Rant: I used to chase the lowest price properties and it kept backfiring

I got some tough advice from a guy at a local REIA meeting in Cleveland. He told me my focus on cheap fixer-uppers was actually bleeding me dry with constant repairs. I switched to looking at properties in the $120k-$150k range that needed cosmetic updates only. My tenant turnover dropped and the numbers actually started making sense. Has anyone else had to change their price strategy after getting schooled by a more experienced investor?

2 comments

2 Comments

uma_baker991d ago

My buddy bought the cheapest house on the street and found out the whole block was sinking into an old landfill. Sometimes you really do get what you pay for.

casey3931d ago

Feel for your buddy, @uma_baker99. That's a rough way to learn a lesson.