TOP 5 REAL ESTATE INVESTOR MISTAKES TO AVOID

I have been investors the majority of my real estate career. My entire radio show focuses on how to invest in real estate. I have been doing my radio show for the last three years. I am honored to meet new investors each week when they come into counsel. This is not my first rodeo. I am an expert in my field. So, here are the top 5 mistakes that I see investors make regarding real estate investing:

  1. LONE RANGER MENTALITY-Investors think they know everything and can do everything themselves. Real estate is a team sport as expressed in Rich Dad, Poor Dad book series. The Lone Rangers of the world will get to the top. However, it will take them longer because they do not have a network to assist them.
  2. NO PLAN-Many investors do not create a plan before investing in real estate. That is a huge mistake. "Make the Call, Set the PLAN, and Do the Deal$" is my tag line on my radio show. First, we create the plan. Then, we do the deals. There is a natural order to follow.
  3. LACK OF PROTECTION-Many investors do not cover the proper insurance both personally and professionally. Furthermore, most investors do not have their properties in LLCs for a layer of protection in case of lawsuits down the road. Many investors continue to increase their investors. However, they do not protect their assets.
  4. OVERPAY-Investors will work with a real estate agent without asking their own experience. There is a lot of due dligence when it comes to researching investment properties. One must be skilled to judge the market and current market value. I have witnessed many investors pay too much for the property. Here is my motto"DO NOT PAY RETAIL."
  5. ANXIOUS-Real estate is a game of patience. It reminds me of playing chess. Most investors jump the gun too quickly. This costs them big time down the road.

Please review my list above and share some of your experiences when working with real estate investors.

Keep adding to this list .......................

Make the Call, Set the Plan, Do the Deal$!

Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities.  The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona.  You can listent to past shows, or stream on-line.

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5 comments • Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, Networker, ePRO, CDPE • October 31 2009 04:48PM

PHOENIX REAL ESTATE MENTOR

REAL ESTATE MENTOR PHOENIX, ARIZONA  PHOENIX REAL ESTATE MENTOR

I have been in the real estate industry for the past seven years. I spent the first fourteen years in corporate America. I was thrown into the real estate industry. However, I knew I had to obtain a mentor in order to survive in real estate. I needed someone to teach me the ropes. Real estate is very competitive. Many agents do not like to teach other new agents based on creating more competition in the field. Why? That was my question. There is enough business for everyone in this field. Senior agents brag about their knowledge. However, they are not willing to share it. Has anyone else experienced this practice?

Here were my Top 10 Reasons for obtaining a Mentor in Real Estate:

  1. Professional-Learn from a pro who has been in the business for ten years or more to obtain the same knowledge.
  2. Accountability-My mentor keep me honest with myself at each level. Quit the Long Ranger mentality.
  3. Focus-Mentor teaches you how to balance work and life as you start the real estate career.
  4. Questions-Mentors are there for you to ask as many questions as possible to increase experience.
  5. Mistakes-A good mentor will help you avoid rookie mistakes or walk you through a rookie mistake that happened in order not to do it, again.
  6. Goals-Mentor will help you set realistic goals to achieve.
  7. Best Interest- Mentor has your best interest in mind. Mentor wants to see you succeed.
  8. Investments-Mentor will walk you through a good real estate investment. This will save you money to avoid investing in the next big thing
  9. Network-A good mentor has an established Network in place for one to use in real estate. You do not have to create the wheel.
  10. Compass-Mentor will keep you going in the right direction at all times. A mentor will help you stay on course even when you want to quit.

I hop these reasons that I mention above motivate you to obtain your mentor this year. I would advise not to wait any longer. The real estate market will only become more competitive. The main reasons for me to obtain a mentor were #1,2, and 8.

Go to fullsize image TIME IS PASSING! MOVE QUICKLY!

Make the Call, Set the Plan, Do the Deal$!

Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities.  The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona.  You can listent to past shows, or stream on-line.

news talk radio

Phoenix Real Estate Resource Center

 

Follow Me On:  facebook profile  twitter profile   linked in profile  rss fee for blog                                      search for phoenix real estate

5 comments • Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, Networker, ePRO, CDPE • September 19 2009 09:09AM