First Investment Property - Lessons Learned

[Kevin Poulin]

For people who have at least one investment property, what is one thing you wish you knew before making that first investment and/or one thing you would've done differently for that first investment property? Looking into making my first investment, so curious what people's thoughts are!

[David M.]

I wish I knew how much more money would be needed after I finally owned the property. Don't sink every dollar you have to get through the closing process. Depending on what you're going to do with it things can be expensive and add up quickly to surpass your budget. Always have a cash reserve on hand, maybe twice what you think you'll need.