I bought landlording for dummies and every landlords legal guide. Landlording for dummies has a great lease, but there is no disc. Landlording has some good information and has leases and state specific information.
Every Landlords Legal Guide from nolo press, www.nolo.com is excellent. Includes a lot of good information and sample forms, and CD with the forms so you can modify if necessary.
Never claimed or self proclaimed to be an "expert" however I do have eperience in these places. $970.00 a month a great, if indeed you took everything into account. I figure it takes a good yesr before you can gather enough data to determin "actual" cashflow, but either way $970 is a good place to start.
Now back to your question: I strongly recommend AGAINST trying to get in good with the local drug dealers ect. I hope that i all that needs to be said about that. Someone mentioned balancing your time vs cashflow. I agree - if you need to spend all your time with that one property - you will be losing money in the long run. Time is precious and beter to spend it finding new deals. I have a PM that deals with my low income places, does a really good job and I know how much time he puts in. the 10% I pay him is worth every penny. My exit plan is to sell in 1-2 years via 1031 and get better places. However I still keep buying good deal low income places - it simpley feeds my master plan.
I bought landlording for dummies and every landlords legal guide. Landlording for dummies has a great lease, but there is no disc. Landlording has some good information and has leases and state specific information.
Every Landlords Legal Guide from nolo press, www.nolo.com is excellent. Includes a lot of good information and sample forms, and CD with the forms so you can modify if necessary.
Never claimed or self proclaimed to be an "expert" however I do have eperience in these places. $970.00 a month a great, if indeed you took everything into account. I figure it takes a good yesr before you can gather enough data to determin "actual" cashflow, but either way $970 is a good place to start.
Now back to your question: I strongly recommend AGAINST trying to get in good with the local drug dealers ect. I hope that i all that needs to be said about that. Someone mentioned balancing your time vs cashflow. I agree - if you need to spend all your time with that one property - you will be losing money in the long run. Time is precious and beter to spend it finding new deals. I have a PM that deals with my low income places, does a really good job and I know how much time he puts in. the 10% I pay him is worth every penny. My exit plan is to sell in 1-2 years via 1031 and get better places. However I still keep buying good deal low income places - it simpley feeds my master plan.