YOU MUST HAVE A TEAM IN PLACE

[Bob Stevens]

Hello all, I am seeing more and more post of investors trying to go it alone and getting crushed. Everyone thinks it's so easy. Just buy a property, place an ad for GS'S then place an ad for a tenant and all will be great, NOT! You will get crushed.  I too when I started got killed. 3 weeks for a bathroom and cosmetic work. Well, nothing got done and I lost about 10k. Well, that was 10 years ago. Do not go into a market that you have zero experience in, (just read some books and searched the internet) and try and buy a property from a realtor. The realtor cares about one thing, selling you the property, end of story. Connect with those doing deals in the area you want, allow them to handle all for you. Learn and keep moving forward with a team, NOT alone, it will not end well. I am speaking from years and years of experience and seeing nice people lose their shirt. Just in the last few months I got a new client that was told the property was turn key. Well not only did he pay 80k and it was only worth maybe 70k in diamond condition, it needed 25k in work, total garbage. So now he is all in over 100k, and again its only worth maybe 70k. The net cap that he thought he was going to get is also much less. Good luck to all 

I wish everyone success and happiness,  

[Steven Goldman]

@Bob Stevens  Everything you said is spot on. Allow me to add to your thought. Purchase and refinance rates are rising, so be sure to include a seasoned mortgage advisor on your team. You should understand your borrowing position prior signing the contract. 

Lending guidelines are tightening with the anticipated recession. Bad credit is now more of a problem. Small loans not very welcomed. (Under 100K)  Make sure you have put together a strong team before acquisition  so that you do not waste valuable time and carrying costs  trying to solve unanticipated problems! Good luck, keep moving forward!