{"id":1163,"date":"2021-11-24T16:54:00","date_gmt":"2021-11-24T16:54:00","guid":{"rendered":"https:\/\/WWW.litpoodle.com\/blog\/?p=1163"},"modified":"2022-09-15T11:33:56","modified_gmt":"2022-09-15T11:33:56","slug":"avoid-mistakes-as-a-real-estate-investor","status":"publish","type":"post","link":"https:\/\/www.litpoodle.com\/blog\/avoid-mistakes-as-a-real-estate-investor\/","title":{"rendered":"How To Avoid Mistakes As A First-Time Property Investor"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1163\" class=\"elementor elementor-1163\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a3a5a36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a3a5a36\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47de187\" data-id=\"47de187\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-05ea72c elementor-widget elementor-widget-text-editor\" data-id=\"05ea72c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.5.4 - 23-01-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><em>The investor\u2019s chief problem\u2014and even his worst enemy\u2014is likely to be himself. <\/em><em><br \/><\/em><em><br \/><\/em><em>\u2013 Benjamin Graham<\/em><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4699d90e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4699d90e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7cfc29e9\" data-id=\"7cfc29e9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6465ca0 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"6465ca0\" data-element_type=\"widget\" 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i{font-size:var(--marker-size,.5em)}.elementor-toc__list-item-text-wrapper:before{font-size:var(--marker-size,1em)}.elementor-toc--content-ellipsis .elementor-toc__list-item-text{white-space:nowrap;overflow:hidden;-o-text-overflow:ellipsis;text-overflow:ellipsis}.elementor-toc__list-items--collapsible>.elementor-toc__list-wrapper>.elementor-toc__list-item>.elementor-toc__list-wrapper{display:none}.elementor-toc__heading-anchor{position:absolute}.elementor-toc__body .elementor-toc__list-item-text{color:var(--item-text-color);-webkit-text-decoration:var(--item-text-decoration);text-decoration:var(--item-text-decoration)}.elementor-toc__body .elementor-toc__list-item-text:hover{color:var(--item-text-hover-color);-webkit-text-decoration:var(--item-text-hover-decoration);text-decoration:var(--item-text-hover-decoration)}.elementor-toc__body .elementor-toc__list-item-text.elementor-item-active{color:var(--item-text-active-color);-webkit-text-decoration:var(--item-text-active-decoration);text-decoration:var(--item-text-active-decoration)}ol.elementor-toc__list-wrapper{counter-reset:item}ol.elementor-toc__list-wrapper .elementor-toc__list-item{counter-increment:item}ol.elementor-toc__list-wrapper .elementor-toc__list-item-text-wrapper:before{content:counters(item,\".\") \". \"}@media only screen and (max-width:-1px){.elementor-toc--minimized-on-tablet_extra .elementor-toc__body{display:none}}@media only screen and (max-width:1024px){.elementor-toc--minimized-on-tablet .elementor-toc__body{display:none}}@media only screen and (max-width:-1px){.elementor-toc--minimized-on-mobile_extra .elementor-toc__body{display:none}}@media only screen and (max-width:767px){.elementor-toc--minimized-on-mobile .elementor-toc__body{display:none}}<\/style>\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h4>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\"><i class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\"><i class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c1618e0 elementor-widget elementor-widget-text-editor\" data-id=\"1c1618e0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<!-- wp:paragraph {\"align\":\"center\"} --><!-- \/wp:paragraph --><!-- wp:heading -->\n<p>As a first-time <strong>real estate investor<\/strong>, your very first reaction to this statement is probably denial. \u201cNot me\u201d, \u201cI won&#8217;t make those mistakes\u201d, \u201cI am not one to be fooled\u201d are thoughts running through your mind right now. This is a cognitive bias you are experiencing. Here your mind is simplifying information and even relating it to past experiences. <br \/><br \/>Truth be told, there is no precedent to real estate investing even if you have invested in stocks, gold, or cryptocurrency before. Investing in Real Estate is akin to exploring a new territory altogether. It\u2019s not as volatile as stocks, gives a higher yield than gold and the interest on your savings account. This is probably why 93% of Americans believe a home is a better investment than stocks<sub><sup>1<\/sup><\/sub>. It definitely lies within a \u2018<a href=\"https:\/\/www.litpoodle.com\/blog\/real-estate-investing-vs-stocks\/\">safer investment zone<\/a>\u2019 but also one where mistakes can cost you and cost you big.<\/p>\n<h2><strong>Real Estate Investors &amp; Beginner&#8217;s Luck\u00a0<\/strong><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>First-time <strong>real estate investors <\/strong>don\u2019t go in thinking of the mistakes they will make when investing. They go in thinking of the yield they will gain and consequent profits. We all subconsciously hope for our beginner\u2019s luck to favor us. Real Estate Investing is not luck, it\u2019s math. <br \/><br \/>There is a scientific process associated with investing that involves knowing, among other factors, your neighborhood, the growth rate of the region, rental yields, HOA rules, and more. It\u2019s a methodical process. So relying on luck or incomplete information is a red flag.