I know that property investment is getting hot recently, believe there is many of the people cannot to wait to get themselves involved in property investment field. But sometimes, this kind of urge may let some newbies fall into other people trap. Do not think you are smart enough to get started immediately, because your ego will often makes you to lose a lot of money and even serious will harm your entire life.
So, whoever want to begin their property investment life, these are the traps that the newbies should be avoided;
1. Jumping in Too Fast
⌦ take your time. Learn about your market
⌦ learn what constitutes a good deal2. Taking on Too Big of a Project
⌦ don’t buy a 30-unit apartment building as your first investment property
⌦ pick up a single family home or two, which require minimal amounts of repairs3. You Might Hate Real Estate
⌦ start slow to make sure real estate is the thing for you
4. Over Extending Your Resources
⌦ don’t spend all of your money, keep some for reserves
⌦ manage your time well and learn the business5. Trying to Do Too Many Things
⌦ start slow and focus your efforts
⌦ you should branch out later on after you gain some experience6. Trying to Make the Numbers Fit
⌦ the numbers generally do not lie
⌦ don’t think that repairs and expenses will be cheaper7. Someone Trying to Sell You a Dream
⌦ the so called “gurus”, some you should listen to but some you should be wary of.
8. Someone Trying to Sell You a “Home Run”
⌦ you should be very wary of anyone promising a home run deal
⌦ do your homework and run your numbers before you buy anything9. Someone Who Says You Have to “Buy Now!”
⌦ find your mind really clears and you make much better decisions after 24 hours
10. Someone Who Says You Have to Pay a Lot for an Education
⌦ spend a little on educational materials will do
11. Most Real Estate Agents
⌦ find one who understands real estate investors and will truly help educate you and help you find what you are looking for
Via biggerpockets.com
Do not think that you are reading some books today mean you can participate in property investment next day. Being a successful at property investment is a process of learning and doing. How long the process would take is really matter, at least you have do the preparation to avoid these problems come to you. Here is my advice, before you getting started in this field, take your time on learning and get advises from the professionals.
–WMAPROPERTY
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