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by Kimberly Shallenberger-Cameron
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There was an ABC News story that came across my desk today on Real Estate Flipping. It was one of those, "this is where everyone is getting rich" stories that tends to send a whole bunch of "get-rich-quick-types" rushing out to buy investment property without so much as a clue as to how much work- or risk- is involved. ABC might as well have said, "Dot com stocks are back; buy
Pets.com again."
Having worked with a variety of investment properties over the past several years, let me first say YES it is possible to make a nice living working with investment properties. However, I've also met a lot of individuals who have failed miserably at it. In fact I've seen so many failures; I don't even know where to start in discussing them...
One of the biggest mistakes I've seen people make is they spend time "researching" i.e. watching videos or reading the internet, but they never seem to seek advice from ACTUAL investors working in their local market. Buried near the bottom of the ABC article, it mentioned you should have a "home inspector, contractor, realtor, tax accountant and attorney to advise you."* Although I would add lender to that list as well, the point to be made is having a core group of experts from every aspect of the investment stage to help you should something go wrong can mean the difference between making a profit and losing your proverbial shirt.
From my experience, most would-be investors are afraid of looking “stupid” in front of other investors, or are afraid they will be perceived as competition. Trust me; successful investors do not see a first time neophyte as a threat. Most of you will fail so there is no need for the expert to feel angst by the presence of a novice. But believe me, it’s a whole lot less embarrassing to ask a stupid question of an experienced expert than to lose your home because you didn’t ask in the first place. And remember because laws and regulations vary from state to state, and city to city, the “great advice” you get from someone on the internet in California can land you in hot water in Missouri. For that matter, the differences between an established inner city and a budding subburb can be night and day.
The best advice, as well as the FI |
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