Rookie Real Estate Investors: Be on the Look Out for These 3 Mistakes
You’re all wet behind the ears “and all what not,” and new to the real estate investment game, and you’re probably wondering what are the typical rookie real estate investor mistakes? What you should really be asking is, “How can I avoid making those mistakes?” In your defense, you need to recognize (you betta recognize) the mistakes first before you can avoid them, and you need a crash course on goal setting. So here we go….
Mistake #1: How to Be A Real Estate Investor. The Honeymoon Phase.
When you first start out, you’re all full of piss and vinegar and newbie dreams, ready to rock the real estate investment world, but as with all things that start out hot and heavy, the fire quickly burns out and passion fades into the sunset like Mel Gibson’s career. Heck, most quit before they even figure out how to be a real estate investor.
So, how can you avoid the burnout? Lay off the wacky tobacky (for starters), but more appropriately, set short-term goals for yourself over the long-term. That may sound like an oxymoron, but here’s the skinny; know your long-term goals, but then break them down into 90-day chunks that you easily measure, analyze, and extract valuable lessons from. Shorter term goals are more achievable and foreseeable, so you’ll stay on track and charged up to continue striving for success.
Mistake #2: Analysis Paralysis. Obsessive Compulsive Analysis.
We’ve all got a lil’ “OCD”, which is no “BFD”, but if you spend more time analyzing a deal than checking out properties, you’ve got issues. If you have to smack it up, flip it, and rub it down, it ain’t a good deal dude, so move on with your life, and spend your time looking at potential properties. You’re in the stage we seasoned pro’s call; Analysis Paralysis. My good buddy, Steve Cook once told me, “You can’t steal houses in slow motion.”
Here’s the key; create “good deal” guidelines, and stick to them. If your deal doesn’t meet those guidelines, then it’s hasta la bye bye baby. Simple stupid, but take it from me, your real estate coach, goal setting will help you avoid the endless cycle of unproductive obsessive analysis.
Mistake #3: Going It Alone. Get a Real Estate Coach.
A good deal isn’t gonna fall in your lap like your girl at the strip joint. You create your own destiny, but not without some sound guidance. This market does not reward mistakes. Ok, it’s not rocket science. You gotta bust your ass, focus like a laser on your market, hone your deal spotting skills, and surround yourself with solid, knowledgeable people. Seriously, if you don’t have a real estate coach in this market; like Craig Fuhr – you’re setting yourself up for a short ride on the dead-end bus. Set your team up right and eventually, The Good Karma Gods will give you the wink and pinch on the ass that you deserve.