Short advice segment advising first-time rental property buyers not to rely solely on real estate agent referrals for inspectors or appraisers. Recommends obtaining multiple referrals and interviewing service providers to avoid conflicts of interest where agents may receive payments for referrals.
Hey Danny, what are some of the most common mistakes that people make when buying their first rental property? Do not rely solely on your real estate agent's referrals. Not all real estate agents are created equal like inspectors or appraisers. We've seen real estate agents pay the people that they refer, which incentivizes the inspector to say this is a good property to buy when it might not be a good property at all. So to avoid any shady stuff, always get multiple referrals and interview them to determine who is the best fit for you. Follow for more real estate tips.
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