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Top 3 Mistakes Every Real Estate Investor Should Avoid

Image of a house on top of the Jenga gameMany people dream about being a real estate investor. After all, the popular TV shows make it look so easy. Just buy an outdated property for cheap, fix it up quickly, and either sell it or rent it for a handsome profit. Unfortunately, reality isn’t always that simple.

Before you dive into the role of real estate investor, be mindful of the top mistakes that could hinder your success.

Mistake #1: Buying with Emotion Rather than Logic

Buying a home because it’s “cute” or reminds you of the home you grew up in isn’t what seasoned real estate investors do. Instead, they run the numbers of the property. At the bare minimum, you’ll want to estimate mortgage payments, taxes, insurance, upfront repair costs, ongoing maintenance costs, and other expenses and compare them to the estimated market rent or sale price you’ll receive for the property. When you approach a home from a numbers point of view and leave emotion aside, you’ll increase your chances of success.

Mistake #2: Taking the Wrong Advice

Everyone has an opinion. This is true for real estate investing too. When people find out what you’re doing, they’ll be eager to give you advice. However, when it comes to taking advice from people who have never invested in real estate before, take their words of wisdom with a grain of salt. A better idea is to get advice from people who understand what it takes to be a successful real estate investor, such as other investors or even your real estate agent.

Image of a checkbook money and house figurineMistake #3: Not Screening Tenants Properly

If you’re going to rent the property rather than immediately sell it, be sure you thoroughly screen your potential tenant. Always run a credit and criminal background check on any tenant over age 18. Check their references too, including their past landlords. Remember, no one will blatantly tell you that they’re going to pay their rent late every month and smash holes in the walls; therefore, you need to do your due diligence in order to protect your investment.

When you’re aware of and avoid the common mistakes that could sabotage your efforts, you can move forward confidently and reap the rewards of being a real estate investor.

Remember, you can find many great tips for investors, home buyers, and home sellers on our Facebook page. If you’re searching for the perfect investment property to buy, we can help! Contact us today!

 

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Welcome! We are glad you’re here. We developed this website to give you the most up-to-date Napa Valley real estate listings and the most reliable information for home buyers and sellers.

Not sure where to start? Check out our blog, vlog, and articles for information on buying and selling a home, design and staging tips, and real estate investor information.

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Welcome! We are glad you’re here. We developed this website to give you the most up-to-date Napa Valley real estate listings and the most reliable information for home buyers and sellers.

Not sure where to start? Check out our blog, vlog, and articles for information on buying and selling a home, design and staging tips, and real estate investor information.

Ready to buy? Be sure to browse our current listings.We are eager to show you your next Napa Valley home.

Relocating to the area? Read up on all the great communities that make up Napa Valley.

Is it time to sell your home? Why not have the #1 real estate team represent you?

We’re sure you have questions. And we are here to help. Contact us for information on anything real estate related.

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About Us

Leading the Pujals team are Jerry and Susan Pujals, who is ranked as the #1 Sales Team for California, Coldwell Banker Brokers of the Valley. Jerry, a Senior Broker, and Real Estate Advisor began his career in real estate with Coldwell Banker Brokers of the Valley in 1997. Susan, a seasoned Real Estate Sales Consultant joined the organization in 2008, which established the formation of The Pujals Team.

Having received national recognition for their performance and many local awards, Jerry and Susan are proud to be affiliated with Coldwell Banker Brokers of the Valley, Napa County’s real estate market leader for more than 20 years.[Read more]

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