Error 2 for New Real Estate Investors

April 10, 2017

Deferred maintenance and cutting corners-

Do repairs and maintenance properly and quickly.  Small issues quickly become larger issues and you may not even know since you're not living in the home.  A small drip from a faucet will eventually become larger, it will ruin tiles and sinks and bathtubs, and eventually cause mold and many other issues.  You're much better off to fix it and fix it properly.  If you cut corners and use cheap band-aid fixes your investment will eventually be barely held together.  Tenants that realize your cheap and don’t care, also don’t care about the condition of the property.  One example is used appliances.  Don’t buy beat up used appliances off craigslist.  You will not get a good life out of them and you will waste your time (see error 1) installing appliances over and over.  Buy entry level appliance from a professional supplier with a warranty.  They will last longer and your tenant will be happy to have new appliances.

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