6 tales: Worst money advice ever

Name: Gabrielle Lennon Hometown: Sarasota, Fla.Age: 46 Profession: Author Worst advice:"To buy an extra house, get a tenant and let the tenant's rent pay the mortgage and all the bills. So many people and books say this, but many tenants are horrible. I've had great (renters), nightmare (renters) and everything in between."What the experts say:"Books often promote becoming a landlord as the easy road to riches, but people have to understand that owning a rental property is just like any other business -- it requires a lot of time and hard work," says financial adviser Landon Loveall of Cumberland Wealth Planners in Thompson Station, Tenn.Of course, if you're prepared to put in the work, there's no doubt that renting a property can be a promising way to build wealth, says certified financial planner Rick Kahler of Kahler Financial Group in Rapid City, S.D. "It's important that tenants pay their rent on time, and landlords must demand that and not get big-hearted," Kahler adds.Morrison suggests that people consider becoming landlords only if they can set aside a "sinking fund" to cover the sum of a variety of expenses associated with managing a property."The proper preparation for owning a rental property is to assume that you will be turning over renters annually, incurring costs of painting, re-carpeting and repairing damage; that you will go vacant three months between renters on average; that your renters Rosetta Stone Arabic will consistently pay late without including the late fee; and that you may have to spend a couple months' rent to evict certain tenants," Morrison says. Keep the receipts and insist on reimbursement. (More on that below.)If you don't already have an auto shop you trust, find one pronto. (Read "Can you trust your mechanic?" on MSN Autos.) That's because a claims adjuster will almost certainly steer you toward a "preferred" repair place.Don't go there. According to Reed, insurance companies "know they can control costs much better at certain shops" by specifying the most basic of repairs."You can fix a car so that it looks beautiful and works pretty well, but there might be serious problems underneath," he says.Even if you choose the shop, be ready to hold the claims adjuster to certain standards. In March 2010, Ritter Hoy of Columbus, Ohio, was T-boned while driving her Infiniti. She declined to use the at-fault driver's "preferred" shop. Yet when she tried to sell the Infiniti about seven months later, it was found to have extensive frame damage.Hoy called her body shop and was told the vehicle had been fixed "to the specifications of the insurance company." Ultimately, the vehicle sold for $2,500 less than its Blue Book value.Be prepared to push backWhile you're waiting to hear the repair estimate, start looking for "comps," or autos of comparable make and model. If your car is too badly damaged, it might be declared a total loss. You need to know a realistic replacement cost so you can judge whether the adjuster's offer is fair.Last February my daughter and son-in-law were broadsided while driving the 2001 Chevrolet Cavalier I had given them when I went car-free.

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