Real Estate Investing Mistakes - 7 Tips to Avoid

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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. 

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