Starting your multifamily real estate journey can be exciting, but it’s easy to fall into common traps that could derail your progress. Here are the top 5 mistakes new investors make—and how to avoid them: 𝟭. 𝗢𝘃𝗲𝗿𝗮𝗻𝗮𝗹𝘆𝘇𝗶𝗻𝗴 𝗪𝗶𝘁𝗵𝗼𝘂𝘁 𝗧𝗮𝗸𝗶𝗻𝗴 𝗔𝗰𝘁𝗶𝗼𝗻: Analysis paralysis is real. While research is crucial, at some point, you have to take the leap. Remember, no deal is perfect, but action gets you closer to your goals. 𝟮. 𝗨𝗻𝗱𝗲𝗿𝗲𝘀𝘁𝗶𝗺𝗮𝘁𝗶𝗻𝗴 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗡𝗲𝗲𝗱𝘀: Managing multifamily properties is no walk in the park. Easy answer should be to just hire a professional property management team to ensure your investment runs smoothly, right? But finding the right team to help you without gouging your profits can sometimes be tricky. (Keep reading and we'll share a resource for how to find the best property managers) 𝟯. 𝗙𝗮𝗶𝗹𝗶𝗻𝗴 𝘁𝗼 𝗕𝘂𝗱𝗴𝗲𝘁 𝗳𝗼𝗿 𝗥𝗲𝗽𝗮𝗶𝗿𝘀: Unexpected repairs happen. Always set aside a contingency budget to cover maintenance, repairs, and other surprises. 𝟰. 𝗡𝗼𝘁 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝗦𝘁𝗿𝗼𝗻𝗴 𝗡𝗲𝘁𝘄𝗼𝗿𝗸: Your network is your biggest asset. We're going to say that again: YOUR network IS your biggest asset. Surround yourself with other investors, property managers, and mentors to help guide your decisions and bring in new opportunities. Don't know where to find the quality people for your network? Hang on for 1 more pitfall and we'll share with you. 𝟱. 𝗡𝗲𝗴𝗹𝗲𝗰𝘁𝗶𝗻𝗴 𝗗𝘂𝗲 𝗗𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲: Always conduct thorough due diligence before purchasing a property. Ensure you're aware of any issues before committing, from structural problems to financial records. We have a whole checklist of things to check for in the due diligence period that you'll want to be sure you don't miss. Want to avoid these pitfalls and more? We're meeting with a whole group of new and experienced investors this week; keep an eye out for a sneak peak of how to get access to 2025! #wowlive #investsmart #realestatesuccess #realestateinvesting #multifamilyrealestate
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