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Successful Real Estate Investing is written specifically for novice investors who want to get started with confidence. It highlights 75 of the most common mistakes investors make and offers specific, real-life strategies for avoiding them. Each mini-chapter covers one mistake and offers pearls of wisdom based both on Robert Shemin's long experience as an investor and on case studies of investors he has met or assisted along the way. For investors worried about making a particular mistake in any step of the investment process, this is the only real estate guide that offers quick, expert guidance on avoiding everything that could-but won't!-go wrong.
Successful Real Estate Investing covers these mistakes as well as many more:
• Forgetting to screen all tenants
• Not taking in adequate cash flow
• Missing out on special loan programs
• Not having the proper insurance
• Holding onto a rehab or rental house that won't sell or rent
• Thinking short-term when you should be thinking long-term
• Punishing bad tenants without rewarding good ones
• Failing to establish minimum requirements for tenants
• Failing to inspect properties regularly
But Successful Real Estate Investing is more than just a list of troubles to avoid, it also teaches the most important keys to real estate success: keep it simple, believe you can do it (because you can!), inform yourself so you know what you're doing, and stick with it! With common sense and the uncommon guidance you'll find here, there's nothing standing in your way!
|Product dimensions:||3.64(w) x 5.37(h) x 0.59(d)|
About the Author
ROBERT SHEMIN, JD, MBA, is the author of the Wall Street Journal bestseller Secrets of a Millionaire Real Estate Investor and the Wiley title Unlimited Riches. A nationally recognized real estate expert, he has been featured in BusinessWeek, as well as on Montel Williams, National Public Radio, the USA Radio Network, the Business Radio Network, and more than fifty nationally syndicated talk-radio programs. Mr. Shemin can be contacted at sheminrealestate.com.
Table of Contents
PART I: 75 REAL MISTAKES TO AVOID IN REAL ESTATE.
MISTAKE # 1 Not Getting Started in Real Estate Investing Early Enough.
MISTAKE # 2 Not Paying Attention to the Cycles of Real Estate: Prices, Price Increases, and Price Decreases.
MISTAKE # 3 Not Becoming Active in Your Local Real Estate Investors Association.
MISTAKE # 4 Thinking about Short-Term Results Instead of Long-Term Results When Starting Your Real Estate Investment Business.
MISTAKE # 5 Not Having a Written Plan for Your Investment Business.
MISTAKE # 6 Expecting to Have Equal Partnerships in Your Real Estate Investment Deals.
MISTAKE # 7 Being Frightened to Do Large Deals.
MISTAKE # 8 Being Unclear Whether You Want to Sell or Rent a Property.
MISTAKE # 9 Letting Your Business Get Out of Your Control and Run You.
MISTAKE # 10 Not Budgeting for Your Real Estate Education.
MISTAKE # 11 Failing to Review Your Finances, Progress, and Overall Activity at Least Once a Week.
MISTAKE # 12 Thinking That Real Estat e Is Risky.
MISTAKE # 13 Not Creating an Exit Strategy for Your Real Estate Business.
MISTAKE # 14 Wasting Time on Activities That Don’t Make You Any Money and Simply Aren’t Any Fun.
MISTAKE # 15 Not Having the Right Insurance to Properly Cover Your Investments.
MISTAKE # 16 Being Underinsured on Your Auto Insurance Coverage.
MISTAKE # 17 Not Taking Advantage of Affordable Legal Services.
MISTAKE # 18 Not Developing a Long-Term Plan to Protect Your Real Estate Assets.
MISTAKE # 19 Setting Up an Asset Protection Plan Improperly.
MISTAKE # 20 Missing Out on Special Loan Programs.
MISTAKE # 21 Running Out of Cash and the Bills Keep Coming.
MISTAKE # 22 Not Having the Proper Team in Place.
MISTAKE # 23 Not Establishing Good Relationships with Those in the Investment Business and Service Providers.
MISTAKE # 24 Getting Stuck with a Rehab House That Won’t Sell or a Rental House That Won’t Rent.
MISTAKE # 25 Failing to Include a Contingency Clause When Putting Together a Contract.
MISTAKE # 26 Not Negotiating with the Decision Maker Who Can Really Help You.
MISTAKE # 27 Lamenting That Your Property Isn’t Selling Fast Enough.
MISTAKE # 28 Making the Contract Process More Complicated Than It Has to Be.
MISTAKE # 29 Negotiating a Good Cash Offer on an Attractive Piece of Property, but Leaving Money on the Table.
MISTAKE # 30 Not Verifying Everything with a Third Party.
MISTAKE # 31 Making Only One Offer on a Property Instead of Three.
