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Real Estate Investing Mistakes – interview with Steve Dexter

Steve Dexter, a foreclosure and mortgage specialist, has been investing in real estate for a couple of real estate cycles. He has found a way to prosper in the wave of foreclosures.

Layla: Steve, what are 3 – 4 biggest mistakes real estate investors make?

Steve: There are more than 3 or 4 mistakes.

1. I think the biggest mistake is relationships they have. Investors need to have mentors or teams that are seasoned and experienced in the long term in real estate.

2. Real estate investors catch on to the latest fad and they buy simply because it is a fad and everybody else is buying. Witness the last 3 – 4 years, so many people bought condos, condo conversions, out of state in areas they did not understand or even go in, in this positive cash flow. I think many of them are sad to find out that the positive cash flow is elusively, it is had to find in some of these areas that they don’t know about.

3. Real estate investors ended up in financing they don’t understand. We are seeing a lot of people in foreclosures (including a lot of investors) now because they don’t have the loans that they understand. They don’t know how these loans re working and these people are in areas that do not rent as quick. We are seeing rates in the Midwest are higher than on the coast so those take longer to rent and the tenants tent to be a little flakier. We are seeing people that bought also at the wrong time of the market. When you see everyone buying real estate, that is NOT the time to purchase real estate.

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