What NOT to do when investing
When deciding on an income property investment, the mistake many new real estate investors make is to let pride of ownership influence their decision to make the investment.
Because a property might be located in a low-income (not a high-end) area beginner investors regularly ignore the profit the property can produce and walk away from the opportunity.
The problem is that too many new investors look for investment properties with the same mind-set that they would look for in a house to raise their own family.
They seek properties they would feel comfortable to live in, located in a neighborhood that they regard safe enough for their kids to roam and play, and loaded with tenants that they wouldn't mind having over for dinner. But as lofty as those aspirations are, the realities of real estate investing and your notion about investment property is as equally flawed.
• Though you might want a rental property you would be willing to live in the truth is that you will probably never live there.
• Though it is located in an area that you might feel uneasy about turning your kids loose, the truth is that your kids will undoubtedly never go there unless you take them there.
• As for the tenants, be thankful they are willing to occupy and pay you rent for your units and never make it more personal than that.
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