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No More Oops: Investor Mistakes to Avoid.

Just like Whitney married Bobby (too soon?), you too will make mistakes along the way. Knowing the most common investor mistakes, however, is your best defense.

Unless you wore a helmet on the bus to school, the first rule is – know your market – should be obvious, right? Study your marketplace and what other investors, homeowners, buyers, and sellers are doing. Invest in your own backyard. Its probably what you know best, right?  Not every vacant house is a winner. Don’t waste your time on “stupid,” houses.  Too small, too main-drag, too ugly, too fringe does not work in this market.

Create an effective marketing campaign that brands you as a stand-out to drive leads and a marketing plan to secure long-term success. Remember, the typical response rate is 25 to 1, so don’t piss and moan when you get less than a handful of prospects.

I realize some of you may not have a lot of money to spend on marketing so here’s what: Spend what you can but spend it consistently. Pick a marketing niche’ and ride that ‘muv till the wheels fall off. If it’s working. Don’t change it. If you’re not getting the response you’d like – start testing new messages. Tweak. Don’t overhaul. And most of all, BE DIFFERENT!

Here’s a critical error most real estate committed by newbies: making business cards, establishing an LLC, and designing logos is NOT results. Its just action. There’s a big difference between action and results. Action doesn’t fatten your bank account, results do!

Finally, you may be all wide-eyed and keyed up for the potential deal like Justin when he saw Janet’s boob at Super Bowl, but keep the seller’s vision in mind, and look at the home from their perspective. Always remember however, that you set the home price, not the seller.

Make offers, people. No offers = no deals.

Mel Brooks once said, “As Long as the World is Spinning, We’re Gonna Be Dizzy & We’re Gonna Make Mistakes.” True dat Mel, but why not avoid these mistakes altogether.

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