$USNL HERE ARE SOME COMMON MISTAKES THAT BEGINNING NEW

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Feb 19, 2012 at 5:40 PM

[b] [t]$USNL[/t] HERE ARE SOME COMMON MISTAKES THAT BEGINNING NEW INVESTORS MAKE:
1) Failing to define a purpose.[/b]
One should carefully consider what they are looking for out of any investment. One reason is because there are a number of ways to invest in real estate and choosing how you invest is made easier by knowing what you hope to get out of investing. Real estate investing can be used to create future retirement funds. It can be used to create a stream of cash flows. It can be used to create larger immediate payouts. It can be used to create interest income. It can be passive or very active. Knowing what you want out of investing will improve your chances of success because you are more likely to purchase properties that can meet your investment needs and avoid investment factors that mean little in meeting your goals. A piece of real estate can be a great investment when purchased with retirement in mind, but a lousy investment if immediate cash flow is required.
[b]2) Failing to go beyond the numbers.[/b]
There is much more to investing than the numbers. Location of the property is probably one of the most obvious, but is not as clear cut as just picking a state, city or neighborhood. Two homes can be side by side and one can still be better located due to proximity of corner, neighboring commercial space, environmental concerns of a neighboring property, etc. Other factors to consider – zoning, soil conditions, age of the improvements, demographics of the area, police reports, building violations, wetlands, flood zone, etc. This is but a few of the nonnumeric issues that should be considered when doing your due diligence on a property.
[b]3) Jumping into markets without understanding them.[/b]
There is a lot of appeal to jump into markets that offer large cash flows on small investments. If you know and understand what is going on in the market these can be great places to invest. The problem is when you don’t know what is driving real estate values in a market. Market prices can seem like tremendous values as an outsider looking in but in reality be overpriced for the area. It is very important to understand the real estate market where you plan to invest. Is the population growing? Are new jobs being created? Is the area over or under built? What is the political environment? What are the schools like? These are but a few questions to consider. There are many more.
[b]4) Failing to get started or not pulling the trigger.[/b]
There is a lot to know before making an investment. It is not uncommon for beginning investors to fear getting started. Investors may be afraid they don’t know enough yet. They may fear they are overpaying. They may fear that the real estate prices will take another down turn. They may fear that won’t find good tenants. There are a host of things to be afraid of. At some point an investor must take the leap of faith. You do your best to learn your market and understand what makes a property a sound investment. Often it is best to start with smaller investments to minimize the initial risk.
[b]5) Failing to make good connections.[/b]
There is a lot to know in the real estate world and it helps considerably to find good connections that can help facilitate in acquiring good investments. Good connections can assist in finding financing. Some can assist in identifying good investments. Others might assist in obtaining clean title. You can make all these mistakes and still succeed in real estate investing, but it can be quite costly. Considering these points can help you truly create the wealth that some might only promise.

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