Worse mistake!

I made the same mistake with my first purchase 12 years ago when I bought a duplex in a C/D Philadelphia neighborhood. 

I work for a property management company, so I get to see a lot of rookie mistakes from the outside looking in.

I feel like I keep hearing that wholesalers are the worst and do illegal things.

Managing on your own may save you a little money, but I believe it's more likely to cost you a lot of money when you make mistakes.

Rents will go up and your biggest mistake was to buy a nice house in a desirable neighborhood.The real threat is buying in the hood, leveraged up to the gills, maybe even with hard money, tenants are bleeding you dry, while you are writing checks to attorneys and contractors.Milwaukee is getting a lot of attention lately: cash flow is still better than most places and appreciation is stable at 5-8%.

Fire Marshalls are by far the worst people to deal with, and they know this.

I also know that if I manage the project well, it will come in near the original estimate and at worst between the original and the high estimate.

And some months they go up, as your expenses do.Please don't make the mistake I made in one of my units.

There’s simply no room for mistakes that can be easily avoided.Did this article help you?