Failure Traps Beginning Real Estate Investors Fall Into
Many beginning real estate investors start down the road to bankruptcy because they take the first step with the pre-conceived idea that they personally already know what to invest in and where to invest. They have gained this "wisdom" from hearing of the wealth acquired by other people in a no brainer real estate market and the over promotion of so called real estate "experts" selling tapes and books at free seminars.
If common sense doesn't prevail then back away from the investment. You must become educated in cash flow, market conditions, long term and short term general economic conditions and the many other aspects which will lead to your success.
Action: Taking action with confidence in a short time span is vital. You gain confidence by being educated. Sitting on the sidelines gets you nowhere.
Recognize a reasonable deal. You will burn a good real estate agent out by trying to view 30 properties. Do drive bys.