One of the biggest lessons to learn from investing is buying the wrong properties.
First-time investors tend to buy wrong properties because they do not have an end goal. Some good deals may not work for you. You must have a long-term goal retention of your property acquisitions, and get the money out of that deal over the course of time.
Rent collection should be easy enough: “Mail me a check by the first of the month and I’ll deposit it.
But what if the check doesn’t show up? That’s time you have to spend calling your tenant, listening to their excuse and waiting extra time to get your money. What if the tenant lies about the check being in the mail? What if the mail carrier misdelivers the check but your tenant is on vacation and can’t send a new one?”- Forbes
There is nothing wrong with failing as long as you learn lessons from it.
Dallas is a great area and there are a lot of good deals going on. But you have to make sure you are buying the right property, and you are buying what’s right for you.
If you’d like to sit down and talk with me, I’d love to do a one-on-one wealth-building strategy session with you. Give me a call at 214-499-9813, and let’s see how we can help you.
Learn more about our Dallas property management services.