Real Estate Investing

When real estate is used to generate rental income and profit rather than as a primary residence we call it real estate investing, and it’s been a very lucrative yet risky venture especially for beginners. If you want to be on the right track and be successful, you need to make wise decisions upfront when buying investment properties. We pride ourselves for staying strong in this kind of business for over 10years. If you are planning to start a journey as an investor, then here are some mistakes you should watch definitely watch out.

Lack of plan. This is one of the most common mistakes new investors make. They buy a house assuming they got a good deal and then later on figure out what to do with it. What should be done is to make a plan and then find a house that will work fabulous with their plan, not the other way around.

“Getting rich quick” Mentality. Some investors would make it sound like it’s so easy to invest in real estate when in fact it’s not. It requires patience, dedication, smart moves and a deep understanding of the risks you will be taking. You can never get millions unless you work hard for it or if you won a lottery, something like that.

Solo flight. Two heads are better than one. To achieve success, you need to build the right kind of team for your real estate investing company. You must have a good relationship with a real estate agent, an appraiser, a home inspector, a closing attorney and a lender. Build healthy relationships with one another, gain trust, and the rest follows. Remember, you can never have a brighter career in real estate investing if you are doing it all by yourself.

Skipping Homework. You can’t be successful in a certain field if you don’t know anything about it. Many neophyte real estate investors dive into this venture risking their financial lives unprepared. Feed your mind with the right knowledge about real estate. Read articles, blogs and watch videos to educate yourself. Attend seminars on conferences to interact and gain more knowledge and best practices from the experiences of successful investors.

Painting oneself into a corner. Some investors buy a property and get stuck with it because they only have one exit strategy which obviously isn’t working. Always have a contingency plan in real estate investing. Before buying a property, you need to come up with not just one or two but three or more exit strategies for your property. Think outside the box and consider all possibilities. You can rehab the house; put it in the market to sell. You can also have a lease-purchase agreement with a buyer. Or you might update the house a little then rent it out. And there’s always the wholesale option, although with a minimal profit but it can definitely help you out with the costs you’re carrying every month.

So with all of these being said, we hope that every aspiring real estate investor finds success in real estate investing by remembering these things which are most of the time overlooked and taken for granted. And if you needed more help trying to figure out where or how to start, we are always happy to help!

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