4 Things You Should Avoid as a Real Estate Investor
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New and experienced investors, I just wanted to throw out some tips to help. I believe if you avoid the 4 topics I cover in this article it will help you save time and money as a real estate investor, property owner or landlord.
This is obvious, but not obvious. Who are you getting your information from, what is the source and has it validated by you? I was talking to a new investor, and he said to me that his aunt told him not to put the appliances in his rental property. He ask me what I thought. I asked him how many rentals do your aunt have? His response was “None!”
I stay this because a lot of times we are listening and taking advice from individuals that have no clue or experience in what they are talking about. Also the individuals that appear to know what they are talking about, may not, so check their background, resume, and do your research so you do not not get the wrong information, which will lead to the wrong decisions.
Too Much Information
In this day in time there is so many videos and podcast to get information from, it is overwhelming. I can tell that listening to too much information can hurt you. Because at some point the information will start to conflict, and then you will be confused. My advice is choosing two or three information sources you like and stick with them. Attempt to not overload yourself with information, it will lead to confusion, and then inaction.
Cannot Make Decisions
If you cannot make decisions on the fly or make decision in a time manner, you will lose money. In real estate investing you need to be able to make decisions fast. If you cannot do that then you need to hire or find someone who can do it for you. Think about it, if your toilet breaks at your rental, can you realistically take two weeks to make a decision if you want to repair it? Make decisions swiftly the more you think about the more money you lose, because you could be thinking about something else more proactive.
Not Having a Plan
If you do not have a plan, then you plan to fail. Write down your goals, write down your targets. Put dates on them, make sure you know and understand the steps you need do to achieve the results you seek. I believe most individuals do not take the time to write down their plan, strategy or goals and that is not a good look. Write down what you want and figure how to get it.
Thelonious C Jones