Rule #1: Don’t lose money.
Rule #2: Don’t forget rule #1. This classic Warren Buffet mantra.
Rule #3: Make sure you have cash flow for the property for the trailing last 12-months and trailing 24-months.
Rule #4: Don’t buy on a budget. Find investors.
Rule #5: You must find a superstar property manager and pay them well. The managers knows the neighborhood, loves taking care of the tenants, and they care about the success of the apartment. Lenders will require management history.
Rule #6: Know your locations. Do a ton of research on the location. Where are the jobs? Know the public transit plans and zoning plans. How are the schools? Who are the major employers?
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