March 29, 2017
Thinking of becoming a real estate investor or you already are? We have few common errors made by real estate investors that must be avoided to be successful, have a strong ROI, and to avoid losing your mind. Real estate investing is much more complicated but then HGTV makes it look, but avoid these errors you will have a better chance of success. Over the next week or so we will be releasing our top 5 errors to avoid as you start your real estate portfolio.
Error Number 1. Not Valuing Your Time
Your time is worth something. Spending your entire weekend trying to snake a sewer line or repair a garage spring just simply is not worth it. Call a professional and get it done right the first time. Unless you are general contractor with lots of repairs and maintenance knowledge you're much better off using a professional. If you try and fix every maintenance request your tenants have, you will lose your mind and eventually hate your investment. Spend a few dollars and have repairs fixed professionally. Not only will you be able to spend your weekend doing something you enjoy, the project will be done correctly the first time. Real estate investment is about cash flow, but you should not spend 15 hours of labor plus parts to save $200 in cash flow. It's not worth playing in sewer water or risking major injury with a compressed garage spring!