Avoid These 3 Mistakes Most Real Estate Investors Make

What three things can you do to set yourself up for success?

Terrie’s recent discussion with multi-million dollar portfolio investor, Ahmed Seirafi, revealed three must-dos for any investor who’s after growth. 

Ready to hear this?

Tip # 1 – Surround Yourself With the Right People

Your parents said it—peer pressure can be a problem. But what if you could turn that problem into a super-power? The company you keep can significantly influence your success. Real estate investing is not just about buying properties; it’s about being part of a community that uplifts you. Attend meetups, join relevant Facebook groups, and nurture a network of professionals who can support your growth. It’s crucial to be intentional in selecting these individuals. Remember, your peer group and professional network can either fast-track your progress or steer you towards common mistakes.

Tip # 2 – Be Mindful of Professional Relationships

Make every professional interaction a win-win. To do this, you must understand how your team members and professional connections are compensated. If you “take” by consuming the time of a professional and that doesn’t in some way end up translating into dollars for them in the long run, you’ll quickly find they stop answering the phone. For instance, if consulting with a lawyer or real estate broker, recognize their time as valuable. If you don’t do a deal with the broker, consider compensating them for their insights with a consulting fee. 

If a coach or mentor has spent time on you—especially if it’s unpaid time—thank them for the opportunity and then implement what they suggest! Nothing burns coaches out faster than back-talk or lack of follow-through. 

This approach not only maintains healthy relationships but also ensures that you’re viewed as a respectful and professional member of the community.

Invest in Coaching and Knowledge

Embarking on a real estate investment journey without guidance is like sailing without a compass. Coaching and mentorship can provide you with the knowledge and strategies to navigate the market effectively. However, be cautious in selecting a mentor. Opt for someone genuinely interested in your success rather than just selling coaching sessions. Their experience and advice can be the difference between making a lucrative deal and falling into common investment traps. 

Tip # 3 – Embrace Being Coachable & Invest in Coaching

Be open to learning and applying the advice given by mentors and more experienced investors. There’s little value in seeking guidance if you’re not willing to implement their suggestions. Showing gratitude and being coachable not only accelerates your learning curve but also keeps mentors engaged and willing to share their knowledge.

Paying for coaching is the fastest way to compress time and get gains quicker. Make sure that you set some time and money aside to further your professional knowledge. Even the best, most experienced investors still take the time and money to pay for learning. In fact, the bigger they are, the more they’ve probably invested in their own education. 

Community & Relationships

Real estate investing is as much about building your portfolio as it is about relationships and community. By surrounding yourself with the right people, being mindful of professional dynamics, investing in your education, and being receptive to guidance, you can avoid the common pitfalls that many new investors face. 

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