Mistake #1: Not Doing Your Homework
Mistake #2: Not Finding The Right Property
Mistake #3 Failing To Get An Inspection
Mistake #4: Being An Absentee Owner
Mistake #5: Having Inadequate Insurance
Mistake #6: Not Charging Fair Rent
Mistake #7: Selecting Unreliable Tenants
Mistake #8: Not Getting The Right Help
1. Before you make an investment, evaluate your financial situation. Ask yourself if the timing is right. Don’t just go with your gut. Learn the basics about cash flow, appreciation, and loan amortization. Work with a knowledgeable REALTOR® who is familiar with the market and can help you make sure you’ve got all your bases covered.
2. Do a thorough search, including “off MLS” deals and best buys, to find the right investment property for you. An experienced REALTOR® will help you find and buy the property you want, and work with you on all documentation, including rental and lease applications, title policies, purchase contracts etc.