1. Never buy a house on a Busy Street because most first time buyers have pets or plan on having a family and they will not buy on a busy street. Inexperienced investors who can buy houses dirt cheap on a busy street think they are great buys but they are not. They are tough to rent and hard to sell.
2. Never buy a Tiny House that is less than 1000 square feet. Witha huge surplus of houses for sale right now, buyers have a ton of homes to pick from and they buy the bigger homes. Over 85% of the buying population wants at least three bedrooms.
3. Never buy a house with a Small Master Bedroom. I will never buy a home where the master bedroom is smaller than 12 x 12. Most first time buyers already own the bedroom furniture. The furniture stores push the king size bed, huge dresser, amour and two night stands for a low package price and that is what first time buyers purchase. If all these items won’t fit in the master bedroom of the house I am looking to buy then I won’t buy the house at any price. Many inexperienced investors struggle with this. I have made this mistake early in my real estate career and I got the privilege of making 14 monthly payments on a house tha I couldn’t rent or sell because the master bedroom was too small.
4. Never buy a house in a war zone. Nobody wants to rent or buy in a high crime area. Contractors don’t want to work there either.
We welcome your comments? Mike