MISTAKE # 32 Spending Too Much Money on a House That You Bought to Fix Up and Sell.
MISTAKE # 33 Analyzing Properties Too Much and Too Long.
MISTAKE # 34 Overlooking Bad Houses and Bad Neighborhoods.
MISTAKE # 35 Not Making Sure Buyers Are Preapproved for a Mortgage.
MISTAKE # 36 Using Only Short-Term Financing.
MISTAKE # 37 Not Having Multiple Sources of Financing so You Can Transact More Deals.
MISTAKE # 38 Spending Too Much Time Talking to Tenants, Worrying about Repairs, Doing Paperwork, and Making Very Little Money.
MISTAKE # 39 Not Having a Systematic Way to Run Your Rental Business.
MISTAKE # 40 Not Setting Up Minimum Standards in Writing When Selecting Tenants.
MISTAKE # 41 Not Charging Tenants for Damages to Your Property.
MISTAKE # 42 Not Screening Tenants Well Enough.
MISTAKE # 43 Not Doing a Credit and Criminal Background Check on Everyone Who Receives a Key to Your Property.
MISTAKE # 44 Not Having a High Enough Cash Flow from Your Rental Properties.
MISTAKE # 45 Penalizing Bad Tenants but Not Rewarding Good Ones.
MISTAKE # 46 Not Learning about Government Programs for Low-Income Tenants.
MISTAKE # 47 Not Inspecting Properties Regularly.
MISTAKE # 48 Attempting to Perform Your Own Evictions and Collections, and Getting Sued.
MISTAKE # 49 Not Using Licensed, Bonded, and Referred Contractors and Repair People.
MISTAKE # 50 Paying Too Much for Repairs and Not Getting Written Bids.
MISTAKE # 51 Paying for a Repair or Construction Job before It’s 100 Percent Completed.
MISTAKE # 52 Not Having a per-Day Penalty for Contract Work That’s Not Finished When Promised.
MISTAKE # 53 Assuming That the Way You Think and Do Business Is the Way Other People Think and Do Business.
MISTAKE # 54 Selling Your Property Instead of Holding It.
MISTAKE # 55 Relying on What People Tell You, Not on What They Do.
MISTAKE # 56 Letting Fear and Hesitation Keep You from Getting the Deal.
MISTAKE # 57 Not Choosing and Working with Partners Wisely.
MISTAKE # 58 Not Understanding How to Deal with Real Estate Agents as an Investor.
MISTAKE # 59 Not Understanding the Difference between Being a Real Estate Investor and a Real Estate Speculator.
MISTAKE # 60 Not Having Enough Rent Coming in to Cover All of Your Real Expenses.
MISTAKE # 61 Not Setting Up Separate Bank Accounts and Accounting for Each of Your Real Estate Activities.
MISTAKE # 62 Not Knowing Why You Are Really in Real Estate or What You Will Do with the Money You Make.
MISTAKE # 63 Working Only on Making Big Deals When the Little Ones Pay the Bills.
MISTAKE # 64 Thinking and Worrying Too Much, Then Losing the Deal.
MISTAKE # 65 Not Understanding That Real Estate Investing Is a People Business.
MISTAKE # 66 Not Making a Real Commitment to Being a Successful Real Estate Investor.
MISTAKE # 67 Not Having a Mentor or Coach.
MISTAKE # 68 Missing Out on Lots of Deals and Thousands of Dollars Because You Stopped Following a Deal.
MISTAKE # 69 Not Making Additional Income from Deals That You’re Doing Anyway.
MISTAKE # 70 Not Focusing on the Activities That Will Make Money for You Today.
MISTAKE # 71 Letting Your Emotions Rule Your Choice of Rehab Projects Instead of Analyzing the Numbers.
MISTAKE # 72 Overrehabbing a Property.
MISTAKE # 73 Not Finding out the Underlying Reasons Why People Are Selling Their Properties.
MISTAKE # 74 Getting Too Greedy When Flipping to Other Investors.
MISTAKE # 75 Not Being Generous with Your Partners and Coinvestors.
PART II: THREE BONUS MISTAKES.
MISTAKE # 76 Not Knowing to Ask for Owner’s Terms.
MISTAKE # 77 Failing to Aggressively Market Properties You Have for Sale.
MISTAKE # 78 Not Giving People More Than They Expect.
APPENDIX A Almost Every Possible Way to Find Great Deals.
APPENDIX B The Top-10 Real Estate Mistakes We Make Every Day.
APPENDIX C Robert’s Six Basic Rules of Negotiation.
APPENDIX D Lease Optioning as a Money-Making Strategy.
APPENDIX E When Your Investment Business Needs Help: How to Build the Perfect Team.