Can anyone please share their experience and their best advice on buying/owning rental properties?

I was wonder about tips on financing, paying for the units, finding rental markets in my area, finding investor friendly companies (broker, title, and escrow, PMs). I'm looking to invest for the long term. Thank YouCan anyone please share their experience and their best advice on buying/owning rental properties?
Trying to put my last 20 years of owning and leasing rental properties into a small space like this is going to be difficult. You should try to find Landlords and Landladies in your area you can network with. Know your rental laws for your state (you should find them online), find a real estate agent that has sold multi-plexes/ rental properties before, the more the better; you can squeeze some info out of him/ her, becasue he/ she more then likely is a landlord, too. They also know the best mortgage firms and Title companies. Brace yourself for a lot of hard work, long delays and don't let your emotions run your business, but don't be cold-hearted either (think about what you would do, if you had to evict your tenants for non-payment of rent, they have 4 small kids and it's right before X-Mas). The units should pay for themslves (including utilities that your tenants do not pay, and any repairs, so some will go to savings). You should get a business licence and become a limited Liability Company (LLC). there are tax advantages if you have a multi-plex and live there, but you should see a tax specialist for that. Shop around for insurance, if you insurance and they can insure you house, your car and other stuff, it gets cheaper. Get a large down-payment together and be prepared for cavity-search lile inquiries about your finances by the mortgage company see them a year prior to wanting to purchase to find out what you can do to improve your credit and the maximize the amount they will give you). Find out about First-time home-buyers advantages of your state. lastly, you need tons of luck finding the property that suits you most AND finding good tenats. Good luck!Can anyone please share their experience and their best advice on buying/owning rental properties?
Decide if you want to buy cheap and fix them up. WHich is not too hard but it eats up your money and requires workmen who may or may not show up to work while you wait for them.


Or do you want to buy pretty houses which cost $20,000 more but have been lovingly maintained.


Then run some ads and be willing to say NO to anyone who is not going to be a perfect tenant. Demand good credit, good references, good jobs, money in the bank. Act like you were getting ready to loan these people $12,000.


Keep your rental houses in wonderful shape. Collect the rent in person on the 1st of every month and accept no excuses.