Thursday Q & A - Your Maryland Real Estate Investing Questions Answere
What are the most common mistakes you see novice Investors make?
A: The list that we're talking about looks like this:
- Falling in love with the property
- Always using the best case scenario
- Not performing solid due diligence
- Not planning
- Forgetting to consider how this deal helps your other financial objectives (the big picture)
A word about planning:
When preparing to rehab an investment property, an important concern is how and when to get your contractors into the property. You want to turn this property around as quickly as possible, possibly in just a month or two. But if you wait until closing to schedule your contractors, they may be already committed to another job.
So, unless you want your rehab to stretch out for 2 or 3 times longer than you anticipated, it's a good idea, once you are under contract, to not only get your estimates, but a preliminary construction schedule.
This will save you both time and money, because the more quickly you can turn the property around, the more money you will make.
Clients always ask me: Are you on the web?
See for yourself.
Tim McIntyre, GRI, Ellicott City Realtor, Catonsville Realtor
Helping Clients Buy, Sell and Invest in
Howard County, Carroll County and Baltimore County
for more than 25 years.
tmcintyre@cbmove.com 410-480-3555
www.timsellshomes.com
Another mistake that I see is not having enough exit strategies
Great information. Thanks for sharing!
Tim, great advice. All the home reno shows on TV these days make it look so easy.
Quite different than in real life scenarios.