COSTLY Real Estate Investing Mistakes To AVOID In this video I'm going to explain some of the biggest mistakes in real estate investing that I've made. Over the last several years I've gone from buying my first rental property to now having a multimillion dollar real estate portfolio and throughout that time, I've learned a lot from my biggest rental property mistakes and just investment property mistakes in general. Instagram: www.instagram.com/theoutofstateinvestor Tiktok: www.tiktok.com/@TheOutOfStateInvestor For any one on one coaching or other business inquiries email me at: TheOutOfStateInvestor@gmail.com My First Rental Property Video: https://youtu.be/WntjWBHSg94 My First Multi-Family Video: https://youtu.be/-wkgcElpIXM So you can look at this video as sort of a real estate investing 101 or a real estate investing for beginners where I break down some of the things that might go over a newbie real estate investor's head so that you don't end up having to pay the tens of thousands I've had to endure. The first major mistake I made was not verifying if my contractor had a license or not. If you're buying your first investment property and you plan to do work on it, one of the worst property investment mistakes you can make is not verifying if the contractor is licensed or not. A license will show you he's more likely a guy that won't cut corners and you have the ability to hold him/her accountable to the state licensing board. The second major mistake I made was not checking if the property had both city and county property taxes. When buying an investment property, one of the biggest rental property mistakes you can make is not calculating the numbers correctly and unfortunately that's exactly what happened to me with this property is the city taxes accounted for an extra $80-$100/month of expenses. The third major mistake was not properly inspecting if my property was connected to city sewer or used a septic tank. This is a must when buying a rental property because I never alerted my property management company about this so the septic tank didn't get maintained. Eventually the lid blew off and we had a health emergency with the health department down at the property. It was a mess. I would say investing aside, if you're buying a house, not checking on this would be one of the biggest real estate mistakes to avoid. The fourth major mistake was over improving the property. When buying rental property, if you plan to do renovations, it's very important not to over improve the property or else there comes a point when your just wasting money. Unfortunately that's exactly what I did on my first rental property renovation. The fifth major mistake I made was during that same rehab not upgrading the plumbing. Whenever you're buying an investment property, if you're already in a full renovation, that is the perfect time to upgrade your plumbing otherwise it can become a maintenance headache and more expensive to tackle after the rental renovation. The sixth major mistake I made was buying in a flood zone. I honestly wish I would have seen a property investment for beginners video like this because when it came time to sell a quick flip I worked on, it caused potential buyers to run away due to the flood zone. Fortunately I was able to remove it from the flood zone after petitioning fema when we had an elevation survey done but it was still a good lesson that a flood zone can be a big deterrent for buyers to move forward on a purchase. #RealEstateInvestingForBeginners #RealEstateInvesting #RealEstateInvestment