On the surface, buying cheap rental properties seems like a good idea. After all, you can afford several cheap rental properties at once versus one expensive property – and the sooner you can diversify, the better, right?
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Who doesn’t love a good deal?
With Black Friday and Cyber Monday just wrapping up, we’ve seen just how crazy people can get when they’re faced with the prospect of a good deal. They’ll go to extreme lengths to save money if they think they can.
For real estate investors, we go to our own extreme lengths sometimes. There’s a natural impulse in all of us to look for the best deal and the lowest price. But just like the person who gets punched over a toaster oven on Black Friday, we may find that getting something cheap isn’t always worth it.
Real estate investors: beware of buying properties on the cheap!
2 min read
We all want a good deal, particularly when it comes to our real estate investments and how we define that good deal is very important. We all want less risk and most of us define good deals by how much money and how much risk they take.
After all, there’s more risk involved in spending more money, right? While that may or may not be true, to a large degree, those in real estate investment must be wary of dirt-cheap deals on properties. It's tempting to jump on discounts with the assumption that if something is on sale, then it’s a good deal. Just because you are buying something lower than the advertised price, does not mean it is a good deal.