Admin

Real Estate Investing Mistakes - 7 Tips to Avoid

#RealEstateInvesting  #RealEstateInvestor #Mistakes #MentorTips 

Not spending enough time on research

While it is good to feel passionate about your goal, don't let it consume you. Keep in mind that what works for someone else may not work for you and that your personal goals should be more important than your relationship with those you talk to, your ability to concentrate, etc.

This is what was written during my quest to become a millionaire real estate investor.

So, what's the purpose of this article? I want to present some of the major and minor mistakes that new real estate investors make, hoping that you won't repeat them. There are plenty of articles on the web that discuss the common mistakes of beginners, so I'll just touch on a few, and you can compare your own experience against mine.

1. Ignoring reality - Reality is harsh, especially if you have yet to create your real estate portfolio. Focus on your personal situation and your needs while recognizing that there are no rules in this field and that you can't please everyone.

2. Thinking you are the only one - Believe that you are the only one and that most if not all of the mistakes others are already making will automatically go away for you. If you feel that everyone is talking about you and that you need to do more, your self-esteem will be shot.

3. Not spending enough time on research - When you start out, make sure you spend more time researching the market and other investors who may be willing to pay what you think is reasonable.

4. Lack of goal setting - Don't know when it is going to happen, don't have a clear plan of how to get there, so your goal is something vaguer like "to become a millionaire real estate investor." It is more important to realize that there is a long process to follow and to take small steps rather than to have a specific goal that you are working towards.

5. Feeling like you have to start immediately - Be realistic and start with what you know and what you're good at, then take small steps until you learn something new that will allow you to grow.

6. Paying too much attention to other investors - Before you start getting e-mails from other real estate investors, make sure that the offers you are getting meet your needs and goals. Ask questions and look at what the investor is offering, and then, if the price seems too good to be true, ask for a comparative price. If you're not sure, walk away - you don't know everything.

7. Not researching the property enough - Before you buy the property you see, make sure you have a clear understanding of the property and the neighborhood. Besides, ask questions and look at what the investor is offering, and then, if the price seems too good to be true, ask for a comparative price. If you're not sure, walk away - you don't know enough.




This list could go on, but you get the idea. And I hope that it helps you focus on a few of the mistakes that new investors make. I hope it enables you to focus on things to avoid as well. I can't guarantee that it will, but I would like to hear your lists to see if others have made similar mistakes. It is essential to know what your priorities are and what you are willing to put forth the effort to learn so that you can succeed.

I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider. 

Think Like A Tycoon by W.G. Hill

How to Make a Million in Three Years or Less

I am a real estate investor for 10 years now and personally involved in 40 real estate transactions. With that said, this is the book to read. Read this book if interested in real estate investing. Don't if you aren't.
(Michael - Real Estate Investor)

Make your fortune from “distressed property” using other people’s money and this property tycoon’s no-brainer strategy

…NOW is your golden opportunity to turn bargain property deals into 1 MILLION in just 3 years…

…using other people’s money and this property tycoon’s no-brainer strategy…

What you have to do to secure your future and avoid becoming another government statistic

It’s simple: Make your fortune from “distressed property”. And Dr. W.G. Hill can show you how.

For your convenience, we have added a link to Think Like A Tycoon on all the Amazon marketplaces, for the fastest delivery please choose your local marketplace. If "Currently unavailable" choose the marketplace nearest your location.

Note! Think Like a Tycoon is only available in English.

America - Canada - Sweden - Germany - Italy -  France - Spain - Poland - Netherland -  Mexico - Brazil - India -  Japan - Singapore - United Kingdom - Australia & UAE ships from the UK!) - Saudi Arabia - China -

Stay tuned for more free videos, articles, tools, and other valuable resources.

Please continue the conversation for this post on the
Think Like a Tycoon Forum - LinkedIn - Facebook 


 

Email Post
Category

More Tips & Tricks You may also like…

Image

How To Find Distressed Properties For Sale

#PropertyInvestment #PropertyHunting #FirstTimeHomeBuyer #RealEstateAuction  Some people are skeptical of these opportunities. They think the deals not worth the trouble. But this is not true. The best deals to find are distressed properties that are cheap and reasonable. How To Find Distressed Properties For Sale The first thing to do is be clear of the risks involved in buying these properties. The key to doing business in a competitive market is to anticipate the needs of the market. The real estate business has become very competitive because of the number of homes entering the market. The market is filled with homes for sale. Most of them are distressed. How to Spot Distressed Properties For Sale There are certain signs that the homeowner may be under extreme financial strain. The homeowner may decide to sell the property very quickly. They may put their house up for sale below market value, especially in areas where competition is stiff. A distressed property is one that has gone
Learn more »
Image

Disclosure of Information on Foreclosure Listings

  #ForeclosedHomes #ForeclosedProperty #DistressedProperty #DistressedHome #PropertyTips The majority of distressed properties are occupied by individuals or couples in residential contracts with their lender to purchase a property.  I'm assuming this for several reasons. The first is that most distressed homes are sold "As-Is." They are bought with only a mortgage State". Secondly, many distressed home sales are made short sales". This means the homeowner has tried to contact their lender via servicing statements or other documentation. They've made references to their accountability period and final determination date. They've tried to get other agencies to assist them, such as a HUD counselor, but those agencies are also out of service. If your bank is a non-traditional lender, they are likely to have an occupancy mandate with homeowners they buy a distressed home from. This means they're not going to be doing any short sales, distressed sales, or
Learn more »
Image

How to Get Started With Real Estate Investing

#RealEstateInvesting    #RealEstateInvestor    #MentorTips  That was a bold statement for sure, and I know it is a challenge to follow it. However, it is really not that hard to put it to work for you if you have the education, understanding, and resources to do so. Below are several strategies and suggestions that should help you succeed. First and foremost, seek out great investing mentors. When seeking out a mentor, you should know the criteria for an excellent mentor. Mentors should have worked in their field for at least two years or longer, be financially secure and able to work full time in the field of their choice, preferably in your industry, be someone who is already making money, and know what success looks like. You should build your relationship with your mentor by going into a local bar, chat, or phone call every few weeks to make sure you are not on the same page. A lousy mentor could drag you down and take away from your learning because your mentor didn't show you
Learn more »