Jason’s Ranting & Raving

Those who don’t read have no advantage over those who can’t.

Book Review: Successful Real Estate Investing: How to Avoid the 75 Most Costly Mistakes Every Investor Makes by Robert Shemin

Posted by jaystile on November 15, 2009

Successful Real Estate Investing is a series of essays about the different mistakes the author has made in real estate. It’s worth a read if you plan on purchasing real estate as an investment. The key takeaways:

  • Pre paid Legal (PPL) is worth it
  • Get your contracts reviewed by said PPL
  • Never say that your LLC is just for asset protection
  • The rent has to come first
  • It’s more important to call the tenant’s previous landlord, not their current landlord
  • Inspect properties frequently
  • Buy properties within 30 minutes drive.
  • Get umbrella insurance
  • Don’t let fear cripple you into inaction
  • If you’re doing fancy financing, like lease-optioning to someone when you’re lease optioning the property, just be open about it.

I also enjoyed the negotiating tips that were in the appendix.

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