Buying a new rental property normally involves three distinct stages:

1. The research phase, where you assess the market and analyse the prospects of different possible investment areas

2. The sourcing phase, where having identified an investment area you search for specific opportunities

3. The due diligence phase, where you evaluate a potential property in detail with a view to making an offer.

The first two phases are certainly very important, but arguably it’s due diligence that you should never skimp on.

A few hours invested in careful evaluation here might stop you making an expensive mistake.

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