In the investment property business, you will learn very quickly that if you love your tenants and follow the Golden Rule, management will be professional and relatively stress free.
You will become an expert on values within your small, specific investment area of 25,000 residents. This area is where you have your expertise and where you should be investing. Clustering your investment properties together will reduce management time. It will also help when hiring local contractors who will know your standards and expectations.
If you hire a tenant to perform a service, pay them. Do not accept services in lieu of rent.
Understand your rights and obligations and those of your tenants under current laws.
All rental agreements should be in writing. Keep good records.
If your buildings are well maintained, you will attract solid, long-term tenants. Respond quickly to problems and requests. Think fair but firm.
It is tenants who will make your Action Principles® Plan successful.