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><strong>The Mistakes You Can Avoid As A First Time Real Estate Investor<\/strong><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>\u201cDoes understanding the process mean I won\u2019t make <em>any<\/em> mistakes?\u201d No. Mistakes are part of the process of investing, especially for first-time <strong>real estate investors<\/strong> &#8211; it\u2019s inevitable. Understanding the process helps reduce the scale of loss associated with these mistakes. \u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Here\u2019s a look at some common mistakes that first-time <strong>real estate investors<\/strong> are prone to making.<\/p>\n<h2>1. <strong>Investing Because \u2018Everyone Said So\u2019<\/strong><\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>In a survey of 2,020 millennials, it was found that 38% search for investment advice for free online<sup>2<\/sup>. This is a good first step but cannot help you make the final decision. Investing should be a personal decision based on multiple aspects.<br \/><br \/>One you take after considering your finances, investment goals, and future plans. This also means that you need to do the research yourself by looking at <a href=\"https:\/\/www.litpoodle.com\/blog\/\">property investment apps<\/a> or reading credible material.\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading -->\n<h2>2. <strong>Investing Because \u2018It\u2019s In The Same Region\u2019\u00a0<\/strong><\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>Let\u2019s begin with stating that there is nothing wrong with investing in property in your own region. Oftentimes investing in property in your region is easier, faster, and a fairly more transparent process. You have deeper clarity on the growth rate, economic situation, and rental yield of all neighborhoods in your region. Yet if your region doesn\u2019t offer high rental yields, has a higher migration rate or high median rates, then it\u2019s good to widen your horizons.\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>The mistake first-time real estate investors make is to &#8216;settle for less&#8217; since the property is in their own region. Remote buying is an option that\u2019s not considered. Technology has made virtual home tours possible. Almost 77% of Americans already do virtual tours before a real property visit<sup>3<\/sup>. Remote buying is also here to stay since it\u2019s predicted that remote work is expected to increase by 87% since the pre-pandemic levels<sup>4<\/sup>.<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>You can now interact with agents and even close deals in a different region. Applications like <a href=\"https:\/\/www.litpoodle.com\/\">Litpoodle<\/a> are designed to <a href=\"https:\/\/www.litpoodle.com\/faq\">simplify remote buying<\/a>. The application helps you identify the best remote areas and growth rates complete with forecasts. The insights give you information that only local buyers would be privy to.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading -->\n<h2>3. <strong>Investing Because it\u2019s Cheap<\/strong><\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>Paying less can sometimes mean more trouble. As a first-time <strong>real estate investor<\/strong> you may want to make an immediate offer on a property that is cheap because it aligns perfectly with your budget. It may seem like a deal made in investment heaven but it\u2019s important to approach it with caution. <br \/><br \/>Make sure to research about the factors that affect quality of life (safety for example) in the area, explore if the property is under litigation, and keep a lookout for any environmental issues that may lead to a decrease in rates. While you may buy it for cheap, do consider how hard it will be to rent it or sell it.\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>So to avoid this common investment mistake ensure you do your research. Ask questions to the agent, do a thorough inspection of the property and its surroundings.\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading -->\n<h2>4. <strong>Investing Because It Looks Perfect In Pictures and I Don\u2019t Need to See It.<\/strong><\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p><br \/>The perfect place can wait. Yes, you made an offer and so did 100 other <strong>real estate investors<\/strong>. Yet it&#8217;s wise to inspect the property in person. Whether you are buying locally or remotely, don\u2019t invest in a property without seeing it. You don\u2019t want to know that your house needs expensive repairs and maintenance after paying for it. <br \/><br \/>Don\u2019t completely rely on attractive videos or images, or the words of the sellers. Go to the neighborhood to get a sense of the place. Walk around the home and inspect everything. This gives you deeper insights into the repair costs you can expect.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading -->\n<h2><strong><br \/>5. Investing Because It Offers High Rental Yields<\/strong><\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>Are we against high rental yields? Of course not. That\u2019s the reason <strong>real estate investors <\/strong>are in this in the first place. Yet high rental yields can mean nothing if the economic growth of the region as a whole is on the decline. This will push people to other regions, reducing the volume of renters and leading to higher vacancy. So although the theoretical rental yield might be high, your returns might be low when considered the effect of higher vacancy.