Being in real estate is a wonderful experience but also a challenge. While it has had it’s good day’s, I believe the many bad days were necessary. I’ve come to learn that failure is an opinion! What we call failure is truly is an opportunity to learn. I sure that everyone has a friend or people they know that constantly talk about what they are going to but, never do it! Maybe you’re the person!! Well, this is usually because of the fear of failing(learning). Below I’m going to list a few of the mistakes that I have made in real estate! Enjoy –
- Find a mentor – We either learn from mentors or mistakes>> Choose mentors
- Stay away from negative people – I repeat, stay away from negative people. They will get you of focus trust me! These are usually people that have been in real estate, had a bad experience and gave up or people that have thought about getting into real estate, heard about someone else’s experience, then decided to dump it on you.
- Be careful when taking advice from someone that has never been in real estate. Its one thing to read a book and another to actually do the book.
- Never put real estate in your name – Always create an enity(s) to have ownership over your estate
- When renting out single or multifamily homes do a thorough background check – I neglected doing this on a couple of occasions and ended up paying out a substantial amount of money for something this simple.
- Always have a reserve of money for repairs, downtime(no tenants) or for any small thing that could come up.
- Develop a network of people with legal experience
- Read everything that pertains to what your are doing
I hope this helps someone out! If anyone else has anymore insight feel free to comment.