I was at a leadership conference this past week and was shown a TED video. The theme of the video was “What would you do if you knew you wouldn’t fail?” Simple but profound. Well the world doesn’t work quite that way, so let’s look at some of the most common mistakes made by new (and seasoned) real estate investors. With this knowledge I hope you can be more confident about taking risk and investing in real estate. Some people feel this may be the best time in recent history to invest.
1) Not having a plan. Lack of a good plan is the biggest mistake made by new investors. Many make the mistake of buying a property because they think it’s a “great deal” and then trying to see how it fits into their plan or creating a plan around the property, putting the cart before the horse so to speak. The Professional Real Estate Investor class five step process will help you avoid this mistake.
2) Thinking you can do it all on your own. Buying property is a complex process. If you plan on reselling it or renting it out, it becomes even more complex, making it necessary that you have a professional team. It’s imperative that you have some key team members in place before you start investing.
3) Thinking you’ll become a Multi-Millionaire Real Estate Investor overnight. There is a reason they call… Continue Reading
