With almost 40 years of experience in this field, we can safely say we have some expertise in investments. We would like to share some mistakes we’ve seen throughout our decades in real estate, so you can be sure to avoid them:

Mistake #1: The biggest mistake to avoid is not knowing what you’re investing in. One of your buddies just came in super excited about this get-rich scheme involving some burned down houses and a few bulldozers. If things sounds a little suspicious to you, chances are they definitely are. Same rule applies if you think something sounds too good to be true. Do your research because ultimately, it’s your time, money, and freedom.

Mistake #2: Avoid selling too quickly or too slowly. Knowing the economic climate isn’t just a nice conversation starter, it’s essential in making informed decisions about your investments. Make sure you know where the economy is at when you’re getting ready to sell or buy an investment property. You don’t want to miss out a nice chunk of income or dig yourself into bankruptcy.

Mistake #3: Lastly, this is sometimes overlooked but equally as important as the other mistakes to avoid: not using an experienced property management company for your multiple investment properties. Spending millions on properties but not maintaining them properly is like throwing all that money away. Now is not the time to think you can do it all and save money. You’ll be thankful for having a property management company like MGR when there are multiple problems all at the same time. Unless of course, you can clone yourself. That might work too.