Investing in residential real estate is a great way to take control of your financial future,I like to purchase properties that are already rented to reliable tenants. It’s easier to take over an existing lease than it is to find and vet new tenants.Investing in real estate property can become a very appealing idea — either as a career or a great side job. Real estate mistakes can be costly, especially when they result from working with the wrong people.
- Reality television, Youtube and an array of overly optimistic infomercials may have given investors the wrong idea. But, flipping is not as glamorous and easy as it looks.
- New buyers and investors are gullible and prone to mistakes, including buying the first likely house they find.
- A second common and very deadly mistake for new investors and buyers is failing to thoroughly vet a new property option.
“You may have heard a tale or two about a guy who knew a building was a ‘sure thing,’ then bought it, flipped it and retired on an island.”