We want to understand this market better before we make a serious mistake.

You will make mistakes.

Don’t make that mistake.

We won’t make that mistake again.

This is NOT to pile on as hindsight is 20/20, but maybe some one else reading this will see this and avoid this same mistake. 

This home had a HUGE delay that cost us thousands of dollars.The group that put in the underground plumbing dug the plumbing too low, and by the time we caught the mistake, the slab had already been poured and the septic tanks installed.We had to dig up the septic tanks, install a lift station, and reinstall the septic tanks.This all happened during 2 hurricanes, which caused even more delays.Time kills deals.This is why you need to 1) be conservative with your timelines and costs, 2) add contingencies to your budgets, and 3) have a healthy profit margin.

Hi Mario C,I do agree with you that having a coach/mentor is worth the price of the mentorship to avoid costly mistakes.

On paper, it's a good asset with a good rate to work off of, but thinking you can easily convert both units to 3-bedrooms in Queens is a mistake, one that could cost you.

Learn from other people's mistakes - It is SO EASY TO RUSH into real estate investing instead of finding people who have done what you want to do and work with them. 

I used a friend for the mortgage (who was new) which was a mistake... my financing fell through on the day of closing in July.