Buying a rental property isn’t like buying a primary residence. When first-time landlords decide to get into the real estate investing game, they often throw caution to the wind. Being so cash-flow-focused and profit-first at every turn is why many wannabe investors never make it to financial freedom or long-lasting rental property riches. Mindy Jensen, host of the “BiggerPockets Money Podcast” has made these mistakes and seen many others do the same.
She has a simple, five-step checklist on what NOT to do when homebuying or house hunting for your first investment property. Most of these tips may seem simple enough, but many investors find themselves in financial trouble immediately after not following this advice. Although some have become successful without following one or two of these tips, many ruin their chance of building a large rental property portfolio by blundering the first deal.
Got any other tips that you would give a first-time rental property investor? Are you following any of these tips on your first/next deal? Let us know in the comments below! Your advice and insight could help another investor!
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00:00 5 Things NOT to Do When Buying a Rental
00:16 1. Buy on a Busy Street
00:40 2. Buy WITHOUT Reserves
01:07 3. Buy Sight Unseen
01:58 4. Buy WITHOUT a Home Inspection
02:11 5. Buy the Nicest House in The Neighborhood