Real Estate Faux Pas That Real Estate Gurus Stay Away From
Investing in real estate can be really profitable however there are certain things that you should beware of. In fact even real estate gurus steer clear of these things so you should follow suit. So what exactly are these issues that you have to stay away from? Read on to know about them.
Do not get into any venture without practice or education.
Nothing can equal practice and education in this business. If you do not know all the trivialities in this line, then you will never be successful as a real estate investor. There is a lot of competition in this field and the only way you can stay ahead is by knowing more than your competitor. And you can get added knowledge only if you have done proper research of the market and have had a little bit of experience in turning deals around.
Time is of extreme importance, so stay away if you do not have it.
If you think a successful business can be built in a span of weeks then you are completely mistaken. You need to take out time for marketing and networking. How would anyone know about your ventures if you do not even take out time to market it accordingly? In this business time waits for no one and you have to make the best of any opportunity that you get. This is what real estate gurus do as well.
Rentals can be a headache.
If you thought that a rental was an easy way to make some money then you have to change the way you think and wake up to reality. You always have to be on your toes to look after some or the other thing that has gone wrong. You have to make rounds for inspection, to get something fixed or checked or simply listen to your tenant's complaints. You should know that in many states the laws meant for tenants or landlords give more leverage to tenants. The peace of mind that you lose by giving out a property on rent is much more than the profits you will make.
Stay away from contractors who want to be paid on an hourly basis
This is the best way for a contractor to take investors for a ride, so be wary of contractors who want payments by the hour. In fact you should get them to sign a clause where it should be clearly mentioned that their payments will be discounted if they do not complete a specified job by a specific date.
Be wary of buying homes sold on the courthouse steps or at sheriff sales.
It is true that you can make some good deals on these but the costs needed for repairs will definitely eat away most of your profits. Therefore it is always a good idea to check such property thoroughly.
If you want to be a successful real estate investor then you should definitely keep in mind the above points, since these have already been tried and tested by real estate gurus.
Related Tags: real estate gurus
James Klobasa, once broke with no job and $20,000 in debt made a choice that changed his life forever. That choice was investing in Real Estate. With the founder of, The Little Building Co. you too, can learn at Real-Real Estate Investing
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