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One of the common mistakes is buying site unseen. A high percentage of the deals that lost me money were because we did not see them in person. I do not recommend buying site unseen unless it is a super good deal.
The second way to lose money is by not holding contractors accountable. There are many ways to lose money with contractors, and I list some of the red flags to look out for when working with contractors.
The next mistake is believing tenants. Tenants always give every story in the book, but at the end of the day, you are not receiving money from the tenants. Long story short, I delegate everything to my property manager.
Another mistake is being overly optimistic. This can occur with underestimating rehab costs, overestimating ARV, underestimating the project’s timeline, the list can go on. Use logic and not emotion when investing in real estate!
Another mistake is not being pushy. The people who are constantly calling the realtors trying to get a deal, are going to get the deal before the guy only calling once trying to be polite. This applies to contractors, lenders, everybody.