7 Mistakes Every Real Estate Investor Makes and How You Can
Real Estate Power Investor
What sets truly successful investors apart from those who are
only moderately successful or – worse – those who prematurely pack it in and
decide to give up on real estate investing altogether? Mistakes do it every
time. However, all investors are prone to mistakes. The key to moving forward is
recognizing those mistakes and working proactively to keep them to a minimum.
Here are some of the most common mistakes – and how you can avoid them from Real
Estate Power Investor:
• Treating real estate investing as an unusual hobby –
Real estate investing is serious business.
Fortunes can be made in real estate investing, so treat it
seriously. Get a business card and distribute it. Successful investors
pass business cards out like Halloween candy. In addition, don’t neglect
to establish yourself as a serious investor. Set up an LLC, get a
Federal Tax ID number and open a business checking account. You can
survive with a personal checking account, but doing so screams
“amateur”. Be professional and take the steps necessary to prove that
you’re serious about your success.
• Thinking that your need for education ended with your
first property purchase – Your need for an ongoing real estate investing
education is as real as the needs your physician or your children’s
teachers have for ongoing education. It keeps you up-to-date on
strategies and techniques that you otherwise might never hear about.
• Thinking the Internet is a passing fad – For too many
investors, being steeped in the “old” way of doing things is costing you
money, profits, and deals. 92% of all sellers begin the sales process
online. If you don’t have a website, you’re severely restricting your
options – and your cash flow. If you have an artery with a 92% blockage
you’re a prime candidate for a stroke. Don’t do this to your business.
Solve this problem by visiting
Real Estate Power Investor and stepping into the 21st
• Ignoring your business credit file – If you have a
pulse you know you have a credit file, but did you know you can build
business credit and expand your opportunities? Separating your personal
credit file from your business credit file can help you to more quickly
take advantage of opportunities, especially if your personal credit is
less than stellar. Another benefit to working to build business credit
is that all business creditors don’t require a personal guarantee by
you, which means that you won’t be personally liable for all of the
debts of your business. An added benefit is that you might be able to
get better terms for a real estate transaction with your business credit
than you could secure with your personal credit, and it won’t affect
your ability to buy a new car when you need one.
• Thinking real estate agents and brokers are for
“uneducated investors” – A good real estate broker can be one of your
best friends. The key is finding one who understands your investing
strategy and what it is you’re trying to accomplish. Sure, real estate
brokers charge commissions, but if the value of what you
receive is greater than the cost you’ll be money ahead – and it will be
reflected in the value of your portfolio.
• Being secretive about what you do for a living – Let
everyone know that you’re a real estate investor. Everyone. From your
accountant to your veterinarian, it’s critical that you let as many
people as you can know that you’re actively seeking property. The
current credit crunch has some unlikely people in a world of hurt
financially. Most people either know someone or know of someone that you
might be able to help out of an embarrassing and time-sensitive
situation. Your stock in your community will go up if you can help a
friend or even a family member of someone in your sphere of influence.
That can pay off dividends now and in the future, so don’t be
tight-lipped. Get the word out!
• Hiding from the press – You may not think that what
you have to say is noteworthy, but your local media may disagree.
Newspapers and TV stations are always on the lookout for interview
targets and sources for national news stories with a local spin. The
press won’t come beating down your door – at first, but once they’re
aware you exist and that you are an intelligent, articulate interview
subject, they might. Get the process started. Send a reporter an email
explaining a real estate-related concept or principle – keeping in mind
that it has to have a local spin. If you’re feeling particularly bold,
issue a press release.
While it’s possible to have some success as a real estate
investor even if you make some of these mistakes, why would you want to? It
doesn’t take much to set yourself apart from the crowd and increase your
visibility and your credibility. The fewer mistakes you make the better off you
are. Go ahead, correct these mistakes that many investors make and free the
entrepreneur that’s struggling to rise to the surface. It’s worth the effort. Go
ahead, give it a try!
Charrissa Cawley has a long standing reputation for excellence as a gifted
speaker, real estate trainer and wealth coach. Her strength lies in training
entrepreneurs in the areas of real estate, investing and financial literacy. Her
passion is bridging the gap between learning and doing. She has helped thousands
of entrepreneurs all over the world seeking financial growth by equipping them
with the tools, resources and specialized knowledge to succeed. Charrissa offers
accurate and proven strategies to investors of all different levels and is the
Real Estate Power Investor, one of the fastest growing real estate
investment training organizations in the US in addition to
rewexclub.com , the top rated Real Estate Investor Community on
the web today
While it’s possible to have some success as a
real estate investor even if you make some of these mistakes, why would you
want to? It doesn’t take much to set yourself apart from the crowd and increase
your visibility and your credibility. The fewer mistakes you make the better off
you are. Go ahead, correct these mistakes that many investors make and free the
entrepreneur that’s struggling to rise to the surface.
CLICK HERE to visit the real estate power investor site today.