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  • Look to buy a home that is priced just below market price that needs mostly minor repairs.
  • Is becoming a landlord worth the effort? Only you can decide. Just be sure to look before you leap and go into your new endeavor with realistic expectations and a solid game plan.
  • Go long! Long-term ownership will give you the highest chances of entering retirement with a nice rental property cash flow stream.
  • Find the Right Location. Look for low property taxes, a decent school district, a neighborhood with a low crime rates, an area with plenty of amenities, such as malls.
  • Fully educate yourself for 3-6 months. The better you educate yourself, the higher the chances you will take the proper steps to reduce your risks and make smart and safe decisions.
  • Think twice about buying a Fixer-Upper. It’s tempting to look for the house that you can get at a bargain and flip it into a rental, but if this is your first property, that’s probably a bad idea. Unless you have a contractor who does quality work on the cheap – or you’re skilled at large-scale home improvement – you’re likely to pay too much.
  • Death, taxes, and… Those two items are guaranteed in life. But, there is one more item if you are a real estate investor, and it’s 100% guaranteed: If you own real estate, you will feel pain along the way.