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Unfortunately, its also an area where its easy for things to go wrong and lose big, too.
From bad partnerships to market timing, numerous factors can tank a real estate deal.
So, GOBankingRates asked real estate investors to weigh in on theinvestments they regret the most.
If you dont know their personality, you dont know how they run a business which can cause friction.
Its not $20 widgets, right?
So, its hundreds of thousands of dollars.
And when that moneys on the line, it will add to the stress, added Disney.
Do you both have the vision for whos going to do what in the project?
And when you dont have those things… it will lead to hurt feelings.
It can definitely end relationships really quick.
And its bad for the bottom line, he said.
Verify Everything
In retrospect, Disney realized he was naive at the time.
I didnt know enough about them.
I didnt check, so thats my fault that I didnt really look into it.
And while we didnt lose money, it was a huge waste of time.
I lost that for sure.
You should listen to yourself and your own goals, rather than be talked into something.
you should probably think about what you hope to get out of it.
And sometimes thats cash flow…, he said.
The projects you choose to do are going to give you very different results.
I assumed a contractor is just as good as an inspector, said Saini.
So, it wasted three months of our time.
The building got red tagged.
Youve got to do the inspection.
Pay the extra $500 to $1,000 bucks, advised Saini.
Dont trust your contractor because they wont look for things like an actual inspector would.
Additionally, Saini recommended finding a competent agent and vetting your contractors.
Dont run on blind faith.
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