Good Investments

What's the best way to make sure that you make a good investment and don't spend more on repairs than you might have originally budgeted ? I'm very new to this and don't want to make huge, pricey mistakes because I didn't know the right questions to ask.

Find out how much life is left...

Find out how much life is left in the house, either by talking to she seller or better yet have the home you want to buy inspected and talk with the inspector about how much life is left in the place ie is the furnace 40 years old, if so you better factor that into the price, roof 40 years old etc.... if it has nob and tube wiring I would walk away...Good luck

The key is to hire a quality i...

The key is to hire a quality inspector that is not biased towards your purchase.  The couple of hundred dollars you spend on the inspection is invaluable.  Make sure you get the property under contract at a favorable price and then have an inspection done before your contract goes "hard money" usually a period of 7 to 21 days to do an inspection.  Also I tell every new investor to cross "specific performance" out of their contracts.  That way if you don't close after your deposit money is hard than all that you are walking away from  is that deposit.

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