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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.
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10 Costly Mistakes to Avoid as a New Real Estate Investor