You DONT Want to Make These Mistakes If You Are a New Real Estate Investor
youtu.be
Real estate investor Sam shares his top mistakes that have cost him a lot of money. One of the most common mistakes he discusses is over-rehabbing properties, where investors put expensive finishes in areas where they are not needed. Sam advises investors to look at what the market is bearing and make the same finishes or slightly higher if they want to have fun. He also warns against going over the top because areas can only hold a certain dollar value. Another mistake he admits to is not getting insurance or the proper insurance on one of his developments, which cost him around $150,000 in damages and repairs. Sam advises real estate investors to make sure they have insurance on all their properties, whether they are doing a flip or keeping it as a rental property.
Sam also shares his experience of not checking on tenants, which can lead to small issues turning into big ones and costing a lot of money. He advises getting into the property a few times a year to inspect it and see if the tenant is taking care of the property or not. Additionally, he shares examples of his own mistakes, such as over-rehabbing houses and not doing enough research on a property, which led to a loss of money.
Overall, Sam emphasizes the importance of doing thorough research before investing in a property, getting professional inspections, having a good team, and knowing when to ask for help. He also promotes his podcast, "Ordinary Guys Extraordinary Wealth," where he and Lucas share financial and entertaining lessons on real estate investing.
Real estate investor Sam shares his top mistakes that have cost him a lot of money. One of the most