If you have stayed up late watching the late night infomercials or attended the latest boot camp, you have probably made up your mind that the road to riches is built with real estate.  This may be true because it depends on the initial steps you take.  Before taking on this exciting venture, avoid the top mistakes in real estate investing:

1. Failure to learn the basics of Real Estate investing.
2. Not having a plan.  A successful real estate investor needs a plan.  It’s not enough to just buy a house and expect to sell it as a profit.
3. Stock market mentality.
4. “Get rich quick” mentality.  Real Estate investing is not for those hoping to make money overnight.  On the contrary, successful real estate investing takes a lot of hard work.
5. Quitting your day job.  Being a real estate investor requires a lot of hours, but it does not guarantee a steady income.  And, it takes money to make money in this game.
6. Not having an “exit strategy”.  Make your money in the beginning by have a plan A, B, and C before buying the property.
7. Lack of cash.  Real Estate investors often underestimate the monthly expense that comes along with investing.
8. Waiting too long to start investing.
9. Underestimating renovating costs.  You have to know how much you’ll have to put into an investment property.
10. Acting alone.  Trying to do it all alone is another mistake common to real estate investors.  You are not an island in this business.  Instead, for the most opportunity for success, it’s a good idea to develop close relationships with professionals involved in the real estate process.

Bonus:  Investing blindly without help from a mentor or coach.

Natasha Donerson Bowen