Popular HGTV shows make it seem like making money in real estate is so easy that anyone can do it. Find an old house for sale, fix it up, and sell it for a profit. What could be easier than that? Unfortunately, the majority of people who have tried this on their own end up with little to show for it. Some even take a huge financial loss.
Why? Because it’s not as simple as they make it out to be. And Holly Johnson, writing for The Simple Dollar, outline five of the most common mistakes that people make when they are first starting out.
The most common mistake; forgetting the home inspection. When a house is for sale at below market prices, there is a reason. And forgoing a home inspection might leave you responsible for major repairs that you didn’t plan for.
Click here to read all five real estate investing mistakes.