Flipping Mistakes
USA Today had an article about a real estate investor who was regretting his past actions. He is a 23 year old investor who got very carried away on the investment scene. After buying Carleton Sheets’ No Down Payment and Russ Whitney, The Millionaire Real Estate Mindset, and others, he got himself into major debt.
He made the following mistakes and would like to tell others to avoid doing the same:
- Using "liar loans"
- Overpaying
- Lacking cash
- Quitting your day job
- Hiring an unlicensed contractor
- Buying sight-unseen
- Buying out of state
- Buying too many properties too fast
- Underestimating remodeling costs
- Having a poor exit strategy
Any of the mistakes can be overcome in the right situation. Having more than one or all, are fatal. Get rich quick schemes are just that…schemes. The guys that sell the books are the ones that make the money.
Investing in real estate should be a long range plan for wealth. Anything less cannot be guaranteed and should be approached with caution.
Moderation is the key.
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