| Real estate investment goes beyond the | | | | rentals, screen proper tenants or even read up on |
| arts-and-crafts glamour depicted on television | | | | what's involved with being a landlord. |
| shows about flipping houses. Instead, it's about | | | | Meanwhile, the committed rental real estate |
| diligence, seeing a project through, maintaining a | | | | investor is either ready by outsourcing the job to |
| property as a landlord and having the patience to | | | | a property management firm or having read the |
| wait out a bad real estate market. | | | | local laws and landlord expectations. |
| Keep reading for a rundown of three sample | | | | The committed landlord is able to prepare a |
| scenarios of property owners and how they can | | | | property, attract quality tenants and retain them, |
| make a better commitment to their real estate | | | | and always follow the law regarding tenant's rights |
| investment. | | | | and building standards. |
| Property Owner 1 - The Flipper | | | | Property Owner 3 - The Personal Real Estate |
| The uncommitted flipper is the one who walks | | | | Investor |
| into a deal without first investing the time to think | | | | Whether it's your primary residence or a summer |
| out the plan, write up a budget, settle on an up | | | | home, every property owner is a type of real |
| and coming area and wait for the most preferred | | | | estate investor. After pouring hundreds of |
| house. | | | | thousands of dollars into your home, it should be |
| Meanwhile, the committed flipper takes the time | | | | considered an investment, particularly if its making |
| to research neighborhoods, read up on housing | | | | money. |
| sales in their area, and walk through other homes | | | | The uncommitted personal real estate investor |
| in the nearby vicinity. A committed flipper also | | | | makes poor upgrade and renovation decisions, |
| goes the extra mile - whether it's with granite | | | | doesn't give due consideration about resale value |
| counters or hardwood flooring throughout the | | | | or amenities until a few weeks before the house |
| house instead of laminate. It's that commitment | | | | goes up for sale and hasn't been keeping an eye |
| and sweat equity that really pays off with a real | | | | on his or her home's property value. |
| estate investment. | | | | Meanwhile, the committed personal real estate |
| Property Owner 2 - The Landlord | | | | investor always knows the value of his or her |
| The uncommitted landlord is the fly-by-night | | | | home and routinely thinks about resale when |
| property purchaser who doesn't take the time to | | | | making any improvements or renovations in the |
| read the local Tenancy Act, understand the | | | | six to twelve months before the house goes on |
| county and state legislation regarding property | | | | the market. |