Real Estate Errors


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With the real estate marker in its current condition, it is really easy to over analyze a property deal. Every real estate investor wants to make as much money as possible while limiting their risks. As a result, many real estate investors are making a few deadly real estate mistakes that are costing them deals in the hundreds of thousands. If you are trying to survive in the current real estate market, try to avoid these real estate blunders.

Inaccurate Facts

The biggest challenge real estate investors face is inaccurate facts. Every real estate investor should perform their own due diligence and hire their own appraisers and inspectors before they lay down a dime on a property. Without doing their own research, investors leave themselves open to unethical people that might change numbers on their own or pay someone to write down inaccurate facts or numbers to make themselves look better or worse. Although this sounds silly, there are unfortunately dishonest people in the world, and they make their money by being just that…dishonest. To avoid this HUGE hurdle:

Hire your own appraiser

Hire your own inspector

Due your own research/due diligence

This will pay off in the end.

Timing

The second large mistake real estate investors make is with timing. If you take too long to consider a deal, someone else may buy it. If you make an offer too soon, someone else may make a better one; thus, forcing your hand. Always do your research about an area, the people, the property, etc. before you make an offer. You may discover that you need to wait a little longer to get a better deal on a property, like after it has reached its 180 days on the market, or you may discover it has a lot of potential and is at a price you need to jump on quickly. The correct timing can make you or cost you thousands.

The Right Team

Having the right people on your real estate business team makes a huge difference. They can help guide you through some of the trickier areas, like analysis. They will also help you keep your facts straight…like those numbers you might consider fudging to make the deal look better than it actually is. The right talent and personality mix when it comes to contractors, subcontractors, and other real estate investment business team members can help your investment get bought, renovated, and sold quickly. A quick turnaround means less money lost down the drain.

As the market gets betters, real estate investors will get wiser. It will take a little time and experience to get there. For more topics and information concerning real estate investments or real estate franchise opportunities, visit us at Homevestors.com.

 

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