"OH, MY GOODNESS!" - A Real Estate Investor's Nightmare: What NOT to Buy In Real Estate Investing (+A NEW ShTour on YouTube!)
Tanice Myers
RWI (Road Warrior Investors) Paul and Tanice Myers - See you in the field! ??????
Real estate investing can be incredibly rewarding, but it's crucial to know what to avoid, especially as a first-time Real Estate Investor buyer.
We recently had an eye-opening experience here in Idaho that we had to share with our Road Warrior community.
We were scouting a potential investment property, and when we arrived... well, let's just say our jaws dropped.
The house was completely gutted – we're talking studs, no roof, no floors, no plumbing, no wiring. You could literally see straight through the house!
You could literally see straight through the house!
To make matters worse, we learned from neighbors that FEMA had tagged the property due to a stream in the backyard.
The foundation was practically non-existent, and the roof that was there had been done incorrectly.
This was a textbook example of what NOT to buy as a real estate investor, especially for those just starting out.
It was likely a tear-down project, and with FEMA involved, it would require significant time, money, and permitting.
Definitely not a beginner-friendly investment!
We grabbed our GoPro and filmed a live tour of this property disaster so you can see firsthand what to avoid.
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Be sure to check out this week's YouTube episode for the full walkthrough and our analysis of why we'd coach our team to steer clear of this one.
Key takeaways:
Ready for more?
We will see you in the field!
Cheers,
RWI (Road Warrior Investors),
-- Tanice and Paul Myers
PS: See you in the field!
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2 个月Great insights! It's crucial for first-time investors to not only identify red flags but also to understand the importance of thorough due diligence. Ensuring a comprehensive property inspection and understanding local regulations can save significant headaches down the line. Additionally, always have a contingency budget for unexpected repairs or issues. Investing in real estate is as much about risk management as it is about potential returns. Looking forward to more valuable content from your experiences! ????