Choosing the right real estate deal can be tricky, especially when emotions run high. Learn three critical reasons to pass on a seemingly perfect opportunity. Discover vital questions to ask before investing, and avoid common pitfalls. Personal anecdotes highlight the importance of due diligence, showcasing real-life examples of deals turned down in both the US and Colombia. Gain clarity in your real estate decisions and steer clear of emotional attachments with practical tools and resources for successful property management.
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volunteer_activism ADVICE
Prioritize Rigorous Number Analysis
Always run the numbers before buying, including long-term rent potential and all expenses.
Use tools like AirDNA and local listings to validate short-term rental income possibilities.
volunteer_activism ADVICE
Assess Time and Work Needed
Evaluate your available time and the workload for managing, renovating, and furnishing a property.
Avoid deals if you lack the experience or time for necessary renovations or operation setup.
volunteer_activism ADVICE
Beware of Unknown Risks
Investigate unknown risks such as property issues and local short-term rental regulations.
Prefer markets with established rental rules to reduce unforeseen risks.
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It’s often hard to say no to a potential real estate deal especially when it seems to fit most of your criteria. Maybe it’s just what you think you’re looking for. It’s in the right area. It fits your budget. It would make a perfect rental. The emotions start to kick in. “I’ve got to have this one.” “Another deal like this will not come up again.” We become emotionally invested, and that’s when things start to go wrong! Not all properties and deals that we find are actually deals (although at first glance they may appear to be).
Even if the property we have our eyes on is in the right area and is one you can afford there are still several reasons why we need to say no and pass on potential opportunities. This week we will break down three questions you should ask yourself when considering a new investment as well as a few other reasons you will want to keep looking. The goal is to consistently add properties to our portfolio without all the stress - these three questions will save you from that. We’ll also break down two recent deals that I turned down and why.
Looking behind the fluff (proforma numbers)
The work involved
The unknowns...
A recent opportunity I turned down in the US
A recent opportunity I turned down in Medellin, Colombia
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Short Term Rental Riches