Being an investor can be tough and challenging. Why Some Investors Fail.
One of the most common reasons why investors fail is their lack of planning. Buying into the business is not enough, there is more beneath the surface when it comes to real estate investing.
Thinking you can do everything
A lot of property investors fall into the landlord mindset, believing that they can manage everything from screening the tenants, maintaining the property and everything in between. Although it is possible to handle everything yourself with just 1 or 2 properties, you will need to pump those numbers up if you want to achieve that retirement lifestyle you are aiming for.
Rent collection should be easy enough: “Mail me a check by the first of the month and I’ll deposit it.”
But what if the check doesn’t show up? That’s time you have to spend calling your tenant, listening to their excuse and waiting extra time to get your money. What if the tenant lies about the check being in the mail? What if the mail carrier misdelivers the check but your tenant is on vacation and can’t send a new one?”
Not valuing your time
If you want to be wealthy in the real estate business, go with the investor mindset. Have a great and reliable team that you can work with or ask advise from. Do not waste your time running around Home Depot when you can be spending that time looking for better properties or deals in the market.
If you need advise or if you want us to manage your property for you, please don’t hesitate to give us a call. We provide free one-on-one discussions that will help you plan a strategy or manage your business. Learn more about our Austin property management services.