Today’s guest post is courtesy of Joseph Hogue, a man who once dreamed of becoming a real estate mogul and fell flat on his face. He lost it all when real estate investing and had to climb his way out of a big hole.
I landed an internship as a commercial real estate agent during my third year of college. I worked 15 hours a week writing up investment prospectus for properties and finding investors for a new business park the company was developing.
My biggest real estate mistake is a trap many fall into and one created by the get-rich books and promoters. These books present real estate as a passive income source where all you do is finance a portfolio of rental properties and wait for the tenants to pay off your mortgage.
I still own rental properties and love real estate as a long-term investment but there are a lot of traps you have to avoid if you’re going to make real estate work for you.