All of us dreamed of real estate success when we bought our first rental property. A few of us got it. But for many, many more reality set in as the all the challenges of rental property ownership sucked out enthusiasm. Tenant problems, vacancies, higher and higher property taxes, low interest rates making the most qualified applicants home buyers, no calls on ads, difficulty selling a property--these are problems that face landlords over and over.
The Census Bureau says only 38 percent of rental property owners would do it again. There are seven irrefutable truths about business.
1. 94 percent of all small businesses
will fail within 10 years, landlords are no different. (Source E-Myth, Michael
2. Everyone can benefit from viewing their problems from different perspectives.
3. All major mistakes could have been prevented with proper advice.
4. All super successful entrepreneurs have a Mastermind team. (see Napoleon Hill's research of Entrepreneurs)
5. Advertisers waste at least half of what they spend on advertising. (Dr. Lex Higgins, teaches marketing and advertising at the
6. Self-made millionaires have extraordinary sales ability. (Dr. Thomas Stanley's research)
7. Self-made millionaires have good mentors. (Dr. Thomas Stanley's research)