Toby McCosker Common Mistakes New Real Estate Investors Make
Real estate investing is not a get-rich quick scheme as some investors would think. Just like any other business, it requires patience, hard work and dedication in order to succeed. Mistakes are made when investors simply want to get rich quickly and fail to address the importance of sufficient training, research and knowledge in property investing.
Investing without getting real estate investor training. Investors who are in too much of a hurry to make money may enter the business without getting sufficient training. This is a very common mistake because property investing frowns at those who are less knowledgeable.
Investing without a plan. Simply winging it is not advisable in property investing. You need to have a plan in order to realize profits. For example, if you've invested in a house that needs improvements, you need to have a time frame for the renovations as well as a budget for the project.
Waiting for the market to turnaround. Don't wait for the market to turnaround and instead make the market work to your advantage. One common mistake of investors is waiting too long to make a move.
Not valuing the importance of reputation, friendship and good connections. No man is an island so they say. You need other people to succeed in real estate investing. Build up a good reputation by making your clients happy.
Focusing too much on the numbers. There is more to real estate investing than just by realizing profits and merely looking at the price of a property. You also need to consider many other factors such as the location, condition and age of the house.