Four Mistakes Newbie Real Estate Investors Make
by Jamel Gibbs† December 9, 2008
Real estate investing can be a very lucrative business. There is a lot of opportunity for newbie investors.
The real estate business really is what you make it. If you know what you're doing, then the business can be profitable. But there are some things newbie investors need to be aware of.
Below are four mistakes newbie
real estate investors make.
Pricing: One mistake that a lot of newbie investors make is paying too much for an investment. There are several newbie investors that don't know how to buy property at the right price, and this is where you can hurt your business rather than help your business.
Once you know how to buy real
estate at the right price, your business will take off.
No Team: A lot of new investors want to do everything on their own because they think they will be losing out on money. This is a big mistake because there is no way anyone can do everything on their own. If you don't have a team then you will drive yourself insane.
The best thing to do is build a
strong group of professionals that will mimic your business system. This is
part of your foundation. If you try to build a building with a weak foundation
it will collapse. This is also true with your business.
Procrastination: This one is a little understandable. New real estate investors tend to procrastinate when getting started. The reason for this is the fear of the unknown. Because they lack knowledge in the real estate business they tend to make themselves more scared then they need to be.
If you can just get out there and
make things happen, procrastination will not be an issue.
Education: If you have read any of my other articles then you would know that I'm big on education. Not just any education though. You need to educate yourself in what you are looking to do in life.
A lot of newbie investors get involved in real estate investing without ever taking the time to learn about the field. By doing so, they are hurting themselves, and it will cost them a lot of money.
Therefore, spend the money on learning and you will put more money in your pocket.
© Copyright 2008 Jamel Gibbs All Rights Reserved. Reprinted by Permission. Check out Jamel Gibbs at http://www.HowtoFlipforProfits.com. Copyright © 2004-2014 BiggerPockets Inc. All Rights Reserved.