No one embarks on any endeavor with the intent of failing. Any new project or career move requires some careful analysis, feedback and a bit of courage. For those content with taking a pay check on the 1st and 15th of each month and socking away some funds in a 401(k) then becoming an active realavoid these three traps estate investor is probably not the best path. Some are find just the way they are.

Yet for those who have decided to move into real estate know they will essentially be self-employed. No time clock to check, no parking space at the office, no two week vacation. But for those going head first into real estate investing, if you make these mistakes, your new career will be short-lived.

Where are you going and how will you get there? This is a matter of goal setting. When self-employed, you need to gauge your progress regularly. Set both short term and longer term goals. Want to buy your first deal in 60 days? How will you do that? Where will you find the property and who will help you reach your 60 day goal? Longer term? At which point do you quit your day job? When do you want to retire and how much wealth will you have gained? It’s crucially important to set achievable goals and review them regularly.

Don’t get too nervous to pull the switch. It’s not uncommon to get cold feet on the first deal. Or even the second or third. Yet once you’ve made the decision to jump on a deal, don’t delay. If the numbers do wok out, there are other investors who will reach the same conclusion and buy that property out from under you. While you were evaluating, others were actuating.

Don’t be shy. Flying solo through all this is a fool’s game. Making a Real Estate Investing mistake can cost you. If you make a bad decision a duplex isn’t the sort of thing you can return to get your money back. It’s yours. Find quality partners who specialize in real estate such as attorneys, real estate agents and contractors.

Successful real estate investors swear to these three principles. If you think you can recognize these potential pitfalls and avoid them altogether, you’ll soon become one of those successful real estate investors as well.