Thursday Q & A - Your Maryland Real Estate Investing Questions Answere

What are the most common mistakes you see novice Investors make?

A:  The list that we're talking about looks like this:

  • Falling in love with the property
  • Always using the best case scenario
  • Not performing solid due diligence
  • Not planning
  • Forgetting to consider how this deal helps your other financial objectives (the big picture)

A word about planning:

When preparing to rehab an investment property, an important concern is how and when to get your contractors into the property.  You want to turn this property around as quickly as possible, possibly in just a month or two.  But if you wait until closing to schedule your contractors, they may be already committed to another job.

So, unless you want your rehab to stretch out for 2 or 3 times longer than you anticipated, it's a good idea, once you are under contract, to not only get your estimates, but a preliminary construction schedule.

This will save you both time and money, because the more quickly you can turn the property around, the more money you will make.

Clients always ask me: Are you on the web?
See for yourself.

 

Tim McIntyre, GRI, Ellicott City Realtor, Catonsville Realtor

 

 

Helping Clients Buy, Sell and Invest in
Howard County, Carroll County and Baltimore County
for more than 25 years.

tmcintyre@cbmove.com  410-480-3555
www.timsellshomes.com

  Ellicott City Realtor, Catonsville Realtor

Certified Distressed Property Expert

 
This post has been included in Maryland Real Estate News

3 Comments on Thursday Q & A - Your Maryland Real Estate Investing Questions Answered

APR
01
2010
942,022 Points 26 Featured Posts Outside Blog Attended Rain Camp

Another mistake that I see is not having enough exit strategies
8:26am • #1

Great information. Thanks for sharing!
8:27am • #2

Tim,  great advice.  All the home reno shows on TV these days make it look so easy.
Quite different than in real life scenarios.
8:32am • #3

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Tim McIntyre

Ellicott City, MD

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Ellicott City Realtor, Catonsville Realtor

Address: Coldwell Banker Residential Brokerage, 10050 Baltimore National Pike, Ellicott City, MD, 21042

Office Phone: (410) 480-3555

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