Posted by Dave Mckee on October 26, 2000 at 11:48:33:
Lots of them! But I suppose the main ones are;
Never fall in love with a property. Beginers often can’t bear to sell a place after thy have worked on it. They think that next year it will sell better, or bring a better price. True, but until it is sold they have their money(and profit) tied up. Better to keep the money turning often, at least until you have built up some capitol. I work alone, so I do about three propertys per year. If you have a regular job, you may do less than that. I worked as a draftsman while I was starting in real estate. As I began making more money with FIXERS, I scaled down and finaly stoped drafting.
Also, factor in about a 20% profit on all money invested. Anything less than that will be a waste of your time and too small a return on your investment.