Below find 6 common mistakes that YOU should not make!
1. Thinking a desire to be successful is sufficient: Desire and motivation are essential, but hard work and an understanding of business are also essential.
2. Failing to set specific goals: Setting goals is critical. Without goals, you may be unclear as to what you are working towards. First set goals to be obtained in the long run, then sub-goals or interim goals. Be sure that they’re all things you can accomplish, and stay focused on achieving them.
3. Forgetting to establish a business plan: Every successful business started with a plan. Business plans can be very elaborate or just a few sentences about how the business will accomplish goals. For real estate investors like you, it may be sufficient to simply write down a set of steps that will be incorporated into your strategy for achieving goals.
4. Failing to understand your own abilities and willingness within your plan: If you set goals that are nearly impossible to achieve, you’ll begin with failure and possibly never recover.
5. Short-circuit the calculation basics learning process: There are many essential mathematical formulas that allow you to evaluate properties and choose the right properties for your plan.
6. Falling in love with a property instead NOT the numbers: Buyers who want to be in a specific neighborhood, or enroll their kids in a specific school fall in love with a home. Investors fall in love with profitable numbers that prove the value of the investment.
By avoiding these these mistakes and working hard, you’ll be far more successful in ending up where you want to be with your real estate investment. If you are having problems with one or all of these, then join me at one of the training sessions I provide for new real estate investors through the Scott Yancey Live Events teams.
