The other day I overheard a conversation by a couple men that taught me some mistakes new real estate investors make. So, today we are going to discuss my top five critical mistakes I see new investors make regularly.
5 Critical Mistakes New Real Estate Investors Make
#1 Wait for the “Perfect” Time
Ok, ladies…let’s chat. Here’s the deal: there is NO such thing as the perfect time to get into real estate investing. I mean it! Now IS the time, and it is ALWAYS the time. If you want to really get specific, the perfect time to get into real estate was yesterday. But, I’m assuming you don’t have a magic time machine to transport you into yesterday, so let’s stay in the present.
Now is ALWAYS the best time to get into real estate investing. So, do not let closed mindedness, fear, or a poverty mindset hold you back from moving forward on your dreams!
#2 Become Emotionally Attached (to a Property)
No, I’m not talking about your love life, ladies. But, you can NOT become emotionally involved when it comes to real estate investing. This house that you are considering is not for you. Don’t forget that.
An investment property is not about you or your dreams for the best place to live, but is for your end buyer or renter to make their dream home.
You are in this for the money, honey. Remember? Not a long-term commitment of emotional satisfaction and delight.
Stay emotionally neutral, make your decisions based on logic and facts, and enjoy the financial rewards to come!
#3 Are Too Passive
I came across a great quote recently that absolutely fits this mistake!
“Yes, good things come to those who wait, but only what is left by those who hustle.”Abraham Lincoln
Ladies, this is not the time to be passive and ho hum about your dreams. If you are serious about changing your life with real estate investing, then you have to get in there and do the work! Your success is not just going to fall into your lap. It won’t just “happen” to you.
Make a plan and get started, even if you have to change gears or direction down the road a bit! Who cares? Just get started!
#4 Let Gender Dictate their Voice
I know, I know…real estate investing is a male dominated arena. But hear me out! The more women stand up and share their success stories, the more empowered other women will be to get out there and experience their own.
Your story matters. Every little success story you have matters. So, share them! Go to your local real estate investing (REIA) meetings. Talk about what you are doing and the lessons you learn along the way. Stand up and speak out about your journey, and show everyone else that this is a woman’s world, too!
#5 Push Others Too Hard
I know that you are learning and doing a ton right now. But make sure that you listen to other people for where they are in their journey so that you can meet them where they are at.
Some people may not yet be ready to hear all of the awesome information you have to share with them! Other people may be totally eager and ready to dive right into anything they can get their hands on. I know it is not easy to temper yourself when you need to, but try.
Meet people where they are in their real estate investing journey, and offer the help that they seek. No more, no less.
Let’s Wrap It Up!
Let’s do an overview here. Now we know the mistakes new real estate investors make, that you do not want to do.
So, we are going to review in reverse. Here are the things TO DO:
#1 Jump in now! Don’t wait. The only wrong time to start investing is “some day.”
#2 Hold onto your emotional boundaries. Remember, you’re in this for the money, not the enjoyment of the property.
#3 GET TO WORK! Take your goals seriously, make a plan, and take action right away.
#4 Speak up and share your stories! Show all the other women what is possible for them, too.
#5 Respect where other people are in their journey. Share your encouragement and information accordingly.
Avoid the Mistakes New Real Estate Investors Make…
If you are still new to your real estate investing journey, I want to give you my FREE Masterclass to help you on your way. In this masterclass I will teach you how to buy houses and make $10k in passive income, which I am sure you want to do. So, check it out!
I know that the mistakes new real estate investors make are common, but you do not have to get caught in their trap. Stay focused, take action, and lean into your process, and your financial success will be your reward.