1. Not having an inspection done.
An inspection is something that can literally make or break a deal for you, and foregoing an inspection to save a buck can be a very costly mistake. Unless you have had training or years of experience inspecting homes, I would highly recommend having an inspection completed on a property—even if you’re buying from someone who you know and trust.
2. Taking a seller’s word.
As much as we like to see a transaction be a win-win for both sides, remember that the seller is likely offloading the property because there is a problem. Whether it’s a money problem, a structural problem, or a relationship problem, it’s still a problem. Don’t expect the seller to be your friend, and don’t expect them to be 100 percent honest.
3. Not paying extra for a sewer scoping.
This is a must for anyone buying an older home. We recently got a call from some tenants, saying the water was backing up when they ran the shower and did laundry simultaneously. A sewer clean out retrieved about five gallons of hairlike tree roots out of the old sewer lines.
4. Jumping into something that you don’t understand.
Always, always, always educate yourself on the investment class that you are looking to buy. You can never educate yourself enough, but having a solid foundation of knowledge will help you a lot as you move forward on an investment.
5. Not hiring a professional to do your work.
The last most expensive lesson is not hiring a professional to do the work. Professionals know building codes, ordinances, and a lot of other legal intricacies.
A good property manager is another professional to hire for your investments.
For property management that you can trust, reach out to us at Prime Property Management in St Louis, Missouri. We can be reached at (636) 220-7835 or firstname.lastname@example.org.