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Avoid new investors’ mistakes

Treating real estate investing as an unusual hobby

Real estate investing is serious business. Fortunes can be made in real estate investing, so treat it seriously. Get a business card and distribute it. Successful investors pass business cards out like Halloween candy.

In addition, don’t neglect to establish yourself as a serious investor. open a business checking account. You can survive with a personal checking account, but doing so screams “amateur”. Be professional and take the steps necessary to prove that you’re serious about your success.

Thinking the Internet is a passing fad

For too many investors, being steeped in the “old” way of doing things is costing you money, profits, and deals. 92% of all sellers begin the sales process online. If you don’t have a website, you’re severely restricting your options – and your cash flow. If you have an artery with a 92% blockage you’re a prime candidate for a stroke. Don’t do this to your business.

Being secretive about what you do for a living

Let everyone know that you’re a real estate investor. Everyone. From your accountant to your veterinarian, it’s critical that you let as many people as you can know that you’re actively seeking property.

Most people either know someone or know of someone that you might be able to help out of an embarrassing and time-sensitive situation. Your stock in your community will go up if you can help a friend or even a family member of someone in your sphere of influence. That can pay off dividends now and in the future, so don’t be tight-lipped. Get the word out!

Thinking real estate agents and brokers are for "uneducated investors"

A good real estate broker can be one of your best friends. The key is finding one who understands your investing strategy and what it is you’re trying to accomplish. Sure, real estate brokers charge commissions, but if the value of what you receive is greater than the cost, you’ll be money ahead – and it will be reflected in the value of your portfolio.

Better home means Better lifestyle www.betterhome.com.eg

Investing Blind

Some people are making a big mistake-blindly buying real estate based on bogus advice or complete lack of education. Real estate is one of the few investments in which risk is directly proportional to knowledge.

Ignoring your business credit file

If you have a pulse, you know you have a credit file, but did you know you can build business credit and expand your opportunities? Separating your personal credit file from your business credit file can help you to more quickly take advantage of opportunities, especially if your personal credit is less than stellar.

Another benefit to working to build business credit is that all business creditors don’t require a personal guarantee by you, which means that you won’t be personally liable for all of the debts of your business.

correct mistakes of others

While it’s possible to have some success as a real estate investor even if you make some of these mistakes, why would you want to? It doesn’t take much to set yourself apart from the crowd and increase your visibility and your credibility. The fewer mistakes you make the better off you are. Go ahead, correct these mistakes that many investors make and free the entrepreneur that’s struggling to rise to the surface. It’s worth the effort. Go ahead, give it a try!

No Cash Reserves

you need cash reserves to stay in real estate for long term,. Buying real estate nothing down is easy; handling negative cash flow, repairs, and other expenses in the meantime is the trick. Lack of cash reserves puts unnecessary pressure on you to do substandard repairs, accept less than qualified tenants, and give into tenants' demands for fear of vacancy. When you have a sufficient cash reserve, you act rationally.

People are lured to real estate because of the quick buck it promises. Don't hold your breath--you won't get rich quick. An "overnight sensation" usually takes about five years. More than 90% of the people who take a real estate seminar quit after three months. Why the high fallout rate? Lack of action and unrealistic expectations. Investing should be treated with the seriousness of a career. It takes months, even years for a business to cultivate customers and have a life of its own. You need to treat real estate like any other business.

Better home means Better lifestyle www.betterhome.com.eg

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