Probably the most common mistakes made in the development business by non builder property owners.

Leaving a quick review of All County NEO in Cleveland and Columbus to hopefully save other BP members from the headaches involved with having this company manage your property. The owner Roy Guy will say whatever it i...

However, what are some common mistakes beginner real estate investors/Rehab flippers make?

Ironically the lender I have it with currently has the worst terms.

In 2017 we started our journey with long-term buy-and-hold investment properties in the Memphis, TN area after selling a property that we were losing money on every month in NOVA that we purchased as a primary residence in Jan 2007 (talk about all-time bad timing) and then had to move with the Navy in 2009 (2nd all-time worst timing).

When buying the house, we made the mistake of getting an inspector recommended by our realtor who seemed credible and detail-oriented but I think just wanted to get us into the house.

You are much better of preparing for the worst case scenario and adjusting your strategy accordingly.  

------------------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

While this is regular due diligence, mistakes can be made when the market is hot and you have to move fast.