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Even the most seasoned and experienced real estate developers can make mistakes. Rusty Tweed wants to help others to avoid some of these mistakes or decisions that in the end, will not be very profitable. He said that real estate mistakes are more common than people realize and that it is important for people to familiarize themselves with the mistakes that can happen so they can attempt to avoid making them.
Think Longer Term
Patience is very important when it comes to real estate. Rusty Tweed said that many times people building wealth through real estate jump on what they think is a good deal before researching the property properly or waiting it out to purchase the real estate at a lower price. Rusty Tweed said that patience can be your best friend when you want to reap the benefits from real estate.
Spending Too Much Time and Money
Rusty Tweed said that even seasoned real estate professionals may fall into the trap of paying too much for an investment property. He said that this is one of the most common mistakes when it comes to real estate, and it can also be the most expensive mistake. He said that people need to be very well-informed when the market value of the property and to look at the proper analytics before making an offer. Rusty Tweed said that you should look into the real estate comps for the area in which the property is located to be able to determine the correct price to offer.
Negotiate
It is important in real estate, according to Rusty Tweed, for both buyers and sellers to look out for their own best interests in to attempt to negotiate a better price. He said that a good negotiator will stand firm in their position but also know and understand that compromise can be necessary.
Failure to Plan for Expenses
Rusty Tweed said that one of the biggest mistakes made in real estate is failing to plan ahead for possible property expenses. He said that when buying a rental property, for instance, people need to consider how much the ongoing maintenance costs will be as well as any potential renovations or upgrades to the property that will need to be made.
Rusty Tweed has decades of experience in the real estate market as well as entrepreneurship and knows very well the mistakes that can be made in the real estate market.
