I have a fabulous guest post today from Monte Mohr, a Realtor from Tennessee. As most of you know, I owned and operated a successful home inspection company for many years. During that time I worked with real estate agents on a daily basis; they were an important part of my business. I have l have always said that real estate investors should have one of these hard working professionals on your team, and Monte proves that he is a pro at working with real estate investors. I'm sure you will like this post as much as I did.
As people we are hardwired to learn from our mistakes. But most of us will go to just about any length to avoid making mistakes. Real estate investment mistakes are not fun, but the process of falling down and getting back up is what will lead you to long lasting success. Avoiding the five pitfalls below will help ensure you have healthy investments:
1. Using Multiple Strategies
Investors like to attend seminars to gain knowledge in hopes of increasing their profit. And in this day and age it’s not hard to find an expert trying to sell you their real estate investment program. The danger here is that many times these gurus don’t focus on one single technique. They will have you try every approach and you will quickly find you’ve spread yourself too thin! It’s important to remember that not all strategies will work for your business. Find a niche, practice it until you have mastered it, and then repeat it. Become an expert in one strategy and stay focused on that business model.