Big Mistake New Investors Make after 15+ years of Investing
Having invested successfully through a full cycle and a half I can tell you the greatest mistake I see new investors make is one that once identified can be addressed quickly.
After all these years and thousands of conversations I see the same pattern emerge to often and it is frustrating.
I find new investors too frequently latch on to a Investing Style or Vehicle because they saw some successful person talk about how they did it. Then they go hey if they did it I can too.
This burst of excitement and energy feeds a circle of efforts, dollars and likely disappointment as the new investor finds out that this way of creating income or wealth is not as easy as once thought.
It is not about Wholesaling, Flipping, Notes, Seller Financing, Wraps, Probate, Mobile Homes, Storage Units, etc. These are all great ways to invest if you put in the homework first to learn your market.
When a new investor says I want to be a Wholesaler like Max Maxwell for example (Rock Star Investor and Great Guy by the way) they forget that Max first had to learn his market and put in the leg work. He didn't just declare he was a Wholesaler and start crushing it day one. He put in the work, refined over time and now he makes it look easy but trust me it is not.
Frankly this goes for any other type of Real Estate Investing in my opinion. Before you declare you are an "X" lets put in the work, evaluate your strengths and weaknesses and then lets see what is right for you.
You can do this but please put in work first to learn your market.