By getting started in real estate investing with a single-family home, I have now become one of the leading experts in self-storage investing. The road to success has not always been easy. Stay tuned to hear some of the most common mistakes real estate investors make so you can avoid them and start earning a cash flow income.
Common Real Estate Investing Mistakes
One of the biggest real estate investing mistakes new real estate investors make is they do not have the proper education and training to find, evaluate, and execute a new deal on a property. Quality real estate investing education is not as easy to find as you might think. You might be able to find information about the process, but investing in real estate requires a mentor. Most people need more than simply reading a few books or attending a trade show. You should find someone you trust, an expert in the field, and adopt their business strategy for success. The goal of Self-Storage Investing is to provide a thorough education from beginning to end on how to syndicate a deal on an investment property.
Many entrepreneurs think they can do everything themselves. I can confidently say that is not the best solution. Cooperating with other investors, mentors, buyers, and sellers can only increase the opportunities for success. You may feel as if you do not have enough equity or experience to get started in self-storage. But if you find a good deal and do the math, the funding will come.
Partnering with people who have more experience, knowledge, or equity than you is one of the best ways to increase your profits in the long run. You may not feel you are ready to buy a rental property, but with the help of other people in the field, you might be able to capitalize and benefit from a real estate investment. The more you help other people, the more they will help you.
Another big mistake new investors make is they don’t do the proper due diligence before they buy a property. One of the most critical steps in any real estate deal is doing the research. It might sound simple, but if a real estate investor makes one mistake during the due diligence phase, that mistake could multiply into more money down the road.
The best way to complete due diligence is to use the other two facets of investing – cooperation and education – to help you get through the evaluation phase. You should reach out and learn as much as you can from the most prominent names in the game. When you are working through the due diligence phase, these resources can help you immensely.
Every new investor goes through hardships, but the best way to avoid pitfalls is to learn from others’ mistakes. The bottom line is to learn as much as you can, cooperate with other people, and evaluate a property effectively. To learn more about the most common mistakes investors make in self-storage, check out our FREE Education Guide, and be empowered to avoid them!