- Mistake: Analysis paralysis
Solution: learn well but act on your knowledge. Nothing will ever teach you like real life experience of actually doing it. Make mistakes, make them quick and especially quickly learn from your mistakes. That’s part of the process of become great. Free Online Property Course - Mistake: Not vetting tenants properly
Solution: Patience is a virtue. Doing research to set correct rent is a must. Attract the correct tenant is paramount. This will save you huge amount of time and money instead of needing to evict a bad tenant later. - Mistake: Holding out for top rents
Solution: Even if you’ve overpaid a property, cash flow is still king. Voids will costs you more that a small rent deficit. Do your maths! - Mistake: Looking at too many deals and opportunities and not focusing on what’s right one for you.
Solution: Investing is a strategy to achieve a personal goal. It’s not about chasing up deals or opportunities. Deals are vehicles which allow you to achieve your goals. - Mistake: Not trusting your gut feelings
Solution: if it doesn’t feel right just walk away – it’s better than kicking yourself later. - Mistake: Feeling you’re missing out; everyone is doing better than you, has more money or property than you, etc.
Solution: If you focus and persist, your time will come. Napoleon Hill’s quote: “The world has the habit of making room for the man whose actions show that he knows where he is going.” - Mistake: Not understanding that before you invest in a deal you have to know your exist strategy.
Solution: Learn how to achieve positive cash flow with the right exist strategy
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December 31, 2008
Most common mistakes that novice property investors make
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