4: Real Estate Newbie? 5 Must-Know Mistakes (and How to Sidestep Them!)

Welcome back to the Wealth Within Reach podcast! 

In today’s episode, we dive into the world of real estate investing for beginners, highlighting the five critical mistakes often made by newbies and ways to avoid them. 

Throughout the discussion, we uncover the significance of mindset in real estate investing and how it can either propel or hinder success. From emphasizing important needs for aspiring investors to understanding the nuances of cash flow, to the complexities of dealing with contractors, this episode is going to guide you through your real estate journey as easily as possible! 

So, join me in this discussion of practical insights, experiences, and tips to guide a newbie like you in the real estate industry! Tune in.

KEY POINTS:

- Common mistakes in real estate as a rookie and best practices to avoid them 

- On separating business and personal finances 

- How your mindset can hold you back as a real estate investor

- On having a clear management plan 

- The importance of having the right expert

- On dealing with contractors in real estate investing

QUOTES:

“Rental income minus mortgage does not equal cash flow. No matter what the rental real estate influencers say, it’s not true.” — Erika Brown 

“Contractors are probably the hardest part about real estate investing. It's definitely harder than finding the money, it’s definitely harder than financing.” — Erika Brown 

RESOURCES: 

[SAVE YOUR SPOT!] Ready to elevate your real estate journey? Join me at the Owning It and Living It Experience from November 1st to 3rd at the Intercontinental Hotel in Buckhead, where you not only have the chance to win a fully renovated house but also immerse yourself in a unique event that blends black and brown culture with invaluable real estate insights—secure your ticket at https://experience.owningitandlivingit.com/ before prices go up. I can't wait to see you there!

Erika Brown

IG: @erikabrowninvestor

LinkedIn: @erika brown



Wealth Within Reach is produced by EPYC Media Network