Real Estate Investment Mistakes

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Whether you are a beginner or an expert real estate investor, people make mistakes. In real estate investment, that can cost you big bucks in the long run. When you are looking at investment properties, here a few tips to help you avoid losing lots of money.

Buy a House that Appeals To You

The first big mistake people make is buying a property just because they can. Unfortunately, this often leaves you stuck with a property you can’t get rid of.  Instead of buying because you can, buy a property that appeals to you or draws you in. If you find it appealing, other people are going to be drawn to it to, and they’ll be willing to give you money for it.

Always Negotiate on the Price

There are people that never pay full prices for anything. This is because they are not afraid to ask for a discount or try to find a good deal. The same applies to real estate investment. When you go to make an offer, don’t be afraid to ask for less than their set price. Be sure to give them sound reasons if they ask. For example,

The price of renovating the place or fixing the place will be about X dollars.

The house has been vacant for X months/years.

Reasonable Reno

Once you have the property, partake in reasonable renovations only. A lot of investors get into a property believing they can do great fixes or changes until they see how much it is going to cost. Then, they slap some paint on and just try to get rid of it, or they do way more than is reasonably necessary and lose money at the sale. Find out what is acceptable in the neighborhood, and make the house up to code and neighborhood standards.

Contract or DIY

Once you’ve decided what needs to be done, decide which projects you can do in a reasonable amount of time. Then, contact a trusted contractor for the rest. It doesn’t save you time or money to try and handle projects that you do not have the experience in doing.

Selling Price

Even though you want to make lots of money of the sale of your investment property, you don’t make any money by holding on to it. Carefully consider your listing price. Most real estate agents recommend listing the house slightly under property value. This looks like you are trying to give the buyer more for their money.

Real Estate Investment is a great way to make money if you are wise with your money first. For more information on real estate investment opportunities, contact us at If you are ready to take real estate investment to the next level, we also have information on real estate franchises.

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