If you’re new at real estate investing, check out these three mistakes you just can’t afford to make.
New REIs: 3 Mistakes You Don’t Want to Make
- Thinking it’s easy
- Waiting for traditional financing
- Chasing too many bargains
Let’s take a closer look at each.
#1. Thinking it’s easy
House flipping isn’t an easy job. It requires just as much knowledge and hard work as investing in other areas – like the stock market. And while it looks easy on TV, there’s a lot that ends up on the cut floor. You can’t really just scoop up a property, make a few adjustments and sell it for a huge profit – and if you could, why wouldn’t the original owners do that instead of selling it to you?
Real estate investing requires you to do your homework and avoid bad advice – and it’s not always easy, but it is rewarding.
#2. Waiting for traditional financing
When you find a deal on a house that you can really work with, you don’t have time to wait for a bank to comb through your records and eventually approve you for a loan. That’s because you’re not the only investor in the market – and there are some investors who have instant access to the funds to buy a house right now.
That may mean you need a hard money loan to secure fast funding for the property.
#3. Chasing too many bargains
It’s always good to look for a deal – but only look for deals that really make sense for you. If you’re only looking for “big” deals, you’re missing a lot of good opportunities, and those opportunities are going to go to other investors.
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