Hey y’all! The first thing I want to talk through is cosmetic expectations! So let me humble myself really quickly, I initially went into the investment property search trying to find my forever home. This meaning, I’ve been searching for places that crossed all the boxes but most importantly one that looks aesthetically pleasing.
A couple of weekends ago, my partner and I viewed about four different places and I could not get past the looks of any of them. When I think of a home I think of something lavish that includes shiny hardwood floors, a kitchen that has an open concept that includes an island and fancy backsplash, some shiplap, barn doors, basically everything that Chip and Joanna Gaines creates in Fixxer Upper. THATS NOT THE CRITERIA YOU SHOULD BE UTILIZING!
Take it from me, those pictures you see on Redfin probably were taken when the place was first renovated so lower your expectations going into the viewing. If you are trying to purchase a multi unit property, 9 times out of 10, if it’s a good property you’ll have people living in it so you’ll view the place being “lived in” and not everyone lives like you!
You truly have to go into the process with a vision and seeing beyond what’s presented in front of you because most times you need to use your imagination to picture what it will look like for you. Also, most times with an investment property you’ll probably only live there for a year so it just really needs to be liveable. Remember those cosmetic dislikes can be updated! Be looking out for those things like windows, overall structure, roofs, and furnaces as those things are costly and the most important aspects to check during your search.
So to all my people that have dreams of a forever home but is first starting with an investment property lower those cosmetic expectations! At the end of the day remember, they are INVESTMENT properties not your forever home. In the words of a good friend of mines, “the goal is to live rent free while gaining equity.”