Top 5 Real Estate Investing Mistakes that Could Cost You
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Ken McElroy discusses the Top 5 Mistakes People Make When Investing in Real Estate - Find out the most common mistakes investors make when buying property and how to avoid them. Learn why the market is more important than the property itself and why falling in love with a specific property can be a costly mistake. Don't miss out on this valuable advice and make sure to subscribe for more real estate investment tips!
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00:00 Mistake 1: Overvaluing Property Over Market
Ken emphasizes the importance of the market over the property, using examples from Detroit and Sicily to illustrate how beautiful properties can become worthless in a declining market.
01:47 Mistake 2: Selling at Market Peak
Ken discusses the pitfalls of selling properties at their market peak, explaining the benefits of cash-out refinancing and the concept of good versus bad debt.
03:55 Mistake 3: Misconceptions in Raising Capital
The focus is on the challenges and misconceptions associated with raising capital, cautioning against the influence of online influencers and underscoring the importance of experienced investors.
05:39 Mistake 4: Self-Managing Properties
Ken highlights the risks of self-managing properties, emphasizing the critical role of experienced property managers in the investment process.
07:30 Mistake 5: Relying on Wall Street Money
Discusses the drawbacks of depending on Wall Street funding, advocating for tapping into Main Street resources for better pricing and timing alignment with market conditions.
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ABOUT KEN:
Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor.
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Пікірлер: 9
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
@SerinaGliues
7 ай бұрын
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I love that you go straight to the point
Ken, please make a video on how to find a mentor. It has proven to be very difficult for me.
Thank you for the tips, they are excellent. Definitely has me got me thinking, I want to take advantage of the market right now and swap a house I inherited for a better one, it was in bad shape, in an up and coming neighborhood, so I am adding value by making it like a new home so I can get top dollar. Then I planned on reinvesting this in another cash flowing property in a better area, in a house that is nicer than my own, so the rental will pay for the mortgage on my house, and I wont have to go above 50% LTV so I can keep a good equity buffer incase of a downturn.
Ken, i wish you wrote a book on how you purchased over 10k units and how you built syndication business
Getting investors to finance deals is easy. The difficult part is when they sue you.
Real estate exists for jobs if there are no jobs there is no real estate.
Flint MI.