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Dec 01

The Five Mistakes Novice Real Estate Investors Make

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So you want to be a real estate tycoon and invest in property for flipping and/or rental income. Consider the five most often seen mistakes by new real estate investors and avoid them at all costs and you’ll find yourself on the road to riches and success in real estate.

Mistake No. 1: Treating Real Estate Investing like the Stock Market

If you are going to buy property for only a short term appreciation, you’re making a major error and will probably lose more money than you’ll ever make in the real estate market.  There are still ‘cheaply’ priced properties available even in a market where the bubble has burst. Plan to hold on to the property for between 6 to 12 months and not look at it as an immediate flip once the deal is done.

Mistake No. 2: Don’t invest with your eyes closed

The more knowledge you have of real estate, property values and other factors associated with the industry, the less risk you’ll be taking. Knowledge is power. But investing because of a piece of advice from someone who may not know anything about real estate is a sure fire way to losing your shirt in real estate.

Mistake No. 3: No cash in reserves

The more cash flow you have the more successful you’ll be in the real estate market. Without reserves you are not able to make the necessary repairs to the property you’ve purchased.

Mistake No 4: Greed

Greed is NOT good. When you’re ready to sell your property (flipping it) it pays to be realistic about how much you can reasonably profit from in the deal. The greedier you are, the more difficult it will be to close the deal and you’ll be stuck with a property you could have sold had you been reasonable in how much profit a fair deal can provide to you.

Mistake No. 5: Not conducting yourself like a business person.

Real estate investing is a business. It’s not a hobby. And so it must be treated as a business for you to obtain success. You need to treat your investing intentions with the professionalism and seriousness of a career/business.

Avoiding these five mistakes will enable you to be well on your way to being a successful real estate investor.

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