:25:
When I read the Milin’s book over a decade ago, it left me with a vaguely uncomfortable feeling. Some of their tactics just didn’t seem quite wholesome. And didnt they get indicted on some REI scam last year?
See my post below titled “Mr Landlord” for a couple book reccommendations. You might also consider “The New No-Nonsense Landlord” by Richard Jorgensen
Another caveat. Landlording isn’t as easy as it might at first seem. (I’ve been doing it for 20 years). If you buy a house and rent it for a little over the monthly payments, you’re going to lose your shirt. You also have to consider taxes and insurance, maintenance, repairs, advertizing, etc. You should set aside at least 10% of rents for a “replacememtn reserve” to handle big things like the roof or furnace or the hole the tenant’s car left in the side of the house. And don’t forget to allow for a maintenance fee. Even if you do it all yourself, your time is worth something and you deserve to get paid. After all that is figured in, you want to build in cash flow. On my rentals, I shoot for 20% positive cash flow after all expenses.