Important Financial Definitions
Net Worth or Capital Gains Asset – Something that you purchase with the hope that it will go up in value – appreciate.
Cash Flow Asset – Something that you purchase that creates cash flow and yield whether it goes up in value or not.
Speculator – a person who purchases net worth assets.
Investor – a person who purchases cash-flow assets.
For more definitions check out our list of important vocabulary.
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17 Principles of Success From Think and Grow Rich
1. Definiteness of Purpose
2. The Master Mind
3. Applied Faith
4. Going the Extra Mile
5. A Pleasing Personality
6. Personal Initiative
7. A Positive Mental Attitude
8. Self-Discipline
9. Enthusiasm
10. Concentration, or Controlled Attention
11. Accurate Thinking
12. Learning from Adversity and Defeat
13. Cooperation
14. Creative Vision, or Imagination
15. The Maintenance of Sound Health
16. Budgeting Time and Money
17. The Law of Cosmic Habit Force
Properties Sold In September
Management Tip of the Month
The second most important action for a landlord comes at the time of the signing of the rental/lease agreement. It is important that you inform the tenant that they are signing a contract. This contract explains the responsibilities of the tenant and the landlord. Emphasize that you will keep your part of the contract and you expect the tenant to keep his part of the contract. Things like pet rules, having an extra person move in, the importance of maintaining the property, and that you want the rent paid on time. If the individual can’t live by the contract, you might suggest they not sign the agreement and search for somewhere else. P.S. When a tenant doesn’t pay their rent on time, they are trying to get a loan from you without your permission.
“If we expect consistency from residents in following the leases, we ourselves must be consistent in our insistence on their adhering to the lease.”
I give a lot of information about this process in my book:
How to Manage Residential Income Property for Maximum Profit.
Want To Invest In Real Estate?
If you are looking to buy or sell residential income property look no further than The Ritchey Team. We are residential income specialist that can help you reach your investing goals. Contact us for a free consultation or a free property valuation.