Mistakes Investors Make - Part 1
This blog, along with our future learning center, is going to deal with EVERYTHING in real estate. We are going to talk about the great opportunities available, pass along a lot of positive energy and work together to create wealth in our investments, as well as our lives.
We are also going to open the dark door of real estate investing that most folks in my position do not want to talk about. We are going to discuss the hardships, the fraud and the plain bad luck that investors have faced. It is Gladiator’s goal, and my personal goal, to venture into all spaces of the investment arena in order to better inform investors and allow them the opportunity to make the best decisions possible.
A Series of Mistakes, Tips and Inspiration
We are going to have many different blog post going on that will evolve over time, a series of ideas and information. They will be filled with facts, opinions and hopefully a little bit of style. If you disagree with anything, let us know! We will also be asking for input from all of you out there. Everything we do at Gladiator is a team effort, and we encourage our agents, clients, browsers and subscribers to contribute to the betterment of our passion and create a solid environment for all investors!
Our first series will address some of the mistakes we have seen investors make. These are issues we have all fallen prey to at one time or another. This should be a great way to increase awareness, evaluate some of our strategies and increase profits!
MISTAKE #1:
Trying to do it all yourself!
In the world of real estate investment, you need a team to succeed.
Please listen to me carefully, you are not Donald Trump, (not yet anyway) so please do not act like it. “The Donald” has a large staff of professionals that perform exhaustive research for his organization before any deals are even considered. The real estate world is alive, it is breathing and it changes quickly. A simple CD course or $1,000 seminar does not transform you into a mega investor overnight! As an investor, you will learn something new every single day.
Team Players
- Real Estate Brokers
- Birddogs
- Title Companies
- Mortgage Brokers
- Local Lenders
- Private Money Lenders
- Appraisers
- Inspectors
- Property Managers
- Contractors
- Attorneys
- Accountants
Phew….Quite a cast of real estate characters involved in any one transaction, isn’t there? I am sure I am missing somebody, and if I am, I apologize. Every single one of these people has the ability to make your transaction, your portfolio and your life a living nightmare! The good news is that a solid team will allow you to sleep at night and enjoy the fruits of your labor. So do not take any of them for granted.
Superstars and the Snake Oil Salesman
This industry brings out the best in people, and it also brings out the worst in people!
Who are the superstars and who are the sharks? Sometimes it is tough to tell them apart.
You hear the stories of rags to riches, but the “Fool and His Money Soon Part” also comes to mind. Most of us have been seduced by the snake oil salesman with the fake smile and empty promise at some point in our lives. Get rich quick? Hmmm See Mistake #2 coming soon.
It only takes about five minutes of being in business to realize that good people are hard to find. There is no magic wand, but we can put people to the test and do everything in our power to minimize as much risk as possible.
Your Broker should not be in business to sell you a couple investment properties and then fade into the night with the traveling carnival and a pocket full of excuses; the goal should be to become your real estate investment resource for a lifetime!
Harrison
