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Updated over 10 years ago on . Most recent reply
Rookie mistakes
Plan on acquiring my first property next year with my business partner, we will focus on value added in a B/C class with great employment and etc as other factors. First property will be max 2-4 but I would like to know what are some rookie mistakes to be avoided?.
Most Popular Reply
Check all the utility bills, rent deposits, INSURANCE quotes (get your own, don't use current owners), landscaping quotes, taxes. Basically assume that if you were taking it over, what would all your expenses be tentatively.
Check all the deferred maintenance and negotiate that into your selling price.
Get an inspection of the property.
Talk with a bank and see tentative terms so you have an idea what you need down and your monthly mortgage.