Let's Brainstorm - Why do most REIs fail that start out?

Here's my answer -

A Real Estate Investor is not just a flipper, retail-rehaber, buy and holder, etc.

A Real Estate Entrepreneur will make money in any market using real estate or real estate services.

The word "invest" to me connotates buy and hold for a gain.

I feel the #1 reason why REIs fail is

• not getting a grounding in creative finance and
• being able to LISTEN to the seller, ask the seller good questions, give 2-3 creative offers on well "farmed" simple 3-4 B homes near good schools and services so you will always find tenants or tbers.

If you can't buy right creatively (seller carry equity, lease purchase, sub2, Land Contract, etc.) for little capital and/or get Private Money from OPM for all cash purchases (avoiding banks) at SEVERE discounts, especially in this fantastic BUYER's market, IMHO, that is a REI's greatest challenge and #1 reason for failure.

What is your opinion why RE Investors, once begun in earnest, fail?

Brian