Mistakes to avoid if you’re new to real estate investing in Michigan

Making mistakes is a fact of life no matter what your profession or your experience level.  That being said, there are a lot of mistakes that beginner real estate investors make that you can avoid if you know just a few tips. Those tips are below, so read along and take them to heart as they will save you time, energy and money.

Buying at market value straight off of the MLS listings is a mistake that almost all beginner investors make. Better to find a deal on a distressed property (there are always a few of them in any market) and cherry pick from the best. You'll usually be able to pick them for 70% or less of their actual market value.

Getting emotionally involved is something that many new investors do, and it's a mistake that almost always costs them a lot of money.  Never, and I repeat never, let your emotions get in the way of making any investment decisions. Find properties that fit your criteria, filter out any that don't, and pick the best. Leave your emotions at the door.

Leaving themselves only 1 Exit Strategy is a major mistake that newbies make all the time. It is absolutely essential that you have multiple exit strategies to avoid getting behind on payments and upside down on a loan. If you buy below market you will always have the option to sell, lease, rent or refinance, among other things.

If you buy a home in a warzone you're almost always going to lose, even if the price is 80% of market value.  If the area the house is located in is crime-filled and unstable you will have problems. Better to buy in a stable area and spend a little more.

Follow these tips, use your street smarts and keep your emotions out of the game and you'll make far less mistakes than most.  Good luck.

About the Michigan Real Estate Investing club

The Michigan Real Estate Investors Club meets the 3rd Thursday of each month to give property investors, realtors and companies who provide real estate services the opportunity to network and learn from each other. The club is free to join, open to the public, and there are no pre-registration requirements. Simply show up at a meeting and enjoy the latest information from successfulreal estate entrepreneurs who are happy to share all their secrets to success.


Mark Maupin












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