Looking to Invest in 1st Property
I wanted some advice on buying my first property. I was looking into buying a really cheap property that required a total rehab, not sure if this is a good idea for my first investment. All advice will be helpful
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#3 Investor Mindset Contributor
- Handyman
- Pittsburgh, PA
Backing up @Matthew Irish-Jones's sage advice here. In my experience, the only real estate investors that really make money out of doing big rehabs are specialists in rehab, usually long-time handymen who do much of the work themselves and have good connections to farm the rest of the work out, or out-and-out renovation construction company owners. Everyone else either breaks close to even or loses money.
Disclaimer: I'm a handyman.
This is your first investment. I realize the prices of cheap properties in bad neighborhoods are tempting. But those investments are very, very, very rarely what they looks like on the surface. Good luck to you!