3 Common Mistakes Made by Real Estate Investors
Why You Don’t Have to Make Them Too
Navigating the waters (or should we say land) of real estate investing isn’t as easy as it may seem to some. Building a lucrative real estate investment portfolio takes work, know-how, and the right tools.
We wanted to help you get off and running on the right foot by sharing three common mistakes rookie real estate investors often make, and why you don’t have to follow in their footsteps.
Ready?
1. First things first. There are two sides to every real estate transaction. As a real estate investor, you get to stand on both. Don’t let that scare you off though. This is the exciting part: as an investor, you can profit on the purchase as well as on the sale of the property. But to get to the sale part, you need to have a buyer. Many real estate investors tend to focus on the purchase side and forget that lining up buyers is essential to creating that win-win scenario. And having access to cash buyers who are ready to pull the trigger on a property can lead to a faster profit, allowing you to get moving on your next investment sooner.
2. Second, have a strategy. Flying by the seat of your pants isn’t a strategy. When it comes to successful real estate investing, know which course of action will help get you from A to Z. Make sure the strategy you choose is well-suited to your unique real estate investing needs and abilities.
3. Last but certainly not least, seek out a mentor. Learning from someone else’s mistakes (as this article mentions) can save you time and energy, plus money. Talk with other real estate investors. Find out what other successful real estate investors are doing. Don’t think that you have to go the road alone. Having the support of other like-minded individuals could help boost your potential of building a lucrative portfolio.
If you want to get moving with real estate investing, now is the time. So start building up your buyers list, determining your strategy, and seeking out support. There’s a new real estate education company set to launch in December 2012 that could help you do all three. Real Estate Worldwide, Inc. offers three educational products: S.M.A.R.T. System™, Total Access™ and Inner Circle. Each one is steeped in extensive research and development, in-field testing, advanced technology, and empirical data, to assist both novice and experienced investors in creating lucrative real estate investment portfolios. Plus, they provide access to a national cash buyer database and a national private lender database. The company’s CEO, Kent Clothier, is a partner of renowned MemphisInvest.com. Since its establishment in 2005, MemphisInvest.com has bought and sold over 1,500 properties using the same systems and tools REWW offers. We don’t know about you, but we’d sure like to follow in their successful footsteps.