Posted by Jonathan Rexford on November 29, 2004 at 08:43:14:
Pit Falls!
- Debt Service. If you do not have cash reserves to feed the home it can be a pitfall.
- Paying too much.
- Taking too long to sell
- Thinking that it is a No Money down deal.
- Property Management
- Repairs
- Not getting an understanding with Seller
- Insurance (that should be a property management thing)
- The threat of DOS (Due on Sales Clause) not really a threat but it can be a pitfall, if you are ever approached)
- Not having a system on buying, managing, selling your properties. Trying to go at it alone.
Those are just off the top of my head.