Common Mistakes in Real Estate Investing - Part One

People tend to make similar common mistakes when beginning their journey to live life  on their terms by investing in real estate. To help novice investors, here are three  mistakes to avoid if you want to become a successful real estate investor. 


 

Common Mistakes Real Estate Investing #1: Not Scheduling  Efficiently 

This is one of the most common mistakes. Are you sure that the project will be done by  then? What’s your backup plan if it’s not? It’s important to schedule your time as well  as your money effectively. For example, if you planned on flipping a house and quickly  putting it back on the market, are you sure it will be sold in the given time frame that you  had originally thought? 


 

Because if it doesn’t, you will have to cover the monthly fees associated with that  property. So, the saying, “time is money” is especially true when it comes to real estate.  This common mistake of not scheduling time properly has a habit of costing investors  thousands. Learn from their mistakes, you always want accurate timelines for moving  rooms that are suitable for you and the market! 


 

Common Mistake #2: Not Doing The Proper Market Research  Beforehand 

You can’t become a brain surgeon without years of education, but with real estate, there  are so many real estate investors who dive into this industry without knowing the basics  of the obstacles that can come up. Because the investor will be dealing with their own  money, it's especially important for them to take responsibility of their own finances to  make sure they do well. 


 

This is a common mistake in real estate investing. Investors need to research into  expenses, timelines, market trends, as learning should be a full time gig itself. You can  never learn too much about real estate! Investors need to make sure they give  themselves enough time to build confidence in the knowledge they gain, so that they  don’t freeze in difficult situations that arise in real estate investing.


 

Common Mistakes Real Estate Investing #3: Not Pre-screening  Tenants Effectively 

New investors especially don’t realize how important it is to screen prospective new  tenants. This is the person that you will be relying on for consistent monthly payments,  in addition to also trusting them with your property. You wouldn’t trust a stranger in your  home so why would you trust a stranger in your investment property? 


 

It’s important to check their credit history, their referrals from past landlords, as well as  at least one meeting with them. We recommend meeting a prospect in person, as this  will weed out prospective tenants that do not care enough to show up and will give you  a better sense of who that person is, and how they will treat your property. 


 

We recommend also a detailed pre-screening phase so that you don’t have to waste a  lot of time on showing the property to every tenant. This way you can find the ones that  are the most interested and dedicated. Which is a great quality to have in a tenant! 


 

There are a few more mistakes to cover, so stay tuned for next week where we dive into  some more mistakes that can crop up a lot when investing in real estate! 


 

I have been a Real Estate agent for over 3 decades and have helped my clients  purchase homes as their primary residence, as a Buy/Fix and Flip investment as  well as a Buy/Fix/Hold and Rent investment. I’ve also helped my clients buy  builders New Construction and Inventory homes and condo’s and just about any  other real estate investment out there.  


 

Give me a call and I will leverage my years of experience to help you buy the  perfect real estate investment property that suits you and your lifestyle. 


 

My number is 905-683-7800. Please ask for me, Brian Kondo.








 

Thanks For Reading Today’s BLOG!

Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com

Homesellers - Find Out What Homes in Your Neighbourhood are Selling For! You can receive a FREE computerized printout of ALL recent Home Sales and Current Listings in your neighbourhood. Click here!

Best Buy Hotlist - You can receive a FREE list of the 10 Best Buys in your
specific price range sent to you at No COST or OBLIGATION.
Click here!

Your Home Sold Guaranteed or I'll Buy It!* No Gimmicks! For a Free Special Report that Details my Guaranteed Sale Program, visit: www.BriansGuaranteedSaleProgram.com.

Remember, your referrals change lives! We donate a portion of our income on every home sale to a great worthy cause like SickKids Hospital. To find out more visit: www.ReferForSickKids.com.

If you or anyone you know is considering making a move in the next little while, give me a call or pass on my number ... 905-683-7800 (Office) or 905-426-7484 (Direct).


#CommonMistakesInRealEstate #RealEstateMistakes #RealEstateInvestmentMistakes #RealEstateInvesting