Lethal Investing Mistakes

 I wanted to share with you all several common mistakes new investors make when buying real estate.
(1) Having no exit strategy and planning as you go: Many new investors look at real estate as a transaction instead of an investment strategy. You create value when you buy well below market, and make money when you sell. You must have a solid plan in place to profit from it. (2) Paying too much: You can not use the bank sale price to determine what to offer on a foreclosed home. We have been buying and selling foreclose properties for a long time, I am here to tell you that the banks list price may or may not have anything to do with the value of the home. Know the market value, take into account the amount of repairs needed and cost, what is my exit strategy, your offer should reflect real numbers and your built in profit.
(3) No resources: You have got to be working with a company that is in the know. You will almost never do a real estate deal if the company or person you are using relay on one source of information. I call them part timers. You can be a part timer, but the company you work with needs to be active in the market. The best deals are the ones that the public has no knowledge about.You can create wealth and solve problems by becoming a distribution center for people who need to sell fast, and buyers who are loooking for a great deal. If you work with the right team, they can save you time, money and minimize rookie mistakes.