Shawn Goodwin Ottawa -5 Mistakes Made by Real Estate Investors
As a real estate investor and advisor, Shawn Goodwin Ottawa often see novice investors make the same exact mistakes. As a result, I decided to create the following list to help novices understand what these common mistakes are and how to avoid them. The good news is that all of these mistakes can be easily corrected. The bad news is that any one of these mistakes will seriously limit your potential for success. In my experience, these are the 5 most common mistakes I see novice real estate investors make:
1) Not getting an education
Getting an education is a critical part of becoming a successful real estate investor. It's much easier and less costly to educate yourself than to make mistakes in the real world. We are lucky to live in a country full of educational opportunities for whichever endeavor we want to pursue.
2) Not getting an education from the right people
The internet is a great tool. But it's also saturated with too much information - good and bad. Oftentimes, from less than credible sources. So don't confuse the information you find on the internet as necessarily being quality information.
3) Not taking action
If you've managed to get a good education from a good source, the next step is to take some action. Knowledge is only power once you begin to apply it properly. Merely buying a wide array of real estate investing products or attending bootcamps isn't going to make you any money.
4) Not having realistic expectations
Most novice real estate investors have unrealistic expectations. It may be about the amount of repairs a property needs, the time it takes to complete a project, or the profit they should get from a deal. They're expectations are either too high or too low. If they're wholesaling properties, they may get too greedy and try to charge the rehabber too much. If they're rehabbing properties, they may underestimate the repairs required.
5) Not treating real estate investing as a business
Contrary to popular belief, real estate investing is not like the stock market. It is not a passive investment. It is an active investment. Whether a novice investor's intentions are to flip or to own rentals, they sometimes think owning real estate is going to be a lot easier than it is. While the profit potential in real estate is usually much greater than owning a stock, it inherently requires more effort than most passive types of investments.
Shawn Goodwin Ottawa unique front-line real estate investing experience in hot and soft markets brings a fresh new perspective to real estate investing education. As a result, Shawn Goodwin Ottawa is one of the country's fastest growing real estate investing education companies. It provides educational products and services to beginner and experienced real estate investors in the United States and Canada.
