- July 15, 2021
- Posted by: Stratford Team
- Category: Business
Q: Marsha, my wife and I have saved money and want to purchase some income property. We would like to start with a duplex or even a triplex. Do you have any advice for first-time landlords?
A: There are many components and variables to learn and consider. Be sure to read and study before you make the leap. There is no better teacher, however, than actual experience. Owning rental property is a business, not a hobby or recreational pastime. As far as buying rental property in Santa Barbara, the saying goes that the way to make money in Santa Barbara rentals is to have bought 20 years ago.
Many new landlords struggle with the realization that they must have a business relationship with their tenants; they are not friends. Establish business policies and do not deviate. Be consistent and fair with all your tenants.
You said you have saved money? That’s good. Rental properties should be purchased with at least 30 percent down. Not…
