There are many mistakes you can make when working on a business, but on Real Estate these mistakes can cost you a ton of money, so you have to be super careful, not only in what you’re doing but in how you’re doing it! So hopefully you learn something from our experience and avoid making these mistakes yourself! There’s tons of content to help you out, out there and it’s going to have some good exit strategies if that’s what you need, but my biggest recommendation before we start is literally educate yourself as much as possible and if you make one of this, know it’s not the end of the world and there’s a solution to everything! So let’s get started!
Having no plan!
Planning is key to everything, and having a good plan will get you out of many issues that you might be encountering at first glance! Planning as you go will most likely kill your business even before it starts, so before you go and make a movement on a house, either if it is only putting it under contract with an inspection, you need to have a plan to what you will be doing with your property in the present and future, like for example if you put a property under contract but you don’t have a marketing plan ready for it you won’t be able to sell it, same applies if you purchase a property, because the business is not owning a bunch of houses and not doing anything with them, it’s the complete opposite!
So always have a good plan in place whenever you want to move onto a new property, but not only a straightforward plan, but also a backup plan in case your first attempt goes sideways, and whatever you do don’t get stuck with a property! This is literally what having no plan or idea of what you’re looking for will get you, so hear what the seller has to say and make sure your plan is made for an investment property so you don’t make these Real Estate Investment mistakes!
“Get rich fast” mentality!
A big Real Estate Investment mistake most people go is thinking they’ll go rich after they sign their first deal, which is absolutely not true at all! While working Real Estate will give you the opportunity to handle a good amount of money, it does not mean it will all happen right away! Usually it takes a Real Estate agent around 6 months to be completely supported by working on Real Estate, while it might take a bit longer for an Investor to have the same thing, because the thing of working as an investor on Real Estate means you have to use big amounts of money all at once, which can be difficult if you only have so much to go around!
Don’t think because others did it in 2 months your business will take 2 months to succeed as well, everyone is different and time moves at different speeds for everyone, and while it might take you longer you will also have the knowledge on how to further that investment to the maximum amount of success in the field! So don’t listen to those gurus who are saying left and right that it will be super easy and fast, because they are lying to you, this kind of situations take a long period of time and a lot of hard work!
Now, hear me out! I know that sounds really basic knowledge, but quite honestly the biggest mistake you can make is investing onto something you’re not a 100% sure you will get the results you hoped for, so make sure everything you invest on for the business itself is going to be a 100% beneficial for you and will give you the opportunity to grow as a whole, it’s not worth it! My honest opinion is pay well to those who will help you move further into the field, and limit your expenses to the most needed things and systems that can guarantee you immediate results, but keep your mind open to new possibilities!
There will be people all over the place promising things like “Get rich in 3 days” or “Only buy this kind of properties and get wealthy” and that might not be the case for your business in particular! Go for a trial and error period and avoid making this common Real Estate Investment Mistake!
Have you made any of these before? We sure have! Let us know what was your biggest Real Estate Investment Mistake and how did you solve it in the comments bellow!