The worst mistake real estate investors make when buying Metro Detroit investment properties is:
Under estimating the cost of repairs and the time it will take to fix up the Metro Detroit home. I see it over and over. A new real estate investor eager to make the big bucks flipping homes. I see some of them losing money never to try it again. It’s not that they are dumb. It’s because they did not plan well enough. They did not figure out the costs accurately. They could have saved themselves a lot of money.
Always remember it will take you longer than you think and there will always be something extra to fix or repair. I always say buying Metro Detroit investment properties is not for the inexperienced, or people that are busy.
You need to have the skills to do the repairs yourself, or have good trades that work cheap. What I mean by that you need to have plumbers, carpenters, electricians that are very reasonable. Or be able to do it yourself. Getting aMichigan investment property ready to flip or rent takes time. Workers don’t show up or it takes longer than you expect.
Time is money. So sit down and do a spread sheet and chart of all the repairs.
Break down the costs. If a piece of Livonia real estate needs a kitchen then break it down into :
Then break down into time periods too. How long will it take to do the cabinets, or flooring. Even the most experienced flippers and Metro Detroit investment property buyers sometimes under estimate the costs. But if you are new to the business take my advice and break it down into projects.
That way you won’t make the mistake of under estimating the cost of buying Michigan investment properties
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My quote of the day is:
A smile costs nothing but gives much. It enriches those who receive without making poorer those who give. It takes but a moment, but the memory of it sometimes lasts forever. None is so rich or mighty that he cannot get along without it and none is so poor that he cannot be made rich by it. Yet a smile cannot be bought, begged, borrowed, or stolen, for it is something that is of no value to anyone until it is given away. Some people are too tired to give you a smile. Give them one of yours, as none needs a smile so much as he who has no more to give.
– Author Unknown
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