Every home improvement project or fixer rehab has its ups and downs, and there are plenty of mistakes to go around. Nobody is immune. But avoiding costly mistakes involves more than memorizing catchy-but-important phrases such as "Measure Twice, Cut Once," or "Lefty-Loosey, Righty-Tighty."
One crucial trick: You may learn from your own mistakes, but it’s better to learn from the mistakes of others.
1) Buying Too High or the Wrong Location
Sometimes, do-it-yourselfers (DIYers) get stung before they ever get moving on a remodel. It happens primarily for two reasons. Because they paid too much or they bought a house in the wrong neighborhood -- slammed up against the freeway, next to railroad tracks or that lone single-family nestled in a row of commercial.
You can avoid both these problems by looking at comparable sales for the neighborhood before you buy and asking about the drawbacks of the location. If you don't want to live under a flight path, the chances are a new buyer won't either. Remember, the best time to think about selling is when you buy. Because the most beautiful remodel isn't going to pay back in spades if your property backs up to the city dump.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125