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1- Only buy properties that can be rented for enough to cover the mtg.
2- Only buy structurally sound houses.
3- Accept that there may not be any houses in your area worth buying at the moment.
4- Be willing and ABLE to do most of the work yourself. Or know some Mexicans who work cheap.
5- Understand that auctions are not a guarantee of a good price. Many auctions in my area are NOT foreclosures or estates. They are situations where the owner does not want a prolonged negotiation process (lots of possible reasons for that) to get the highest dollar.
6- Understand that you are putting yourself at risk by owning a home somone else will be looking at/renting. If a ceiling collapses......
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Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again!
I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions.
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