Investing in Real Estate is no joke. It is a serious business that is filled with some of the most experience people. When investing, be sure to take it seriously, otherwise you risk damaging opportunities before you even get started.
Mistake #5 – Take it seriously. This cannot be a hobby. Be sure to start by putting business cards everywhere and anywhere – bulletin boards in coffee shops, garages, anywhere you can pin them for free. Websites, blogs and articles are one of the most effective ways of getting your name out there an building a brand. Connect with others via social media like Facebook, LinkedIn and Twitter. Be sure to set up an LLC and get a Federal Tax ID number. I tell many of my prospective clients to look into also opening a business checking account.
Mistake #4 – Not being well educated. Education is key. Investing can’t end with your first purchase. Get ahead of new trends and strategies that are being used in the business. Read blogs, websites, and books on real estate investing.
Mistake #3 – Statistics show that 92% of all sales start online. Create a website and use the internet to search for new leads and opportunities. It’s free- why not use it? Many forget that technology is leading the world of Real Estate investing. It’s a great resource to use.
Mistake #2– Real Estate Agents aren’t the enemy to you, even if you think they are. One mistake many people make is that they don’t use an agent because they think their only involved for the commission. They are good at uncovering opportunities in their daily business since it is, well, their business. Although there is a commission fee involved, many times it’s worth it to pay. Find the right agent who understands what you’re trying to do and can help with questions you might have.
Mistake #1– Not being well-versed with the media. Media of all kinds, whether it be social media or TV, print, etc. is one of the most credible sources for many looking to invest in Real Estate. Try reaching out to a local establishment and see what they can do to help you.
Are you a real estate investor? What tips do you have for the readers? Leave a comment!
Your Local San Diego Real Estate Expert,