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2018-08-23 BIGGEST LANDLORD MISTAKE | By: Jeff Taylor

BIGGEST LANDLORD MISTAKE  
By Jeffery Taylor (Mr. Landlord)
 
It's good to learn from your mistakes. It's better to learn from other people's mistakes. Several landlords nationwide shared their biggest mistake this week on our forum. Often we make decisions based on incorrect assumptions. Here are three big assumptions revealed by landlords that ended up being very costly, in some cases as much as tens of thousands of dollars. Learn from them; do not be quick to make the same assumptions which may end up costing you greatly as well.
 
  1. Thinking more bedrooms always equated to more profit. We lost thousands and thousands on our larger homes. Got rid of them and now we stick with tiny homes.
 
  1. Thinking I was the only person who could work on my properties. When I started going to seminars and hiring out my management tasks, my income exploded. 
 
  1. Under-pricing the rent amount we could get for our rental. We based our rent on our mortgage payment -- not on the market rent. Not only did we under price the rent, but (due to low rent) then we then undervalued the asset. This house was seen as a burden we could not unload, not as a money making asset. If we had been collecting the correct rent, we would have never sold this house.
To see the complete discussion with another dozen or so very costly mistakes to avoid, click now. Learn from the mistakes of others.

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