Bad Real Estate Birddog Decisions – Lesson 14

Another mistake that new real estate investors and real estate bird dogs make is the “bad buying decision”.  They pay more (or get a written contract) for a property for more than it’s worth in its current condition.

These are decisions and situations that are easy to make when you are new and hungry for a deal – any deal. But, paying too much for a property is hard to recover from financially.  If you are a bird dog, and not buying the property, you will not have any financial risk, but you have still wasted an enormous amount of time.

So don’t make any irrational decisions; take a breather and think it over. Because once an investor is upside down in a property, they can only sell the property at a loss or hope that market-wide appreciation bails them out before it’s too late.

At any given time, there are hundreds to thousands of properties across the country for sale, but only a few are really worth pursuing. You must learn to use your time wisely. It doesn’t matter how much time you put forth, it only matters how you use what time you have. In other words, what good is it to be a full-time property investor if you don’t know what you’re doing? You’ll only run around in circles, without ever buying a single piece of property. Take the time to learn and master good search and bargain techniques, and like we said before, don’t quit your day job just yet!

Filed under: Real Estate Bird Dog Training • Real Estate Bird Dogs

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