Do not invest in real estate until you read this report on the three major pitfalls that real estate investors fall into.
Big Fat Mistake #1—Willy Nilly Syndrome—The worst thing you can do in real estate or any business is to enter into it haphazardly. Before you begin you need to set goals and plans to achieve those goals. For example if your goal is to wholesale 2 houses per month decide what steps you will take to make that happen (i.e. revving up your marketing, working with a realtor, etc.)
Big Fat Mistake #2—Inconsistent Marketing—Never stop marketing. We’ve all been tempted to pull back on the marketing dollars when leads are pouring in (or worse when they are not pouring in) but that’s the exact opposite thing to do. Commit to a marketing plan for at least 3-6 months in order to determine its effectiveness. Always be evaluating your marketing plan. It is your lifeline in this business.
Big Fat Mistake #3—Follow-Up, Follow-Up, Follow-Up—If practice makes perfect then following-up makes profits. Time and circumstance will determine a seller’s motivation every time. If Sally Homeowner isn’t ready to sell today, follow-up with her in another 30 days, and 30 days after that and 30 days after that until the house gets sold or swept up by a cyclone.
These are some common mistakes but the biggest mistake of all results when you fail to try. The real estate investing business can be very lucrative but can also at times be frustrating. Don't be so afraid to make a mistake that you don't try.
Shine on & prosper,
Cheryl Pinkard
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