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The Biggest Real Estate Investing Mistakes for Beginning Real Estate Investors

One of the first mistakes investors make is not getting the deal at the right price. They overpay and they don’t do enough due diligence or homework on the property. You want to give yourself the most flexibility to get into the deal, so that once you have it, you’re not stuck with it. A lot of people will jump the gun, they’ll do their research before they actually get the property under contract, and then they won’t really do as much after, and by that time, it’s too late. Once you’ve already purchased the property, you’re stuck with what you paid for it. So we just make sure that we get in at the right price, and if it doesn’t work for us in the beginning, we don’t take it.

As the real estate market begins to re-stabilize, we don’t have to worry about letting okay deals go. There are a lot of great deals. So we only have to take the ones that really work and just let the other ones go. So number one is just getting into the deal right, and two, know your exit. Know why you’re getting in and then work it correctly for whatever you're planning on doing. If you get in at the right price, you will have several options for exits.

Another problem that investors face is using the wrong strategy in the wrong market. Some of that does come into play if you’re using outdated strategies that don't apply to the current market, you’re not going to get the results that you need. For example, if you’re only focusing on one single strategy, that strategy won’t work unless the market that you’re in supports it. One of the strategies we discussed was wholesaling which typically requires more equity to get in at a lot more of a discount so you can sell it to another investor. If you’re searching for properties where homes are less than five years old, there’s not going to be much equity in the most of them. So the fundamentals need to be there, and if the area you’re working in doesn’t meet those, your results are not going to be good.

Number three is just trying to do everything yourself. And I’m guilty, too. There’s things that I’ve spent too much time trying to do on my own, and then afterwards realize it was a big waste of my precious time. It’s a mentality most of us have to work through. A lot of people make the mistake of trying to do it alone, and unfortunately, if you’re doing it alone no matter what industry it is, it’s always statistically proven that you’re going to fail. So we’ve got to work smarter, not harder. And the only way to do that is to use the resources of the professionals and experts around you.

One of the things that we do is build a power team of experts around us: real estate agents, mortgage brokers, attorneys, mentors, trainers, etc. Why figure it out on our own when we don’t have to? Every professional is compensated in different ways, but their fees are pretty minimal for what we make as investors, so use people around you, use the resources around you, don’t try and do it on your own. If you don’t, you’re just going to burn yourself out.

Another major factor is motivation. What is your motivation behind doing this? What’s your ultimate goal? What’s your objective or your dreams? What’s driving you? We don’t become involved in real estate just because we like to buy or sell houses. It’s just a vehicle. So whatever it is, whether it’s to free up your time, further aspirations, travel, give to charities, etc, you need to have some type of bigger drive other than money that’s going to motivate you. And that applies for anything. It doesn’t just apply to real estate. Any business, you’ve got to have that kind of focus. Because once you come up on roadblocks, you want to make sure that your motivation is bigger so it doesn’t discourage you and you keep going. If you do that and take action (of course with the right investing systems), it brings everything together and it makes it all work.

For our in-depth real estate investing system with all the specific
strategies, tools, forms, etc. go to:

We thoroughly look forward to helping you achieve your financial goals and aspirations!

To your success,
Matthew Sorensen
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