Real estate investing is not simple. First-time investors, in particular, have to be very cautious not to make too many mistakes. Experienced investors make mistakes too. Time is of the essence. To wait and analyze forever can result in losing great deals. Here are some of the most common mistakes:
- Bad Financing
- Misjudging Resale or Rent Value
- Underestimating Repair Costs
- Underestimating Renovation Time
- Underestimating Maintenance Costs
- Bad Tenants
- Running Out of Cash
- Letting Emotions Drive Your Decisions
- Choosing Bad Contractors
- Planning as You Go
- Not Using a Tax Professional