Ever hear of the saying ¨don’t put all your eggs in one basket.¨ We all know of the saying and many of us even take precautions so that we don’t do this. But when it comes to buying our first real estate investment we sometimes forget the logic of this saying. We get so emotional and so tied up in getting the deal done. It is an exciting time; after all we have just found the perfect property at a great price. We want to take advantage and close on the deal before another buyer shows up. And this is where the problems begin. This is where we start to cut corners, and cutting corners leads to problems.
Experts like Dean graziosi warn us about cutting corners, but this is such an emotional time, and we are excited to get the buy finished. So we go ahead and purchase the property and then come the surprises. We find out about all the repairs that need to be done, and all the problems that come up and how much those repairs are going to cost.
The above scenario is the main reason we should always, always get a home that we are thinking of buying, inspected. Even if we think it’s not necessary, we should still get it inspected. Even if we know we are going to have to do extensive repairs we should still get it inspected. In fact, Dean Graziosi says that any property we are thinking of buying should always be inspected. The small amount you pay the inspector will pay off in the long run.
Investing this amount of money means that we need to be careful about where we spend it and how. Generally speaking, we need to be well informed about everything that pertains to the property before purchasing it. We need to seek advice from knowledgeable people. That means we need to hire a real estate attorney to make sure that the contracts are in good shape. And we need to hire a inspector to go over the property with a fine tooth comb.