Take your Time

With everything that is going on in today’s world people can get lost in the moment or rush into situations. The daily grind gets to people, real estate is one of those things that people like to jump into thinking that they know everything that they need to succeed. One thing that seems to always hurt these people is the fact that they rush and want to spend as little money as they can. After all that means more profit, right. Take for instance you are trying to get out of a deal, and you don’t want to pay for a broker so instead you decide to sell you building on your own. That is a great way to end up losing money and to the experienced real estate owner quite comical, since more often than not these building will sit on the market forever and someone later down that line will get an amazing deal on it because the owner just wants it gone.

Another thing to keep in mind is whether or not you want to manage the building. That takes people in to that dangerous and feared Tenant, Termites, and Toilets. People think that if they don’t pay a management company to oversee the daily upkeep, they save a fortune but instead they end up spending more time working that living their own life.

With all the tv shows now a days showing these people flipping properties and doing what is called a value add. Or better put they update some dated features it is important to remember that you should hire a professional. When you walk a property, you can tell if the work is done quality or if it had been sloppily thrown together in an attempt to save money.  I remember being ones of these people thinking that if I did the work, I would save the money. In reality I had to have the work done twice because it looked like Fred Flintstone went through working with his cave man tools and what the building really needed was someone more like Bob the Builder.

If you only take one thing away from this, I hope that you realize that when it comes to real estate you should rely on others there will be more knowledgeable and qualified people that will make you a more successful and well-rounded investor. Take your time and ease into real estate, after all its not going anywhere it’s a pretty grounded investment. If you do it right you can use real estate to get free of you nine to five.