There is a ton of information out there on how to successfully invest in real estate, but there isn’t nearly as much about real estate investing mistakes that beginner investors often make and need to avoid. To help new investors navigate the real estate market and make it past their first investment and continue to an even more profitable one, I’ve laid out the top real estate investing mistakes that you need to avoid to be prosperous.
Choosing to renovate your property is a smart decision, but when cash flow is tight, it can be seemingly impossible. Here’s the good news: there are probably more options available to you than you think. When it comes to financing your home renovation project, consider boosting your cash flow through any one of these means:
After being in the real estate investing business for the past 2 years, I’ve had my share of challenges. Just like any other business, the road to success isn’t easy. There are bumps along the way, and sometimes you might feel like giving up. Over the past couple of months, I have been getting questions whether I still do wholesaling, or whether I am a landlord. So I have decided to give you this update. These are the lessons I have learned for the past 2 years as a real estate investor. I hope these lessons will inspire you in your real estate investing journey.
It makes sense, doesn’t it? The more homes you sell in real estate the more money you earn. While this is true in the most ideal of situations, it doesn’t always pan out that way, especially for those who are new to investing in real estate and haven’t gotten a firm hold of the ropes. More deals can make you bigger money, but you have to be smart about your investments if you hope to have a profitable long term career in real estate investing.
When flipping houses, investors have to move fast every step of the way. From researching a property, to renovating it, and then to place it back on the market for sale again. The maximum amount of time that smart real estate investors who flip properties spend is usually no more than 6 months – and that’s being generous. Most properties are found, fixed, and sold within 90 days thanks to savvy flippers knowing exactly how and where to find buyers.
Every day that a renovated and remodeled home spends sitting on the market vacant and without a buyer is money that is being drained from your potential earnings. The mortgage payments, the utilities, and the upkeep will be entirely your responsibility. This is why flippers often start to hunt around for buyers well before their properties have been renovated. In fact, it often begins before the “flipping” has even begun.
Real estate investing, just like any other business, has its challenges. You don’t need a college degree nor a high IQ to become successful. You have probably heard of overnight success stories in some industries, but does success in real estate investing really happen overnight? How long does it take for someone to be successful? In today’s video, I’m going to share with you my personal experience in running my business. I’ll also pass along some very important tips on what it takes to become a successful real estate investor.
Over a year ago, I posted a picture on Facebook. I honestly had no idea the picture would get a lot of attention online. I still get a lot of emails with questions up to this day. It was a picture of me and Rachel with the $40,000 check. As a real estate investing entrepreneur, I want to share my journey with you. You probably are thinking of starting your own real estate investing business and don’t know where to start. Or maybe you already have been in business for a while. In this video, I will share my story on how I got started, the obstacles I had to face along the way, and what I did to keep myself motivated, because trust me, life happens and sometimes you just feel like giving up. I hope my story will inspire you.
Many investors look at the real estate market and flipping houses as the modern day stock market, though despite how some may make it appear, knowing how to flip houses and make a profit is significantly more difficult than most have been led to believe. Besides having great connections, a fair amount of accessible capital and nerves of steel, knowing how to flip houses and make a profit will require: