Is this rental property going to be okay?
Here, I want to answer the question with a question: Okay for what and for whom?
We have to face the reality that no property is perfect, and every property will have an uneven history and future, in terms of maintenance, market value gains & losses, and suitability to its owner’s requirements.
The primary key here, is to have a clear plan, and to know comprehensively just which critical factors we need to find in any rental property we buy.
Then, once we’ve found a property that meets our planning requirements, we must plan for what can go wrong so that we can benefit from what can go right.
The difference between a “real estate hobbyist” and an investor is planning
A true investor carefully investigates, and prepares appropriate responses to possible reversals and obstacles. In other words, for every potential setback, they have a “Plan B”.
No investor wants to live through the consequences of a big financial mistake. Even so, life being “lumpy” at times, downturns of all kinds await the unwary. Rather than giving up, we must allow for and plan for those times when (not “if”) they come.
Planning makes or breaks an investor.
How can I trust you?
You can trust me because while I cannot and will not give you “investment advice” or offer you an “investment product”, I will tell you the plain, raw truth about a property, even when you’d rather not hear it.