Since my expertise is working with real estate investing clients here in Kansas City, I see a lot of mistakes that could have been avoided. And of course, there are also the complete surprises. Here are some top mistakes I see over and over again concerning real estate investing;
- Not having an exit strategy before you buy. If you don’t know what the end result should be then how do you know from where to begin?
- Believing the expenses provided to you from the Seller’s Agent. You better know what expenses should be expected. Chances are the selling agent actually has no idea because he/she has never even owned a rental property.
- Mistaking a speculation property for an investment property. Oh yes, Virginia, there is a difference.
- Neglecting both your tenants and your rental properties. Listen, sooner or later you pay the piper. So why not just keep everything on an even keel the whole way through?
- Listening to the wrong people. This should be obvious.
- Being impatient. Seriously. Just leave you money in a money-market account until you find the right property that fits your criteria.
I could go on and on. I’d love for the experience real estate investors that read this Kansas City Real Estate Investing blog to add mistakes they’ve seen or committed. C’mon folks. Be honest. We’ve all done some of these.