Below is a list of the top ten mistakes made when investing in Canadian real estate:
1. Waiting too long before answering leads and only calling leads back once.
2. Thinking only short term (weekly or monthly cash-flow) instead of focusing on long-term benefits, such as equity build-up, tax benefits and appreciation of the property.
3. Give up an investment because of a home inspection rather the negotiating a solution that will benefit you.
4. Focusing on one buyer at a time rather than creating a competitive environment.
5. Working with people such as mortgage brokers, lawyers or accountants that are not specialized in real estate investments.
6. Neglecting to ask someone with more experience for help.
7. Neglecting to treat a real estate investment as a business transaction.
8. Forgetting to establish a process or a plan before beginning to invest.
9. Forgetting to study the market demand and simply focus on getting a good deal.
10. Trying to save an insignificant sum when negotiating the purchase which can result in substantial losses in terms of future profit.
For more information visit The Real Estate Renegades website.