There may never have been a better time to invest in real estate in most of our lifetimes than right now but that doesn’t mean it is without its pitfalls.
What obstacles face new real estate investors today?
1. Real Estate Education
While real estate investing and flipping houses is often portrayed as incredibly easy to do, getting into it and actually great making money can be two completely different things. While the basics aren’t so sexy they are essential like learning the various cycles, terms, laws and paperwork if real estate investors want to avoid going broke. This is a necessary investment which will pay off many times.
2. Strategy and Planning
There may be a lot to learn about the technicalities of doing individual deals but real estate investors need to also recognize the need to have a longer term strategy and a real roadmap or plan if they expect to achieve financial freedom through real estate.
3. Up-to-Date Marketing Knowledge
What most new real estate investors don’t know is that much of their success is going to come down to marketing. While they should certainly be real estate professionals first those who mastering marketing the best will come out far ahead. Hire someone to do it for you if you can afford it or when you can but make sure that you are promoting your properties and personal brand on the web.
4. Distractions
Real estate is a huge field with many niches and components. This can often become a black-hole sucking up time and resources. Put your blinders on and cut through the junk in the news, being pulled into too many marketing ideas and different types of investing, at least until you have a good system and rhythm down.
