COMMON INVESTING MISTAKES
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
There are a lot of mistakes that you can make when investing in real estate, and even the savviest of investors make them from time to time. The critical keys are to recognize, avoid, and learn and move on from these potential pitfalls that can get you into a major bind!
The number one mistake is a trap that many rookie investors fall into and that's in thinking that they have to buy a piece of property at its listed price. You should always attempt to negotiate or shoot for distressed properties that are at 70% or less of market value.
Mistake number two is in making an emotional purchase! Of course if you're buying a piece of property to be your home then it should be an emotional purchase, but if it's an investment property you should do your best to push emotions to the wayside! Too many people fall in love with a property and think that they have to buy it. It's risky when emotions are driving your decisions when instead you should be making informed business decisions!
Number three is only having one exit strategy! In all real estate deals, you should have multiple exit strategies that will provide you with options when faced with worst case scenarios or deal breakers. And the last common mistake that's made in real estate investing is in trying to do it on your own! I know we all would like to think that we don't need anyone else's help, but when you're investing and purchasing property it makes sense to work with an expert! You should always look to knowledgeable real estate professionals to lend a guiding hand through the process. After all, you're probably spending 100, 200 or even 300 plus. Going it alone could make mistakes more likely and they could possibly be devastating to your investing ventures!
As real estate professionals, we can open your eyes to many potential mistakes and red flags that you otherwise wouldn't have noticed! We look closely at the value of a home and take into consideration its location and compare it to other homes within that price range and area. We also look into both the short and longterm upsides of a deal in order to help you get the best value for your dollar and put you on your way to happy and profitable investing!
Cheryl Marlow
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