In real estate investing, a little mistake can cost you a lot of money. There are five common real estate mistakes that I see happen often, and I want to help you avoid these major pitfalls.
On today’s show, I’m sharing five costly mistakes that many new real estate investors make. We’re going to talk about taxes, markets, returns, and much more. If you want to avoid headaches and save money, don’t make these mistakes!
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Not knowing your financing options. If you don’t know what your options are, you can’t create a plan to reach your goals. There are tons of flexible financing options available– but not every option is right for you during this period of your life. Do you know what works for you and your goals? Do you know what it takes to qualify for different types of loans?
Buying in the wrong markets. This one can make or break you. If you’re looking for real estate in the wrong markets, you might as well quit while you’re ahead. It’s important to do serious market research–and in this climate it’s essential to invest in markets that are recession proof. I suggest watching my videos on 10 things we look for in a market, and how to recession proof your investment portfolio.
Forgetting about tax planning. Some of the biggest benefits available to investors are in the US tax code. And I get so many messages from investors asking when they should hire tax help… the answer is: yesterday! Tax planning is a year-round responsibility that is critical in your success as a real estate investor.
Not running the numbers, or understanding what they mean. Returns are everything when it comes to real estate investing. A lot of things in life are not black and white, but this is! A good deal is a good deal, a bad deal is a bad deal–there is no in between. I go into detail on your Internal Rate of Return or IRR in a video here on this channel coming out soon, it is essential that you understand this process so you know how to grab the best investment for you and your family.
Trying to do it alone. Unless you’re very experienced and highly talented, you’re going to need a team. It’s not as simple as just buying a house and putting it up for rent. Real estate investing has a lot of moving parts, and it’s silly to think you can do it all. You need support on your journey if this is going to be sustainable.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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