Is the CHEAPEST property the best deal?

I would like to start this off by saying everything in this post, or anything else I write is just my personal opinion based on my specific experience and my personal investing criteria. There are many ways to arrive at success in this business.

With that being said, I see a lot of individuals linking CHEAP with GOOD DEAL and I feel aside from someone flipping a property, cheap is virtually never good.

These are some things to think about:

The property will attract the type of tenants you will rent to

I want rentals that I forget that I own. I want to hand it off to property management after the purchase and invest minimal time making decisions about the property. If your property is attracting the problem tenants because of the way it looks or the area it's in and you do not have the proper systems in place to filter the problem tenants out you are going to invest so much time and money into the management of that property that it no longer is CHEAP.

The condition of the property

I am going to be real with you. Your cheap property is probably not in the best physical condition. Again, I want a property I can forget about. Do you want that as well?

That super cheap property will be breaking right and left after you sign those papers. There will be expensive surprises. So is it really cheap when it is emptying your wallet every month after you make the purchase?

Wrapping this up I just want to leave you with the idea to really sit down a figure out what your goals are. Do you want a rental you can forget about and collect a check every month? Or do you want to spend the least amount at the closing table? In my opinion, you can't truly have both.

Comment below with your thoughts