Things That Real Estate Investors Should Avoid

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If you are about to venture into investing in real estate then these are the mistakes that you should avoid:

1. Lack of research – Before most individuals buy a car or a television set they compare different models, ask a lot of questions and try to determine whether what they are about to purchase is indeed worth the money. The due diligence that goes into purchasing a home should be even more rigorous.

There are also research considerations for each type of real estate investor – whether a personal homeowner, a future landlord, a flipper or a land developer. Source: Investopedia

2. Planning as you go – Andy Heller, an Atlanta-based investor and co-author of “Buy Even Lower: The Regular People’s Guide to Real Estate Riches,” says lack of a plan is the biggest mistake he sees new investors make. They buy a house because they think they got a good deal and then try to figure out what to do with it. That’s working backward, Heller says. “First, you find the plan,” he says. “Then you find the house to fit the plan. Pick your investment model, and then go find property to match that. Don’t find the strategy after you find the home.”

The problem is that most people look at real estate as a transaction instead of as an investment strategy, says Doug Crowe, a Chicago-based real estate investor and speaker. “People fall in love with a property,” says Crowe, who is managing director of Springboard Academy, the nation’s only real estate academy for investors. “I say, ‘Who cares about the property?’ I fall in love with a motivated seller.”

The number is the number, and you don’t go above that, he says. The best way to solve the problem is to have lots of activity and make offers on multiple properties. Then you don’t care which one you get — as long as the numbers work out in your favor. Source: Bank Rate

3. Wrong financing – Investing with the wrong financing can easily turn an investment into a nightmare. Beware of balloon payments or illegal financing. Consult a mortgage professional who has experience with investment financing and can counsel you on the different programs available. Source: REIClub

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