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Full Description
This book walks the reader, step by step, through an understanding of all the common mistakes novice real estate investors make and the specific, real-life strategies they can use to avoid them. Readers will learn to avoid mistakes like: failing to screen potential tenants, not receiving adequate cash flow, missing out on special loans programs, overlooking bad houses, not having the proper insurance, and owning a rehab or rental house that won't sell or rent.
Contents
ACKNOWLEDGMENTS; INTRODUCTION ; PART IREAL ESTATE; MISTAKE No. 1 Not Getting Started in Real Estate Investing Early Enough; MISTAKE No. 2 Not Paying Attention to the Cycles of Real Estate: Prices, Price Increases, and Price Decreases; MISTAKE No. 3 Not Becoming Active in Your Local Real Estate Investors Association; MISTAKE No. 4 Thinking about Short-Term Results Instead of Long-Term Results When Starting Your Real Estate Investment Business; MISTAKE No. 5 Not Having a Written Plan for Your Investment Business; MISTAKE No. 6 Expecting to Have Equal Partnerships in Your Real Estate Investment Deals; MISTAKE No. 7 Being Frightened to Do Large Deals; MISTAKE No. 8 Being Unclear Whether You Want to Sell or Rent a Property; MISTAKE No. 9 Letting Your Business Get Out of Your Control and Run You; MISTAKE No. 10 Not Budgeting for Your Real Estate Education; MISTAKE No. 11 Failing to Review Your Finances, Progress, and Overall Activity at Least Once a Week; MISTAKE NO. 12 Thinking That Real Estat e Is Risky; MISTAKE NO. 13 Not Creating an Exit Strategy for Your Real Estate Business; MISTAKE NO. 14 Wasting Time on Activities That Don't Make You Any Money and Simply Aren't Any Fun; MISTAKE NO. 15 Not Having the Right Insurance to Properly Cover Your Investments; MISTAKE NO. 16 Being Underinsured on Your Auto Insurance Coverage; MISTAKE NO. 17 Not Taking Advantage of Affordable Legal Services; MISTAKE NO. 18 Not Developing a Long-Term Plan to Protect Your Real Estate Assets; MISTAKE NO. 19 Setting Up an Asset Protection Plan Improperly; MISTAKE NO. 20 Missing Out on Special Loan Programs; MISTAKE NO. 21 Running Out of Cash and the Bills Keep Coming; MISTAKE NO. 22 Not Having the Proper Team in Place; MISTAKE NO. 23 Not Establishing Good Relationships with Those in the Investment Business and Service Providers; MISTAKE NO. 24 Getting Stuck with a Rehab House That Won't Sell or a Rental House That Won't Rent; MISTAKE NO. 25 Failing to Include a Contingency Clause When Putting Together a Contract; MISTAKE NO. 26 Not Negotiating with the Decision Maker Who Can Really Help You; MISTAKE NO. 27 Lamenting That Your Property Isn't Selling Fast Enough; MISTAKE NO. 28 Making the Contract Process More Complicated Than It Has to Be; MISTAKE NO. 29 Negotiating a Good Cash Offer on an Attractive Piece of Property, but Leaving Money on the Table; MISTAKE NO. 30 Not Verifying Everything with a Third Party; MISTAKE NO. 31 Making Only One Offer on a Property Instead of Three; MISTAKE NO. 32 Spending Too Much Money on a House That You Bought to Fix Up and Sell; MISTAKE NO. 33 Analyzing Properties Too Much and Too Long; MISTAKE NO. 34 Overlooking Bad Houses and Bad Neighborhoods; MISTAKE NO. 35 Not Making Sure Buyers Are Preapproved for a Mortgage; MISTAKE NO. 36 Using Only Short-Term Financing; MISTAKE NO. 37 Not Having Multiple Sources of Financing so You Can Transact More Deals; MISTAKE NO. 38 Spending Too Much Time Talking to Tenants, Worrying about Repairs, Doing Paperwork, and Making Very Little Money; MISTAKE NO. 39 Not Having a Systematic Way to Run Your Rental Business; MISTAKE NO. 40 Not Setting Up Minimum Standards in Writing When Selecting Tenants; MISTAKE NO. 41 Not Charging Tenants for Damages to Your Property; MISTAKE NO. 42 Not Screening Tenants Well Enough; MISTAKE NO. 43 Not Doing a Credit and Criminal Background Check on Everyone Who Receives a Key to Your Property; MISTAKE NO. 44 Not Having a High Enough Cash Flow from Your Rental Properties; MISTAKE NO. 45 Penalizing Bad Tenants but Not Rewarding Good Ones; MISTAKE NO. 46 Not Learning about Government Programs for Low-Income Tenants; MISTAKE NO. 47 Not Inspecting Properties Regularly; MISTAKE NO. 48 Attempting to Perform Your Own Evictions and Collections, and Getting Sued; MISTAKE NO. 49 Not Using Licensed, Bonded, and Referred Contractors and Repair People; MISTAKE NO. 50 Paying Too Much for Repairs and Not Getting Written Bids; MISTAKE NO. 51 Paying for a Repair or Construction Job before It's 100 Percent Completed; MISTAKE NO. 52 Not Having a per-Day Penalty for Contract Work That's Not Finished When Promised; MISTAKE NO. 53 Assuming That the Way You Think and Do Business Is the Way Other People Think and Do Business; MISTAKE NO. 54 Selling Your Property Instead of Holding It; MISTAKE NO. 55 Relying on What People Tell You, Not on What They Do; MISTAKE NO. 56 Letting Fear and Hesitation Keep You from Getting the Deal; MISTAKE NO. 57 Not Choosing and Working with Partners Wisely; MISTAKE NO. 58 Not Understanding How to Deal with Real Estate Agents as an Investor; MISTAKE NO. 59 Not Understanding the Difference between Being a Real Estate Investor and a Real Estate Speculator; MISTAKE NO. 60 Not Having Enough Rent Coming in to Cover All of Your Real Expenses; MISTAKE NO. 61 Not Setting Up Separate Bank Accounts and Accounting for Each of Your Real Estate Activities; MISTAKE NO. 62 Not Knowing Why You Are Really in Real Estate or What You Will Do with the Money You Make; MISTAKE NO. 63 Working Only on Making Big Deals When the Little Ones Pay the Bills; MISTAKE NO. 64 Thinking and Worrying Too Much, Then Losing the Deal; MISTAKE NO. 65 Not Understanding That Real Estate Investing Is a People Business; MISTAKE NO. 66 Not Making a Real Commitment to Being a Successful Real Estate Investor; MISTAKE NO. 67 Not Having a Mentor or Coach; MISTAKE NO. 68 Missing Out on Lots of Deals and Thousands of Dollars Because You Stopped Following a Deal; MISTAKE NO. 69 Not Making Additional Income from Deals That You're Doing Anyway; MISTAKE NO. 70 Not Focusing on the Activities That Will Make Money for You Today; MISTAKE NO. 71 Letting Your Emotions Rule Your Choice of Rehab Projects Instead of Analyzing the Numbers; MISTAKE NO. 72 Overrehabbing a Property; MISTAKE NO. 73 Not Finding out the Underlying Reasons Why People Are Selling Their Properties; MISTAKE NO. 74 Getting Too Greedy When Flipping to Other Investors; MISTAKE NO. 75 Not Being Generous with Your Partners and Coinvestors; PART II: THREE BONUS MISTAKES; MISTAKE NO. 76 Not Knowing to Ask for Owner's Terms; MISTAKE NO. 77 Failing to Aggressively Market Properties You Have for Sale; MISTAKE NO. 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; INDEX.
