Having built up many years of experience as an investor, particularly in the area of commercial real estate, Michael T Haas is well placed to offer advice to those who are new to the industry, especially in regards to the mistakes that many novices make when they start investing. These blunders should all be avoided if you want to stand the best possible chance of making a little money.
Not Going With What You Know
You need to build up a certain amount of expertise in an industry before you can invest effectively into it, which is why those who try to put money into ventures that they are clueless about often find that they end up losing out. Invest in what you know, as this will allow you to have a better idea of how the market is likely to develop and what opportunities are most likely to offer a return.
Not Considering Risk
Every investment, no matter how safe you may feel that it is, carries a certain amount of risk that needs to be taken into account. Make sure that you do some research and pay special attention to any factors that you highlight as having the potential to prevent you from seeing a return on your investment. Otherwise, you will enter the deal blind and may end up losing money without really understanding why.
Going It Alone
Michael T Haas has experienced so much success as an investor, in part, because he listens to the advice of others. By going it alone you limit your opportunities for learning and hamper your investment potential.