Being a real estate investor in Kamloops city is one great thing especially now that there are lots of financial constraints. You need to think in that direction even in time to come. But truth be told, newbies make lots of mistakes when investing in this industry. However, as they get to grow their portfolio, things change because they get more experience. The question is even if you are a newbie and can learn from the mistakes done by others, why put your foot in there? Below are common mistakes you should avoid as a seasoned real estate investor in Kamloops:
Stopping to do the necessary due diligence
This one cannot be overstated, but many seasoned investors do not do their homework as well as due diligence on some deals. Well, it could be because you are now acquainted to a little more other things in the industry and can make quick decisions. It is not wrong being so, but this does not mean you do not have to run your numbers right and even ensure that the deal you are intending to buy makes sense financially.
Stopping to mingle with old friends or people who have more success
Truth be told, anywhere in the world, it is easier for seasoned investors to surround themselves with very new investors than the old investors. You will find that many investors enjoy helping those who are starting out or teaching a few others about their own mistakes. It is great and there is nothing wrong with that, especially when it comes to business!
But it is still very important for you as a seasoned investor to also surround yourself with those investors who have more experience and success. If for instance you own thirty units within the Kamloops area, it is prudent to find someone who owns a hundred units in the same or even different region. There is this old adage; you become who you surround yourself with.
Trying to do everything by yourself
You may have heard of a few friends in your local club that have made this mistake already. Honestly, if you don’t think about it, you can still be successful but never build a team. The question is how will you be able to grow? One might think that because they own forty units, they should quit their day job because they run a very successful business. If you need to find help rehabbing your property, it is the highest time you do so even if it seems a challenge finding a great contractor. If your time is maxed out at forty units, you won’t grow if you are trying to do it all by yourself.
Failing to reassess or review your plan all the time
According to some reports, seasoned investors may or may not see the need to grow their portfolio. In fact, quite a good number will grow their portfolio to some point and then focus much on managing it instead of going on with building it. You still need a plan to keep yourself focused and also to assess your plan on an ongoing basis. Look at some of the big companies and perhaps athletes. You will be surprised that they have worked to ensure their continued success by reassessing their plan and continuing to commit themselves to goals and actions.
Neglecting or failing to use new technology
If you hear something about new technology especially from the younger people than you are, don’t look down upon it. It can be a great resource to your success. You can even ask someone else about what it is all about, especially if it is in your line of business. Don’t think you are far behind, there are so others who are sailing in the same boat and you can take advantage of this to beat them quite easily with this new technology. You have better room to grow if you actively use social media and optimize your website.
Failing to seek new financing strategies
Don’t make the mistake of getting in the habit of paying your bills and failing to review your financing strategies often enough. Even if you have grown this much, don’t avoid looking for private money. It is prudent to continually review your financing strategies and even look for other ways to improve your financial situation.
Stopping to sharpen the saw
Read a few of the business books and you will know how important it is to sharpen your saw. This could mean finding time for yourself physically, mentally and spiritually, both in your real estate business and in your life in general.
At Jeremy Reid PREC, we readily assist investors who are looking for Kamloops homes for sale. If you are looking to invest in this region’s real estate, do contact us today because we have a lot more information to share which will add to your advantage.