Even though investing in investment real estate is becoming more and more commonplace, finding a project is like finding an honest politician. Plus, when you find a project that you think may be “the one” you’re still subject to those SURPRISES once you take ownership that can cost thousands and make that “great investment” a real loser.You can prevent your next project from being a loser by avoiding the following mistakes:1. Not Putting Yourself in the Buyers Shoes 5, 10, 20 years from when you buy the project . You almost want to buy the project over again in your mind 10 years down the road and ask yourself, “Based on the future of the location and condition of the property will a buyer find the project attractive?” If you hesitate in saying “yes” you must definitely do more analysis as to the salability of the project and the area.2. Not inspecting entire property prior to closing. Most Apartment you buy you will initially look at the building before you release all contingencies in the offer and then take over after 30 – 90 days. Be sure that prior to closing you go through the building AGAIN to make sure… Read full this story
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