Gary Pinkerton sums up the first 18 mistakes that Jason Hartman discussed in the previous episode, and then wraps up the 30 fatal mistakes investors make with numbers 18-30. In this episode Gary not only explains the 12 remaining mistakes, but details how he fell into the trap of several of them, and how you can avoid them.
So how are investors hurting themselves?
- They Gamble on their investments
- Not asking for a Bail-Out (loan mod, Prop Mgr concessions, seller concessions)
- Not having Enough Confidence and Faith in themselves
- They are Afraid to Grow, to Learn…so they don’t act
- Simply don’t use Prudent Financial Planning Techniques
- Not Consistently Pushing Forward, planning for the next move (always in escrow)
- They Don’t Diversify Geographically (4-5 markets is sweet spot)
- Become too Committed to Current Market (must remain Area Agnostic)
- Have too much Equity in Properties (R.E. is not a good bank)
- Invest in Properties that are NOT a Necessity (#9-Inv only where there is Universal Need)
- Not Sticking to the Acquisition Plan
- Not Embracing the Fragmentation (R.E. is a personal services business, use to your financial adv)