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10 Costly Mistakes to Avoid as a New Real Estate Investor I see new investors try to get the very most money out of their flips by pricing them too high. Usually a flip costs more than they thought, it took longer than they thought and they are making less money than they thought. To make up for their miscalculations they overprice a property to make up for it. Pricing a property too high makes the situation even worse. It increases the carrying time, increases the costs and may cause a property to sell for less than if it was priced right to begin with. When a property is overpriced, it may stigmatize a property because it sits on the market for an extended period. When a property sits on the market for an extended period of time, people wonder what is wrong with it (even if the price is good after a couple of price changes). Most investors tend to see offers on their properties after 2-3 weeks on the market if it is priced right. If there aren’t any offers in the first month, the price should be lowered immediately. The longer a property is held, the more money it costs and the less money is made. It’s best not to get too greedy when you go to sell! An overpriced property will not get the attention it deserves when it first goes out for sale. The first time a property is listed is when it’s on most people’s radars. If you are priced right, you should be getting interested buyers as soon as it gets listed. For a variety of reasons, you want your property to go under contract within a few weeks of getting listed. The obvious reason is that you want to sell and get your hard-earned profits. The second reason is that you don’t want it to sit on the market. The kiss of death for a fix and flip is your property getting stale. It’s hard to get attention from buyers once you’ve been on the market for a while, even if you drop your price. The problem is that savvy buyers will see that you have been out there for a while and that you’ve reduced your price at least once. You may get offers, but odds are, they will be well below asking. Price it right as soon as it hits the market and you’ll be well on your way to your next fix and flip property with more cash in the bank. 52 10 Costly Mistakes to Avoid as a New Real Estate Investor
10 Costly Mistakes to Avoid as a New Real Estate Investor Epilogue The “10 Costly Mistakes to Avoid as a New Real Estate Investor” was written to educate anyone who’s interested in investing in real estate. Despite the challenges of investing in real estate, the reward truly outweighs the risk. The hope and goal of the author is that these experiences will help you avoid these costly mistakes and inspire you to achieve your real estate investment goals with less challenges. 53 10 Costly Mistakes to Avoid as a New Real Estate Investor
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