Tips & Tricks That Really Helped You Starting Out
Good Morning All! I am part of a group of several investors who are looking at purchasing our first LTR property within the next 6 months. We have all spent much of 2022 taking in all of the knowledge we can about the in's and out's of Real Estate Investing. My question for you: What is an undiscussed or underrated tip/trick that really helped you starting out in the REI world?
Thanks Everyone and have a great 2023!
Most Popular Reply
Location, location, location.
This is both undiscussed and underrated. Which is odd because we all instinctively know that location is important. But most new investors are so focused on the return or the cash flow, that they ignore what is most important, location.
-Don't buy in a bad part of town just because the cash flow is better.
-Don't buy a flip opportunity that sits on a busy high traffic street.
-Don't buy a single family short term rental deal that backs up to a 5 story apartment complex.
-Don't buy a house in a city that has a declining population just because you can get deals for $100k per door.
You get the idea. Location, location, location.