The number 1 mistake that everyone makes when it comes to any medium or large projects is taking on too much responsibility.
I’m no stranger to this mistake, I am a perfectionist who has the “I-can-do-this-faster-better-AND-lower-cost-than-xyz” attitude.
- 5-10% of my rent for some guy to collect the rent and take some calls?
- 1hr of “work” to look at my furnace for 15mins?
- Commission to the real estate agent for a house I found myself online?
Sure, if you are competent and made enough money to play the real estate investing game, you can definitely do all those tasks yourself. So why is it a mistake then? Simply put, it is not your role.
Remember you are an investor now. It is the money’s job to make you money. You already did the dirty work in your other J.O.B to make that first pot of gold. Enjoy the fruits of your labour, instead of becoming a labourer in a different field.
Pro’s always make things look easy, and outsiders will always enviously comment on how lucky they appear to be. Not realizing that the pro’s actually preemptively avoided the majority of the issues via experience.
Over the years, we have developed a team of battle tested contractors, realtors, mortgage brokers, lawyers, property managers, etc. The most dangerous things in any scenario are the unknowns, and you really don’t know what you don’t know until everything goes wrong and you scramble for solutions.