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Common Mistakes Rental property investors Make ? Real Estate ? property investment
Article by Joe Ski ? Joseph Zajkowski
Common Mistakes Rental property investorsin Holiday-New Port Richey, FL ? Make and How to Avoid Them,by ?Joe Ski? Joe Zajkowski, Investing Expert.
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Buying rental properties in Holiday-New Port Richey, FL ? is a proven, profitable and relatively safe way of investing in real estate. However, many beginning investors make some deadly mistakes that end up costing them thousands of dollars. Read this page carefully so you know what these mistakes are and how you can avoid them.
Mistake #1 ? Not Carefully Researching the AreaThere are two things you must know before making any real estate investment in Holiday-New Port Richey, FL -. The first is you must know the comparable rental rates in the area. Check for the comparable rates for units like the one you?re considering. Remember to factor in vacancies and maintenance if you can. It?s also important to understand the taxes and restrictions for the particular property in Holiday-New Port Richey, FL ? you?re considering investing in. If it?s a condo, special restrictions may apply. If the building is old, there may be code violations. For your particular investment, it?s important that you know which restrictions apply and where you stand.
Mistake #2 ? Overestimating income and Underestimating ExpensesFor beginning investors, it?s very important to work conservatively. Most investors overlook how much maintenance, vacancies, repairs, etc will cost and they don?t check rental histories closely enough. As a general rule, you want to have at least 20% padding to ensure that your investment is a safe one.
Mistake #3 ? Taking on a Tough First ProjectBeginning investors in Holiday-New Port Richey, FL ? who take on difficult first projects often find that they?ve gotten into something that?s over their heads. They wind up spending much more in restoration than they had planned. Instead, for your first project, invest in a property that is a fairly easy investment.
In other words, avoid investing in rental properties that require more than minor cosmetic repairs. Look for a roof in good condition along with functional appliance and make sure the A/C is at least 15 degrees different in the air out. Carpeting and paint would be the least expensive things that you can do and they would have the most impact in appealing to a Buyer. Find and purchase properties that you can have up and running quickly, so you can get more experience with the closing and investing process quickly.
By avoiding these 3 mistakes, you?ll be well ahead of most other beginning real estate investors.
There is a lot of free information available to you about buying, selling or investing in Holiday-New Port Richey, FL ? real estate. For complete information about the Holiday-New Port Richey, FL ? real estate market including current homes for sale, property values and more, please visit the most complete website online dedicated to everything Holiday-New Port Richey, FL ? real estate at http://FloridaRealEstateConnection.com Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 727-458-2835 or email me at JoeSold@JoeSkiRealtor.com
About the Author
?Joe Ski? Joseph Zajkowski is a real estate professional in Holiday New Port Richey, FL. The Central Florida Gulf Coast. Future Home Realty. Realtor? ePro?.There is a lot of free information available to you about buying, selling or investing in Florida real estate. For complete information about Florida real estate market, including current homes for sale, property values and more, please visit the most complete website. http://FloridaRealEstateConnection.com
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