6. Believing You Can Make Money Quickly – The second major mistake that real estate investors make is to think it is very easy to get rich in real estate. This is only a myth. The reality is that investing in real estate is a long-term project.
7. Doing it Single Handed – To become a successful real estate investor, one needs to build a team of professionals to assist in deals. This would ideally include a real estate agent, an appraiser, a home inspector, a closing attorney and a lender.
8. Making Excess Payment – Investors in real estate often goof up in their investment by paying too much for the properties they buy. Paying too much and locking up all of your funds in the erred property deal will leave you with no money to redeem yourself.
9. Leaving Out the Groundwork – Not doing your homework could be a costly mistake for a real estate investor. Learn from fundamentals before venturing into investing in properties.
10. Throwing Caution to the Wind – Investors have to exercise a certain degree of caution and take earnest efforts while making a deal. New investors often fail in this regard and sign a deal without doing adequate research on the property.