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In this video I go over the biggest real estate mistakes I see in the real estate investing world all the time.
Mistake #1. The first mistake is listening to people who are not a real estate investor give you advice on real estate investing. You will have people that have never made morey in real estate investing in their life tell you how to be a real estate investor and have no track record of successfully making money in real estate.
Mistake #2. The next mistake is you want to make sure you don’t jump on the first deal you see. One of the most common real estate mistakes is buying one of the first deals you come across. Grant Cardone talks about the rule of 100 where you should look at at least 100 real estate investment deals before buying one.
Mistake #3. Not having a system or formula for real estate investing. You need to actually use a deal analyzer or MAO formula so that you can build in enough profit to make it worth your time. Most real estate deals are not at the MAO formula but if you do enough marketing you will find deals that meet the 70% formula.
Mistake #4. Don’t start on a massive real estate investing project as your first deal. You should start small and work your way up unless you come from a construction or real estate background. Do not get in over your head with your first property investment..
Mistake #5. Don’t trust real estate wholesalers or real estate agents. You should try to network with as many of them as possible but you still need to verify your own numbers that meet your criteria as a real estate investor.
Mistake #6. If you want the best tip on how to flip a house, make sure you do not overdo the renovation. Make sure to look at comps first and model your renovation based on other properties that have sold, don’t go overboard.
Mistake #7. Not having a detailed scope of work. When you are investing in real estate you need to be very specific about your scope of work with your contractors. You need to list out sku numbers, photos, and walk through the property with your contractor to make sure they know what you are going for.
If you purchase anything through a link anywhere in this video or in the description or comments, you should assume that we have an affiliate relationship with the company providing the product or service that you purchase, and that we may be paid in some way. We recommend that you do your own independent research before purchasing anything. Jeff Leighton is a licensed real estate broker in DC, VA, MD with Partners Real Estate at 145 Church St NW Ste 301, Vienna VA 22180.
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Thank you for watching this video the biggest real estate investing mistakes I see.