5 Mistakes to Avoid When You Start Investing in Real Estate
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- Опубліковано 20 чер 2024
- Episode #970
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Before you start investing in real estate, make sure you hear this episode. Almost every beginner ends up making these five big real estate investing mistakes. Some cost money, some cost time, but all of them cost you peace of mind and push you further away from achieving financial freedom. We’re breaking down these five big mistakes so you can avoid them and start building wealth faster!
Dave Meyer and Rob Abasolo are back today to discuss the five common real estate investing mistakes to avoid. From buying bad deals to doing wrong calculations, getting stuck in analysis paralysis, and beyond, even our expert investors have fallen into these beginner traps a few times. However, their previous mistakes could make you money as they share exactly how to avoid these rental property investing pitfalls.
If you want to invest in real estate but are stuck, scared that you’ll make the wrong move, jump into today’s episode and take notes. If you can avoid these real estate investing mistakes, you’ll not only end up richer but with far less grey hair than even the most savvy investors. Let’s get into it!
00:00 Intro
01:25 1. Buying the Wrong Deal
05:57 How to Avoid Bad Deals
07:14 2. Analyzing Wrong
11:09 3. “Lacking” Money
23:23 How to Do Partnerships
25:49 4. Getting “Stuck”
29:01 Escaping Analysis Paralysis
31:12 5. Doom and Gloom
34:18 Talk to THESE People
Agreed on anticipation of that first year to plan and expect the unexpected from a new property (and communicate that to the new tenants).
great episode.
Fantastic info. I could listen to you guys for hours! Thank you for sharing your experience and knowledge.
Thanks so much!
Thank you, super useful.
You're welcome, thanks for listening.
So helpful!
So glad to hear it!
One of the best episodes. I like when someone shares mistakes and helps you understand and avoid them vs success only , perfect deal and never made a mistake stories bs. Thank you guys 💪👍
Thanks for listening, glad you enjoyed this one 🙌
I don’t really agree with Rob about fixing and tiling your property. If you’re going all in…..you need to do your own work. If you pay for these things you’re going to eat up any cash flow immediately. Laying floor and tiling ect may take you 8 hours but your going to save thousands. Don’t forget, for every 100 spent, you need to make like 120 +- depending on your tax bracket…I get the whole time thing, but most people when there starting out don’t have the luxury or just peeling out hundreds….i do a lot of my work and have 37 doors. There will be a time when I hire most of the work out and I have but I figure every day I work I’m making like 1000ish in equity that tax free
You must have both the skills and equipment to do it. Which he doesn't. Otherwise gonna look like ass and just gonna have to redo at double the cost.
@@RafaelsFlixfair enough I do have a ton of tools but those are also write offs. I just couldn’t imagine how you could have any hope of starting in the real estate game without some big $$ or some skills at renovating. Carpenters, Plumbers, Electricians, and Painters will bankrupt you.
Oh I've done my FAIR share of DIYing lol. Trust me. My UA-cam channel started out as a DIY channel (hence the name Robuilt). HOWEVER, tiling is just something I was not gifted at. So I HAD to hire that one away. I just looked at the little spot I tiled the other day and MAN did it look bad haha. I'm glad I paid someone else to do it.
@@RobuiltI think that would've been good to highlight more clearly, especially in the context of giving advice to beginning RE investors. To your point later on in the show, one thing newbies often have that they can sacrifice is time... usually a LOT more so than money. If there's something you find that you're just really NOT competent in at all, then sure, hire that out. But a handful of UA-cam videos, some sweat, and a little patience and attention to detail can save a new investor thousands, if not tens of thousands on renovating and doing maintenance in the beginning when they have more time than disposable income.
If your working at your property … you are not an investor , your a worker. You failed at investment.
Congrats on the marriage
I have my stories. But nothing beats Brandon's, dead lifting a clogged toilet filled with diarrhea into the tub! It ended how you can imagine!! 😂😂😂
Do not invest in the RE. Now is the time to divest.