How Not to Lose Money in Real Estate (Part 1)
Real estate is one of the best investment avenues. Even millionaires agree.
But then it isn’t easy.
Sure, in the long-run, you usually stand to make a profit; the valuation of the property appreciates with time.
However, if you’re looking to actively invest in real estate, build a high-worth portfolio, and accrue a fortune – it’s far from easy.
In fact, many new investors end up losing big $$$.
If you don’t want to be one of them – if you’re really serious about making (highly) profitable investments – it’s essential you have a fair idea of how to steer clear of the mistakes.
After all, you’ve read so many articles and watched videos on “how to make money in real estate”; it’s equally important to look at the other side of the coin – to know how to not lose money in this game.
In that context, here are five tips on how not to lose money in real estate:
1. Don’t Blindly Listen to the Internet
This one is difficult, is it not?
Google is the go-to for all our answers. So, it’s difficult to not Google something like “beginner tips for real estate investment” or “apartment to invest in *enter your city*”.
The Internet is certainly a great starting point to get your information.
However, blindly relying on such information when so much of your money could be at stake is a big, big mistake.
Sadly, for so many new real estate investors, Googling once and clicking on the first result is equivalent to doing research.
Don’t be one of them.
Go beyond the internet to outsource your information; to do your research.
Go to that property and inspect yourself. Reach out to those dealers and property owners in person. Connect with other investors and talk to them. Consult top real estate investment companies.
This is one of the best ways to grow yourself as a real estate investor.
And, most importantly, this is the way to make reliable investment decisions.
This is the first part of the 3-post series. In the next part, we discuss the importance of hiring one of the top property investment companies and how underestimating the cost can mess your game. Please read the next part here: How Not To Lose Money in Real Estate (Part 2)