5 Mistakes to Avoid When You Start Investing in Real Estate

Episode #970

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Before you start investing in real estate, make sure you hear this episode. Almost every beginner ends up making these five big real estate investing mistakes. Some cost money, some cost time, but all of them cost you peace of mind and push you further away from achieving financial freedom. We’re breaking down these five big mistakes so you can avoid them and start building wealth faster!

Dave Meyer and Rob Abasolo are back today to discuss the five common real estate investing mistakes to avoid. From buying bad deals to doing wrong calculations, getting stuck in analysis paralysis, and beyond, even our expert investors have fallen into these beginner traps a few times. However, their previous mistakes could make you money as they share exactly how to avoid these rental property investing pitfalls.

If you want to invest in real estate but are stuck, scared that you’ll make the wrong move, jump into today’s episode and take notes. If you can avoid these real estate investing mistakes, you’ll not only end up richer but with far less grey hair than even the most savvy investors. Let’s get into it!

00:00 Intro

01:25 1. Buying the Wrong Deal

05:57 How to Avoid Bad Deals

07:14 2. Analyzing Wrong

11:09 3. “Lacking” Money

23:23 How to Do Partnerships

25:49 4. Getting “Stuck”

29:01 Escaping Analysis Paralysis

31:12 5. Doom and Gloom

34:18 Talk to THESE People

[spencerhall]

I don’t really agree with Rob about fixing and tiling your property. If you’re going all in…..you need to do your own work. If you pay for these things you’re going to eat up any cash flow immediately. Laying floor and tiling ect may take you 8 hours but your going to save thousands. Don’t forget, for every 100 spent, you need to make like 120 +- depending on your tax bracket…I get the whole time thing, but most people when there starting out don’t have the luxury or just peeling out hundreds….i do a lot of my work and have 37 doors. There will be a time when I hire most of the work out and I have but I figure every day I work I’m making like 1000ish in equity that tax free

[RyanIrwinIAC]

Agreed on anticipation of that first year to plan and expect the unexpected from a new property (and communicate that to the new tenants).

[aprilvancleve]

Fantastic info. I could listen to you guys for hours! Thank you for sharing your experience and knowledge.

[tracy]

$2, 000 refrigerator? I just bought a brand spanking new white fridge from Best Buy for one of my STR rentals for ONLY $274.99 at Best Buy! AND with my Best Buy membership it comes with a 2 year warranty! Hey they say white appliances are making a come back and besides my leaner hate stainless steel. That’s how I make it with real estate is to keep my costs down!!

[Roman_ABC]

One of the best episodes. I like when someone shares mistakes and helps you understand and avoid them vs success only, perfect deal and never made a mistake stories bs. Thank you guys 💪👍

[calebkang]

Do not invest in the RE. Now is the time to divest.

[thewoj]

I have my stories. But nothing beats Brandon's, dead lifting a clogged toilet filled with diarrhea into the tub! It ended how you can imagine!! 😂😂😂