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The Journey to a Six-Figure Real Estate Portfolio: 5 Mistakes to Avoid

Megan Galane
April 16, 2024
The Journey to a Six-Figure Real Estate Portfolio: 5 Mistakes to Avoid

Today, I want to share some valuable insights from my journey in real estate investing. I’ll be discussing the five mistakes I made while building my six-figure real estate portfolio. So, grab your pen and paper, and let’s dive in!

1. Waiting Too Long to Ask for Help

The first mistake I made was waiting too long to ask for help. I was trying to manage 19 vacancies in my properties while running a property management company on my own. It was overwhelming. The moment I sought help and hired a third-party property manager, things started to improve. The lesson here is to delegate tasks that don’t align with your strengths and hire experts when necessary.

2. Taking on More Projects Before Having Proper Systems

The second mistake was taking on more projects before I had the systems to handle them. I bought a 20-unit multifamily apartment complex without having the systems in place to manage it. The value of focus cannot be overstated. It’s crucial to finish one project at a time and move on to the next one only when you’re ready.

3. Not Running Numbers by More Experienced Investors

The third mistake was not running my numbers and scenarios by other investors to see where the gaps were. For instance, I didn’t realize that the previous landlord was paying all the water bills for my 20-unit apartment complex. This oversight affected my bottom line. Now, I have a fractional CFO who loves spreadsheets and figures things out for me.

4. Operating in Roles That Don’t Align with My Strengths

The fourth mistake was operating in roles that didn’t align with my strengths. I was trying to manage properties and answer property management questions, which wasn’t my passion. My love is coaching people, helping them overcome their limiting beliefs, and guiding them in their real estate journey. Recognizing this helped me delegate property management to experts and focus on what I love doing.

5. Not Investing in Myself on the Level of Growth I Desire

The final mistake was not investing in myself on the level of growth I desired. I struggled to reach the million-dollar mark until I invested in a coaching program. That investment propelled me to reach my goal in less than a year. It’s essential to invest in yourself and hire experts to help you grow.

In conclusion, building a real estate portfolio is a journey filled with lessons. The key is to learn from your mistakes and those of others, and to not be afraid to seek help when needed. Remember, it’s about people over profit. Align your rental strategy with the season of life you’re in, and success will follow.

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