Once the real estate market starts to show signs of growth, it’s usually an appealing idea to invest in property. You can do this as a full-time occupation or side job, depending on your goals. Michael Matvieshen, a technology development professional for more than a decade, is also a real estate investor/owner. He’s been involved in land development and commercial construction for over 20 years on projects worth more than $60 million.
For novice investors, it’s easy to fall in love with the property and think everything will go smoothly. However, established real estate developers know there are pitfalls to avoid, some of which are highlighted below.
Planning on the fly
Lack of proper planning is a mistake many new investors make. They purchase a home because they think it’s a good deal and then figure out what to do next. Rather than do this, have a plan first and find a property that fits the plan. As any seasoned investor will tell you, find the home after you’ve laid down a strategy.
The problem is that many new investors don’t view real estate as an investment strategy. Buyers fall in love with a property, which stands in the way of objective thinking.
“Get rich quick” thinking
This kind of thinking is fueled by self-appointed real estate “experts” who make it sound easy to get rich. Achieving consistent success in real estate is not easy, as it’s a long-term investment, much like investing in a mutual fund. These experts don’t often talk about the hard work, research and diligence that goes into real estate investment.
Going it alone
One of the keys to success in real estate is having the right people as part of your team. At the very least, you require good relationships with a closing attorney, a lender, a real estate agent, a home inspector and an appraiser.
If you’re going into the remodeling business, your team includes maintenance professionals such as plumbers, electricians, painters, cleaning service, a contractor, and a flooring installer, just to mention a few. You can’t expect to be successful if all your time is spent attending to leaky faucets and cleaning backyards.
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