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Real estate is like a high-stakes poker game - make one wrong move and you're out! But fear not, with smart decisions, you can stack the odds in your favor. Dodge these 5 common pitfalls, and you'll be on your way to real estate success! Let's play it smart and secure those wins!
Bad Contractors
Dealing with a bad contractor is the ultimate frustration! Before bringing them on board, vet each contractor thoroughly. If they show up late to your meeting, lack a truck, and come up short on references, it's a red flag. Steer clear and find someone more reliable. Your project deserves the best, so let's choose wisely!
Over-renovate
Don't let your project charm you into over-renovating your property - we've all seen those home improvement shows! Keep your home in line with the neighborhood vibes. Going overboard means you might as well start using dollar bills as wallpaper! Let's keep the renovations in check and the budget intact, shall we?
Not asking for enough money
A classic mistake is not asking for enough money from your private money lender. Going back to your lender for additional funds is incredibly embarrassing. It’s the sign of an amateur, & your lender will lose faith in you.
Underestimating Rehab Costs
Here's the deal: underestimating rehab costs is a rookie error. Repairs have a knack for being pricier than anticipated, so it's wise to factor in a 10% buffer. If you're new to this game, consider bringing along a trusted contractor for a pre-purchase property inspection. Let's avoid those budget surprises and tackle those repairs like a pro!
Bad Tenants
Picture this: nearly every real estate investor has a horror tale about a nightmare tenant - it's practically a rite of passage! Evicting them is like navigating a maze with tenant rights as the walls. Before handing over the keys, screen potential tenants like you're casting for a blockbuster movie. Let's dodge those tenant horror stories and find the stars who will treat your property like the VIP it is!
Buying rental properties with big trees
The roots will get into your sewer lateral, pushing your foundation and a tree…
- Can fall on the home
- Can require an extra inspection
- Draws more misquotes and pests
- Will require more overall maintenance
- Trust me, avoid trees.
