Always calculate potential ROI before making investment decisions - include purchase costs, renovation expenses, ongoing maintenance, and projected income.
Network extensively within the industry - relationships with agents, lenders, contractors, and other investors often lead to the best opportunities.
Study local market trends and economic indicators to anticipate changes in property values and rental demand.
Consider property management costs when evaluating rental investments - professional management typically costs 8-12% of monthly rental income.
Thoroughly inspect properties before purchase, ideally with professional assistance to identify potential issues with foundation, roof, plumbing, and electrical systems.
