| How
to Recognize and Avoid Poor Real Estate Deals You want to avoid: 1. Spending too much money on the property that you are fixing up. The rule of thumb is for each dollar you spend, you should expect to get back $2-3. If not, don't buy it. 2. Buying property that has structural damage or needs major repairs. 3. Buying property that was not supposed to be built in the first place, property in the middle of nowhere or property with difficult access. 4. Not carrying enough insurance or the right coverage. 5. Not screening the tenants properly. 6. Buying properties with environmental problems or in a landslide area or a flood or fire zone. 7. Overpaying for properties in declining neighborhoods. 8. Becoming too friendly with tenants or not treating them well. 9. When buying property, not getting clear title and title insurance. 10. Paying contractors without getting a receipt and release from subcontractor vendors. |
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