Tim Duma company in Denver,Colorado is known for residential and commercial home construction. Here Tim Duma is sharing the common mistakes that young investors make while investing in residential properties:
No solid plan to stand on :
Let’s make one thing clear first – ‘I will flip the home in a couple of months’ is not a plan. You need something concrete to stand on if you want to invest in real estate. Answer these questions to get a better investment perspective:
- How long can I afford to hold the property if not resold?
- Why do I really want to invest in real estate?
- How big a dent the home purchase will make on my liquidity?
Answering such questions will help you come with an investment plan that will never disappoint.
Postponing paperwork :
This is the worst thing you can do while buying a property for investment. By ignoring above points, you might end up with the wrong property. By ignoring this point, you may end up with no property whatsoever. This is the reason we recommend keeping a trusted agent and attorney by your side while undertaking a property purchase.
Underestimating property development and renovation cost is another sin that costs home buyers and investors dearly.
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