5 . Underestimating Costs
What to Do : Accurately estimate all costs involved . This encompasses :
Closing Costs :** Fees for legal services , title insurance , and loan origination .
Renovation and Repairs :** Obtain detailed estimates from contractors .
Ongoing Expenses :** Property taxes , insurance , utilities , and maintenance .
Mistake : Many firsttime home buyers and investors focus solely on the purchase price , underestimating the total investment required , leading to cash flow issues . Most people are shocked by all of the closing costs on their first deal .
Story : On my first home , I did not review the HUD1 ( Settlement Statement ) before my closing but that is the time to see all of the expected costs on the closing of your home or property . I ended up paying an extremely high fee to my mortgage guy . My attorney caught it at the closing , but it was too late to change it for the purchase .
Pro Tip : Make sure to review all of your fees on the documents you sign before closing . Make sure to have your service professionals outline their fees upfront .
** Conclusion **
Real estate investing is a powerful tool for building wealth and achieving financial independence , but it requires careful planning and informed decisionmaking . By avoiding these common mistakes and following strategic investment practices , you can enhance your chances of success and meet your financial objectives .
For more insights , Pro Tips , and detailed guidance , visit ( https :// hughzaretsky . com /),
where I share my experiences and tips from decades of real estate investing .
Happy investing !
MEET HUGH ZARETSKY
Hugh Zaretsky , was an IT executive until his wakeup call came on 9 / 11 . Realizing how short life can be , Hugh transitioned his career to become a real estate investor , international speaker , bestselling author , philanthropist and advocate for empowering individuals . Hugh started investing in the precursor to ShortTerm Rentals back in 2005 . His expertise in cashflowing properties ( STR , SFH , and multifamily ) has allowed him to successfully train over 12,500 real estate investors and entrepreneurs to complete profitable real estate transactions , launch businesses , or take them to the next level .
Hugh has been a certified real estate continuing education instructor in four different states . His latest book " The Launch Button " was an Amazon best seller in four categories , including all of real estate . He recently spoke at the Humanity Summit in Portugal on the global issue of Sustainable Tourism ( including STRs ) and
how to work with local communities . His dedication to mentoring and coaching aspiring entrepreneurs makes Hugh a highly soughtafter coach , trainer and speaker . Get ready to be inspired and gain invaluable insights from Hugh ' s wealth of experience .
To learn more about Hugh go to www . HughZaretsky . com .
IG @ hughzwealth FB @ hughzWealth His personal page is full so use this link .
www . thelaunchbutton . net or buy direct on Amazon . His book " The Launch Button " is an Amazon best seller , which helps people find their passion or take their business to the next level .
www . eframily . com Want to work , train or get coached by Hugh ? Visit his website to learn more : www . hughzaretsky . com
" You have to change your mindset before you can change the size of your wallet ." Hugh Z
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