Investment Property 1031 tax deffered exchange Part I: How Not to Become a Slumlord

<p>After riding the ups and downs of the stock market roller coaster for a while, an increasing number of investors are looking into property investment as a more stable alternative. With hot markets in many parts of the United States, the time may be ripe for you to get into this potentially lucrative trade. I would suggest, however, that you keep reading before you jump on the first property you find. You just might find something in this article that will keep you from breaking the bank and your back.</p><p>The hope of any investor is to build long-term wealth; this is a fairly straightforward principle and probably the reason you're reading this article. There are however, some rules to play by in the property investment game if you don't want to end up taking a shotgun with you every time rent needs to be collected. I'm talking about how to avoid becoming a 'slumlord'.</p><p>In order to best relate the rules of being a successful landlord, let me share a story experienced by some extended family members. It's a great example of what NOT to do if you want to get the most out of your investment property. After the story we'll see what rules and lessons we can learn. Names have been changed to protect the identity of the innocent.</p><p>Ben bought a beater single-family investment property in a very bad area and he his two sons, Josh and Nathan, all got busy. They put in hardwood floors-don't want to have to replace carpet every time you have turn over, right? And then they thought they'd use really good paint-don't want have to repaint every time, right? And then they decided to splurge on good cabinetry and bathroom fixtures-a happy renter is a good renter, right? And to top it off, they put in nice towels on nice racks that said, "We are Family." Renters would appreciate that, right?</p>

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