There has never been a better time to invest in Austin real estate. We want to set you up for success, so we’re going to cover common real estate investment mistakes like improvements that will provide the most return on cost, who you need on your investing team to be successful, what to research before buying an investment property, the importance of screening tenants effectively, and more.
Getting Caught Up in the Hype Around a Specific Property in the Austin Area
Investing requires logic and numbers, so it’s essential not to invest in a property for an emotional reason. Once emotions are involved, the wrong choice can cost you. This can be extremely hard when you feel emotionally attached to a deal, but so do others, causing a bidding war. It’s never worth paying more for a property that isn’t worth the value, so know your numbers before going in and don’t waver.
Selling Well-Performing Properties for the Sake of Growth
Once you start making a profit from your property, it doesn’t mean you should sell it! Instead, use the money to buy new properties without having to use out-of-pocket cash. Seeing a profit from property takes a while, so don’t crush those efforts once it starts happening.
Failing to Properly Screening Tenants
Screening tenants can be a tricky legal mess if done wrong, and it requires extra attention and care. Be sure to have a specific process of verification in place to screen tenants. Or have a third party manage it for you. At Sage Wilson Property Group, we offer turnkey property management services and vigorously screen tenants to protect your investment.
Researching Too Little Before Investing
We research before buying big-ticket items, so why wouldn’t you do the same for an investment property? Analyzing the local market can help support your purchase decision to get the best return on your investment.
Download our free resource here to see what questions you should be asking yourself before buying property.
Making the Wrong Property Improvements To Your Investment
The wrong improvements can become a financial burden. In contrast, the right property improvements can increase your return on investment and your property’s value. Most properties will need some improvement, but the key is to be smart about your upgrades.
Read our blog here to learn what projects increase your ROI.
Doing It All On Your Own
While this is #6, it’s probably the most important one. Savvy investors know they don’t need to do it alone. A great team of experts will help you and your property succeed. You’ll need different experts depending on your different needs like buying, selling, renovating, or investing.
Download our free report here to see who should be on your real estate investment team.
If you find yourself worried about which projects to tackle, don’t know where to start, or want to focus on projects with the highest ROI, we’d love to be on your team and give you that guidance! Reach out to us anytime at [email protected] or (512) 828-7074.
