4 COMMON MISTAKES IN REAL ESTATE INVESTING
There are a lot of ways that real estate investors can make mistakes. To avoid costing you time and money make sure that you pay attention to these 4 common mistakes.
PLANNING AS YOU GO
Many investors get tripped up when investing because they try to “plan as they go”. They find a property they fall in love with and they don’t think about the logistics behind acquisition, rehab, and exit strategies. You need to be able to lay out a guideline as to how you’re going to acquire the property, what expenses and processes will go into rehab, and make sure you have a backup plan in place for when things go wrong.
WHO’S IN YOUR CORNER
It isn’t always the best idea to have your spouse or family members as business partners. It’s not impossible but you will both need to be open and honest about your expectations for your real estate investing business. If you are dealing with money in any situation with a relative, things can get pretty tense, so you need to treat your relationship during “business hours” as a business transaction. Make yourself and your spouse/relative employees of your company and don’t forget you need a paycheck too!
Starting your real estate investing business is filled with excitement, eagerness, and endless amounts of questions. Something that trips up most investors is not doing your due diligence during property acquisition. You find a property that you absolutely have to get and fast before someone else swipes it up. All of the factors about the deal like the overhead costs, market conditions, comps, and offer writing logistics go out the window because you’re so excited to just get in the property.
“GET RICH QUICK”
Real estate investing is NOT easy. You CAN create wealth for yourself and your family if you put in the time and effort in your real state investing business. I have been investing in real estate for over 20 years. I’ve tested and measured so many strategies and found that there is a tried-and-true method to the madness. I’ve laid out the ground work so that any individual who wants to be successful in real estate investing can follow our process and achieve true wealth.
If you want to find out more about achieving true wealth and are willing to put in the time and effort into your real estate investing business go to www.leearnoldsystem.com or speak with a business development consultant today at 800-341-9918