It’s important to know what not to do when it comes to real estate investment, as it is to know what to do. To help, we want to share 10 common mistakes that have caused property investors a great deal of grief.
Here is a list of 10 mistakes compiled by BankRate by polling industry experts. To learn more about the specifics of these, read: 10 lethal mistakes for real estate investors.
- Planning as you go.
- Thinking you’ll “get rich quick.”
- Playing Lone Ranger.
- Paying too much.
- Skipping homework.
- Ducking due diligence.
- Misjudging cash flow.
- Lowering the volume.
- Painting yourself into a corner.
- Miscalculating estimates.
Being a Lone Ranger Could Be The Biggest Mistake
Perhaps the biggest mistake is this list is being a lone ranger, because all the other mistakes could be avoided if the investor had built the right team to ensure success.
As the BankRate suggests, the team could include a real estate agent, appraiser, home inspector, closing attorney, lender, and a host of trades to rehab and maintain the property.
Not mentioned here is what many real estate investors consider the most important part of the team, the investment and asset management components of the team.
Real Estate Investment & Asset Management Firm
Companies like Graystone Investment Group provide services whereby real estate investors can avoid common mistakes, and enjoy high cash flow investments that are highly profitable.
The best of these firms are one-stop shops for real estate investors. They offer a complete service that includes finding deals, negotiating the lowest possible purchase price, discovering financing options and coordinating closing, while coordinating rehab and property management.
By working with an outstanding real estate investment & asset management firm, you will have the expert leadership you need to avoid lethal mistakes, and have a profitable portfolio that steadily grows over time.