<br \/><br \/>Research plays an important part here too. Learn about the region and neighborhood, keep an eye out for local news to understand if jobs are being created or if new industries are being set up. This will tell you whether the place will see a huge influx of people who can be potential renters.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading -->\n<h2>6. <strong>Investing without considering the HOA rules<\/strong><\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>The HOA (Home Owners Association) is an integral part of the housing community. There are many neighborhoods that opt for HOA. When you are buying a property that is in a HOA neighborhood, go through the HOA rules and regulations with a fine-tooth comb. The HOA maintenance charges are usually a huge deterrent for renters. Add to that arbitrary rules and regulations, and renters will flee. As a first-time <strong>real estate investor<\/strong>, you don\u2019t want to deal with whimsical rules. <br \/><br \/>So don\u2019t make this mistake by ensuring you are aware of every rule written down by the HOA.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading -->\n<h2>7. <strong>Buying Because I Trust The Agent<\/strong><\/h2>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>You need to trust your agent &#8211; we are not contesting that. It\u2019s equally important though to trust your agent&#8217;s credibility, experience, and expertise. So make sure you work with a licensed agent who is reputable. Not working with a good agent can lead to concerns at a later stage in the investing process. A good agent on the other hand will lookout for any potential issues and flag them early, thus helping the investor avoid many a hassle.<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>On LitPoodle every agent is vetted so that investors can have peace of mind. Its features are designed to help real estate investors like you avoid common investing mistakes by empowering you with the information you need &#8211; providing you with the insights on best regions to invest in, neighborhoods with high rental yields, and forecasts on your property value. This makes LitPoodle the perfect real estate investment app for first-time investors.<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p><strong>Sources<\/strong><\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.keepingcurrentmatters.com\/2021\/04\/14\/93-of-americans-believe-a-home-is-a-better-investment-than-stocks\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.keepingcurrentmatters.com\/2021\/04\/14\/93-of-americans-believe-a-home-is-a-better-investment-than-stocks\/<\/a><\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.businessinsider.in\/international\/news\/half-of-millennials-go-to-a-friend-family-member-or-partner-for-money-advice-regardless-of-how-much-they-earn\/articleshow\/78114946.cms\" class=\"broken_link\" target=\"_blank\" rel=\"noopener\">https:\/\/www.businessinsider.in\/international\/news\/half-of-millennials-go-to-a-friend-family-member-or-partner-for-money-advice-regardless-of-how-much-they-earn\/articleshow\/78114946.cms<\/a><\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.meero.com\/en\/news\/real_estate\/944\/2739-the-power-of-virtual-reality-tours-in-real-estate-en\" class=\"broken_link\" target=\"_blank\" rel=\"noopener\">https:\/\/www.meero.com\/en\/news\/real_estate\/944\/2739-the-power-of-virtual-reality-tours-in-real-estate-en<\/a><\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.census.gov\/library\/stories\/2021\/10\/zillow-and-census-bureau-data-show-pandemics-impact-on-housing-market.html\" target=\"_blank\" rel=\"noopener\">https:\/\/www.census.gov\/library\/stories\/2021\/10\/zillow-and-census-bureau-data-show-pandemics-impact-on-housing-market.html<\/a><\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/best-worst-cities-own-investment-090000378.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAB914Zgj_iM3uIVo1PpZtzp6ZHBWoip_J5xEjXTBTtzUMBy6QcN5Rzm4M5t-dLneb1jynHZjIwNecd3-y4SZZQJGy9Ry9OuQCdTjiCMEdgAylKTyn299hSJgED-Gop-D4ie3vpnwgghlIAYjafEwzB-a8vS22VkKXwKYUadUhRDu\" target=\"_blank\" rel=\"noopener\">https:\/\/finance.yahoo.com\/news\/best-worst-cities-own-investment-090000378.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAB914Zgj_iM3uIVo1PpZtzp6ZHBWoip_J5xEjXTBTtzUMBy6QcN5Rzm4M5t-dLneb1jynHZjIwNecd3-y4SZZQJGy9Ry9OuQCdTjiCMEdgAylKTyn299hSJgED-Gop-D4ie3vpnwgghlIAYjafEwzB-a8vS22VkKXwKYUadUhRDu<\/a><\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The investor\u2019s chief problem\u2014and even his worst enemy\u2014is likely to be himself. \u2013 Benjamin Graham Table of Contents As a first-time real estate investor, your very first reaction to this statement is probably denial. \u201cNot me\u201d, \u201cI won&#8217;t make those mistakes\u201d, \u201cI am not one to be fooled\u201d are thoughts running through your mind right [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[8,144],"tags":[],"_links":{"self":[{"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/posts\/1163"}],"collection":[{"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/comments?post=1163"}],"version-history":[{"count":42,"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/posts\/1163\/revisions"}],"predecessor-version":[{"id":8013,"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/posts\/1163\/revisions\/8013"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/media\/2030"}],"wp:attachment":[{"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/media?parent=1163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/categories?post=1163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.litpoodle.com\/blog\/wp-json\/wp\/v2\/tags?post=1163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}