What should be avoided when buying you first rental property ?

[Erik Lee]

What should you avoid when purchasing your first multiplex or property for rentals ?

[Joe Villeneuve]

Losing money.

Rationalizing a bad deal, into a good one, and losing money.

Staying with a bad deal that's losing money, thinking it will change...it won't.

...Did I mention losing money?

Getting emotionally tied to your first deal, that's losing money?

Thinking you can fix a deal that's losing money, by throwing more money at it...and losing that money too.

Thinking if you did a larger down payment, to counter negative cash flow by getting a lower mortgage payment, was a good idea since you would be now getting positive CF.  Not realizing that by doing this, all you've done is paid all your negative CF upfront...and you're still losing money...just faster.

There's one more thing...right on the tip of my tongue...let me see.  Ih right...

Don't lose money.  If you find yourself in that situation, don't spend your way out...you can't.  Bail out, and move forward.