Real Estate Rookie 7 “Golden Rules” That Will Make You Richer with Rentals
Sep 24, 2025
Discover the seven golden rules that can transform your real estate investing journey! Learn to budget accurately, considering all costs beyond just paint. Find out why cash flow should take precedence over curb appeal. Explore the importance of strong purchase agreements and the necessary contingencies. Dive into effective tenant screening methods and the local landlord-tenant laws you must know. Plus, hear why committing to a single strategy for 90 days can help you master the market. Unlock your path to building real wealth!
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Always Model The Full Payment
- Model the full monthly payment including principal, interest, taxes, insurance, HOA, and PMI.
- Budget for bookkeeping and CPA fees and divide annual costs across 12 months for accurate cashflow.
Build Real Reserves
- Keep reserves of at least three to six months of expenses for vacancies, utilities, and capital expenditures.
- Remember rent minus mortgage is not your net profit; include all recurring and one-off costs.
Budget For More Than Paint
- Budget more than just cosmetic fixes and expect unknowns to appear once walls are opened.
- Get multiple contractor bids and add a contingency (Tony suggests ~20%) to your rehab budget.