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10 Costly Mistakes to Avoid as a New Real Estate Investor Accounting – Here is where a lot of investors tend to skimp, but that is a big mistake. Having accurate and up to date accounting is essential to operating your real estate investment business. Even if you hire outside management, you need to know what is happening financially on your property. Having good accounting will help you determine if you are making money, when to sell, and where the problems exist. An investment property with poor records is an investment property with problems. Be very wary of buying properties where they cannot provide accurate and up to date financials. Having a quality team is essential to your real estate investing success. Knowing where to go when questions arise will make your life easier and help you make more money. They will also help you avoid costly mistakes. Many flippers and rental property owners want to do work themselves to save money. The problem is, unless you are a contractor, it may cost you more money to do the work yourself. It takes longer, the work is not done well and it is stressful learning and working on houses in your spare time. Now, start building your expert real estate investment team. Investing in real estate is a whole lot less stressful and more profitable with a good team. Resist the long ranger mindset at all costs, it’ll increase your bank account balance in the end. 28 10 Costly Mistakes to Avoid as a New Real Estate Investor
10 Costly Mistakes to Avoid as a New Real Estate Investor Mistake # 6 Get Rich Quick Mentality The get rich quick mentality perpetuated by the gurus have led to a lot of frustration on the part seminar participants. I would venture to say that a large number of the people who take a seminar quit after six months or so. Real estate investment, like any other business takes a lot of time, months and years to cultivate customers, in order to develop a life of its own. It takes months and years to build a sustainable infrastructure to support your business and nurture it to grow. Many people choose real estate because a number of late night television gurus promises quick riches to enable you take expensive vacations to the Caribbean and buy other expensive toys. The truth of the matter is that like any other business it takes time for a business to develop a life of its own (system), get to define your niche and even acquire the necessary capital to complete deals. On average, a good system would take about two to five years to develop. 29 10 Costly Mistakes to Avoid as a New Real Estate Investor
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