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July
6
6
What 4 Mistakes Do I Need to Avoid to Make a Successful Real Estate Investment?
You can make a successful investment by avoiding these mistakes:
1. Being an absentee owner.
Visit the property often and talk to your tenants to get feedback. If you bought a house as a "passive" investment, you may want
to hire a property management company. The charges range from 8-15% (with 10% being the most common).
2. Not having adequate insurance.
Work with an insurance professional who will see that you are covered. We see investors try to save money in areas that they need the most coverage. Here's a link to landlord insurance.
3. Not charging fair rent.
A REALTOR® who is an Investor Specialist can help you decide what is reasonable for the property. Rentometer.com also can give you an estimate of other homes in the area . But keep in mind it's an estimate (and may not show all the amenities and upgrades of your home or others).
4. Selecting unreliable tenants.
Check all references and credit histories. Good renters will help you generate positive cash flow you can use to reinvest and
lower the property payment. Experian offers a credit check for landlords.
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