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In order to be consistently successful in the real estate investing niche, it is important to be as flexible as the economy. Struggling investors tend to focus on past success strategy plans and they wonder why things aren?t working out the same results. In order to be flexible with the housing market you have to be ready to change the way you do business on a daily basis. Constant forecasting and planning is needed as well as the ability to let go of your plan at a moment?s notice. Many veteran investors find this difficult.
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The Most Common Mistakes That You Can Make When Running A Real Estate Investing Business Are Listed Below.
1. Using Your Own Money
It is not a good idea to dip into your own pockets when investing into any business. That?s one business credit is for. Keeping your business as an LLC or a C corp. is extremely important should you run into financial difficulties.
Filing bankruptcy is not the end of the world if the business is set up properly and your family lifestyle is protected. Don?t make the mistake of using your own money!
2. Depend On Advertising and Word of Mouth
The quote that comes to mind is ?When in Rome?. Don?t hope and pray that the local newspaper or neighbors are going to keep your real estate investing business thriving. Advertising has become very costly and there are other avenues to focus on as a first step if you want to find or sell new properties. Focus on getting a squeeze/opt in web page and driving traffic to that or posting all of your properties Craigslist.
Tip: Attending your local Real Estate investor?s Association is worth looking into. All of the serious investors have the inside skinny on FSBO?s, foreclosures, and distressed properties.
3.
Actual Investing Is Your Only Concern
So many veteran real estate investors focus on the turnover of properties not realizing that there really is more than one way to skin a cat. When the market fluctuates you have to be prepared to mirror the expectancy of the market. If people are holding on to their money and are afraid to buy then you have to mirror that with offering them a product or service they can use. Some Investing businesses focus on refinancing, credit restoration opportunities, debt management, lease purchases, or other avenues of service. The most successful businesses have multiple streams of income focused around their topic of choice making their business more of a one stop shop.
4. Rely On Your Own Knowledge & Experience
You already are failing doing what you know how to do. The fastest, least expensive way to shake things up a bit is to surround yourself with successful real estate investors. The local REIA can help you connect with an investor of your choosing or you can network with like minded individuals at events. Just make sure the people you choose to surround yourself with are practicing successfully and positive.
Whether you?re using your own money to invest in real estate, spending thousands of dollars on advertising, developing a business plan alone there are more efficient ways to turn your business from bust to booming. Following the above steps is definitely a start in the right direction.
Kimberly Dudley is an esteemed business strategist, real estate investor, author and interviewer. Her and her husband Charles quickly earned six figures in gross sales on their real estate investing teleseminar series and were able to gather over 3,000 new investing leads their first 30 days of retiring from a traditional job. Their latest ventures also include internet marketing, teleseminars, ministry and life success consulting. They truly are coaches, strategists, promoters and The Mentors to Mentors.
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