Worst Real Estate Investing Mistakes Ever

What are some of the worst real estate investing mistakes? Wise people learn from others mistakes! Here are FIVE of my worst mistakes. 🔥 Personal Finance Course & Investing Programs (Coming Soon) https://www.michael-curran.com/finance/join🚨 FREE: Use Coupon Code 🤠MICHAEL🤠 🚨🔥 🔥🚨 These are educational courses; past performance does not guarantee future results.

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Ever wonder what are some of the worst real estate investing mistakes? In this video, I share FIVE of the most costly lessons I have learned and wished I knew beforehand. Small multifamily homes can be great for house hacking (living in one unit while renting others to help with your mortgage) but beware ones that were not legally zoned before you buy. If something can go wrong, it usually does eventually in real estate! Real estate investors are optimistic but you should thoroughly explore whether a property is going to be a cosmetic fixer upper or a structural renovation project (more costly). IF you buy at sufficiently good value, low enough, you will allow yourself some space in case your actual expenses exceed your projected estimates. General contractors allow you to be more hands-off with the renovation, but raise costs and may lead to a black box with lack of control over quality and speed, sometimes creating perverse incentives. To further avoid bad incentives like creating built-in obsolescence, don't hire the same people to renovate your property as the ones that will maintain it. Don't underestimate the power of relationships, honesty and doing your best to always keep on the right side of people - location and neighborhood can't be changed after you purchase. To thank you for watching, I provide an important sixth bonus pitfall to avoid. Hopefully you can learn from my mistakes and not fall into the same holes, and if you do, you'll know how to escape them.

00:00 Intro

01:01 Avoid Illegally Zoned
Legalizing a multifamily property even if it has been used as one for decades before you purchased is not an easy feat. If I had my way back, I would run far away as there are many easier, smoother and more profitable real estate investing opportunities!

03:42 Be Realistic
Cosmetic renovations are more affordable than structural ones. The value is in the buy: if you buy right, you allow yourself wiggle room should costs overrun.

06:47 General Contractors...
Beware General Contractors raise costs, lead to a black box in terms of quality and speed, and may have questionable incentives. Pros: they do allow you to be hands-off.

08:30 Separate Teams
Separate your maintenance contractors from your renovation team or you may create the wrong incentives.

09:45 Use Long Term Rent Numbers
Don't rely on short term rent when running numbers. Always keep on the right side of people. Again buy right: the value is in the buy, which allows you buffer room should costs escalate.

13:06 Demo Is Cheap

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