It also will help you avoid some of the pitfalls of the business.

I may be a bit conservative but I’ve danced the real estate dance for a long time and in my opinion and experience having more cash to purchase free and clear or as an emergency backup plan is ALWAYS better than charging into the next project, because that’s where Murphy will be hiding.Move ahead slowly with more cash - you will live beyond the pitfalls that will eventually show up.

There are perfect income numbers and donut-hole pitfalls. 

I know (and hope) most members are trying to be helpful and warn against the pitfalls but is sometimes does seem that the seasoned investors forgot how they started, got lucky in the beginning or had the opportunity to start in more favorable conditions. 

It is in a sparsely populated area, but it’s halfway between a city of 300,000 and a popular resort region (think boating).I’m considering converting the warehouses to self storage units as a strategy and want to evaluate my market and this deal.I’d love feedback about what data I need to determine the cap ex costs, market considerations and pitfalls to avoid.Thanks!

It’s a great intro to rental property management and will help you avoid common pitfalls.

Are there any pitfalls I should watch out for with it being long distance.

Now that I've found BP and gone to local REIA's, I've gotten a different perspective and some key direction to help avoid common pitfalls.

So if you want to go beyond what you can take on yourself, you're going to have to hire builders to manage projects for you.That being said, I do think it's important to do a few more hands on so you can learn the pitfalls and budget considerations for a project. 

Now I’m not saying Detroit doesn’t have its own separate set of pitfalls as do many cities and some can even be devastating to a novice or even an experienced investor but with a large and awesome boots on the ground support team the city becomes your oyster along with the high positive cash flow as well as the other benefits for you to lavish in.