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Real Estate Investing Mistakes To Know and Avoid
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Real Estate Investing Mistakes to Know
and Avoid
by Tal Rappleyea | Aug 9, 2021 | Insurance, Real Estate, Real Estate Law, Tal Rappleyea
The modern economy has people looking for any way they can to make money. True
financial stability comes from having multiple streams of income, especially those that
have a possibility of making serious money. Real estate has tremendous profit potential
for those that do it right, but it’s crucial to avoid making certain mistakes along the way.
Investing in real estate requires a lot of time, but it requires even more money. It’s simply
not the kind of sector where a high volume of transactions are possible or could cover up
an occasional mistake. Just buying a residential home can take hundreds of thousands of
dollars, so failing to capitalize on every possible deal can turn into a disaster. That’s why
anyone jumping into this needs to not do so alone. Having a mentor is a must.
Everyone in real estate is probably sick and tired of hearing the old mantra about ‘location,
location, location’. Unfortunately, it matters more than ever. Buying a property in a
a
a
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location devoid of opportunity is just throwing money away. Just because something is
under many other market values doesn’t mean it’s an opportunity. It might be properly
valued because the market knows its location has no long-term potential.
Flipping homes is another potential mistake. There are a dozen shows on TV showing
people consistently buying, flipping, and profiting from homes, but that’s now lead to quite
a few people doing it. Given rising home prices at this time, flipping doesn’t actually lead to
the magnificent returns it once did. Home values are just going up as-is anyway. It’s better
to just buy and hold, enjoying cash flow for now.
The final and perhaps biggest mistake many real estate novices make is money
mismanagement, which is of course something that can prove fatal in any industry. People
often delude themselves about how much they can realistically commit to their property
endeavors, and they might also make bad assumptions about how much they are going to
make in return, especially if deals fall through.
Knowing the local market is essential, and having the right professionals for guidance is
crucial. Understanding the long-term implications of a particular location should also guide
any real estate investment decision, and those that do try this should think twice about
flipping homes in the current market conditions.
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