Making progress in your real estate investing career is not always easy. And it can be very easy to be lured into a few traps that catch many new investors. But avoiding these three mistakes will keep you on solid ground as you learn the business and begin to enjoy your first few successes.
1. Buying is not the answer to every question. But this is not related to properties. Many new real estate investors spend thousands and thousands of dollars on courses, books, boot camps, and every other training shtick thinking that they have found a great shortcut or foolproof plan to become successful in their new career. Not only are you wasting your money but you are wasting valuable time. And no class is going to take the place of the real world experiences you are going to get by just going out and learning with on the job training.
2. As you begin to create your real estate investment business, you need to be proud of the first few tiny steps that you are taking. But you also need to understand that until you are really out there buying and selling, you are not going to make any money. Building a website and picking out business cards are not huge accomplishments. You need to take the plunge and go out and talk to buyers and sellers. You need to look at properties and make offers and you need to make that first frightening purchase.
3. Quitting your day job too early is also a fatal mistake in many cases. Nothing adds more stress to make your first few deals than knowing that you can’t pay your personal bills. There is no reason to add that stress on your shoulders. Keep the regular income rolling in but devote all of your free time to grow your real estate investing business. Then, when you have income rolling in on a regular basis, you can cut that final safety net away and become a full-time real estate investor.
Learning these important tips from investors who have forged the same trail that you are embarking on can save you not only a lot of time and frustration but also money. Create a plan for your business, and then take the steps that you need to gather the skills and knowledge to make it all work.