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10 Costly Mistakes to Avoid as a New Real Estate Investor Marketing Efforts: Investors will also want to consider marketing efforts when developing their real estate goals. This is important for a variety of reasons, but mainly because it encompasses a combination of time, money and approach to transforming your small business from ideas to action. Building your business from the ground up, including generating leads and capturing deals, will entail developing strategies to achieve your primary objective. Financial Backing: Lastly, you’ll want to examine your financial situation before setting real estate goals. This will ultimately dictate your approach moving forward, including whether or not the assistance of additional financial backing is needed. If what you’re seeking to obtain from real estate is unattainable with your current financial situation, the need to locate a partner or develop a joint venture (including building a successful real estate team) may be necessary. Even the use of a self-directed IRA or 401k may be required. However, no matter what, the collaboration of resources and talents will be beneficial for investors, especially those lacking the monetary means to get started on their own. Whether you’re a real estate investor, entrepreneur, business owner or someone looking to achieve a dream, the importance of setting goals is undeniable. However, the action of putting goals to work is equally as important. As famed psychologist and author Carl Jung once said, “You are what you do, not what you say you’ll do.” Remember, success as an investor (new or seasoned) isn’t found in real estate goals alone, but rather the habitual effort to achieve them. 38 10 Costly Mistakes to Avoid as a New Real Estate Investor
10 Costly Mistakes to Avoid as a New Real Estate Investor Mistake # 8 Hiring Incompetent Contractors Of course, your contractor seemed civilized and competent when you first met with them. That’s why you hired him/her. But sometimes a person can seem like Jekyll initially and then promptly start acting more like Hyde. It’s best you spot this Hyde-like behavior early on, when you haven’t: a) shelled out a ton of money for incomplete or shoddy work; b) gotten far enough down the line with the contractor to make it difficult to get out; or, c) driven yourself nearly insane with frustration and/or rage. First and obviously, your contractor shouldn’t ask for an unreasonable sum of money up front. Yes, he or she needs money to get the project started, but asking for more than 15 percent raises a red flag, and most states allow contractors to ask for a maximum of 33 percent of the total cost up front. Your contractor should have enough credit to pay the rest of the up-front costs. 39 10 Costly Mistakes to Avoid as a New Real Estate Investor
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