Main Street Business #497 (8 MISTAKES) When Buying Your First Rental Property…
Apr 30, 2024
11:44
In this episode of the Main Street Business Podcast, host Mark J Kohler delves into the eight common blunders that new investors make when acquiring their first rental property. Learn valuable tips on how to sidestep these errors and set yourself up for a prosperous rental experience.
Here's what you can look forward to:
- Mark highlights the significance of tracking expenses from the start to classify them as startup costs.
- Emphasizes the need for a proper LLC for asset protection when owning a rental property.
- How to set up a separate bank account for the LLC to avoid commingling of funds.
- The benefits of using a warranty deed and seeking professional assistance for the process.
- The need for landlord insurance to protect against unforeseen events and liabilities.
- The importance of knowing and understanding lease agreements as a property owner.
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