Keeping your emotions in check is a good idea when buying Apartment buildings ( just a little food for thought)
Too many times investors walk into a deal with the mindset of a homeowner. This is a business, your major focus needs to be on cash flow, not what color the tenant painted his living room walls.
Be sure you really understand and can live by the time is money principle. When a tenant moves out always anticipate double the estimated time to fill the vacancy. If you factor this into your cash flow projections, you’ll never be caught short when the mortgage comes due.
Not getting advice from an expert. It is very important that you educate yourself. That doesn’t mean you should do it all yourself..... remember the old saying; “Jack of all trades and master of none”. Having a team consisting of a mortgage banker, Investor friendly realtor, inspector, lawyer and CPA. In the beginning, most investors feel they can save money by doing things themselves, the opposite is true. A good team can actually end up saving you money, time and frustration.
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