Real estate investing can be fun, stressful, anxiety-inducing, and exciting, but there’s usually always a great pay off. If you’re looking at getting into the investment/landlord business obviously, you want to be a successful one. Here’s one of the best ways to become a successful landlord.
You can invest dozens of hours and hundreds of dollars into real estate investment courses but the best education you can give yourself is from observing those who have already been there. One of the best ways to do that is with a visit to the local courthouse.
Every prospective landlord should consider sitting in on some cases with the landlord/tenant court in your properties jurisdiction. You want to make sure that your own case is not the first time you’re learning. So how can you do that?
Learn from the mistakes of others.
My father always said we can’t make all the mistakes in the world you have to learn by other people’s and just by observing other landlords and tenants in court you can see what to look out for. The majority of these cases will be landlords are suing their tenants for unpaid rent and considering eviction. Many tenants don’t even show up or plead for charity so it’s good to observe these cases to see what to do and what not to do. Most professional tenants are savvy about the legal system and typically push their rights to the limit of the law and maybe beyond. These folks know exactly what to say or not say to take advantage at the landlord’s expense.
You may also see landlords trying to recover money for damage to their property. Take a look at related policies, get little nuggets of wisdom and information, and one of the best ways to learn is simply observed.
Make the process clear.
Experience is really the best way to learn anything so by sitting in at the court you can demystify the entire process. You can acclimate yourself to the landlord and tenant court process and rules and get local guidelines as well as see how judges react in your area.
Understand your market.
By sitting and observing these cases you can see what landlords and tenants deal with most, how your government deals with it and makes the process clear. Every real estate market is different and laws and regulations vary from state to state and in some cases even from city to city. Make sure you are sitting in on cases in your county or your city so that you understand the process and the laws.
If you are considering being an investor throughout the Puget Sound area including Mercer Island real estate, Bellevue homes or condominiums, or anywhere in Seattle or on the east side give me a call. We can talk about the requirements, finances, and help you find the right property for your investment.