First Time Investor Mistakes
You’ve found an income property and are close to closing a deal. That means you should run out and begin buying fancy add-ons to attract tenants, right? Wrong. This is a major mistakes new investors make and it could cost you your property.
If you are a first time investor and have not navigated the mortgage process in awhile, beware. Some things have changed and lenders are watching your every move from the time you pre-qualify until you close. So, what do you need to know? First off, don’t go crazy making major purchases on credit or apply for any new credit. This effects your debt-to-income ratio and could cost you your loan. Also, stay as stable as possible, meaning pay your bills on time, stay in communication with your lender and agent and avoid changing jobs, if you can.
If you have questions about behavior that could potentially cause a red flag, speak with your lender or Gulf Coast real estate agent. And, of course, you can always call our Northwest Florida property management team for advice.