New investors sometimes make easily avoidable mistakes that end up being extremely costly. These mistakes include not learning about real estate investing, or skipping over critical real estate investment training they’ve already learned. Some investors allow fear to guide their fears while others look at too few properties, or too weak of a power team, in order to make informed decisions.
Many new investors interested in house flipping eventually make these simple mistakes. Avoid these mistakes, and you have a chance of going further than the average investor:
- Mistake #1: Getting an outstanding education — and doing nothing about it. Many investors spent thousands of dollars on tapes, seminars, books, and investment programs in order to learn how to flip a house. Unfortunately, a large percentage of these investors never put their knowledge into use. Any fact that you read about investments and any piece of information you learn is completely useless unless you actually use it. A good habit to get into is that every time you learn something new, ask yourself “how can I use this?” Then, write down your action plan or your idea for action into your daily planner, where you know you’ll see it and follow through.
- Mistake #2: Failure to learn. For every investor who spends thousands of dollars on educational resources, there are also plenty of investors who just jump in and get their feet wet without understanding the first thing about markets, house flipping, and properties. The truth is, before you start flipping any property, you should research carefully. You should understand what you need to do in order to make a positive cash flow, which lenders you should turn to, and which properties you should invest in. You should do plenty of research into the market where you want to buy, and you should know exactly which contractors you will hire in order to flip your property.
- Mistake #3: Letting fear be a guiding factor. Everyone is afraid of making financial mistakes when it comes to real estate properties, but if you’re letting your fears prevent you from investing or if you are so cautious that you are making only the most conservative deals, it’s time to step out of the bubble. One way to get over real estate investing fears is by working with a power team of professionals that can help guide you to the best deals. Another option is to set aside money so that even if you lose some money at first, you can make up the difference. The fact is, there are ways to get around fears, so start working from confidence rather than fright.
- Mistake #4: Looking at only a limited number of properties. Before you buy your properties, make sure that you look at plenty of real estate options within your market. It’s lazy to do otherwise, and you won’t get the best deal on house flipping if you simply buy the first home that looks attractive.
To Massive Profits,
Brad Wozny
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