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Jason Hartman maintains that investing in income properties is not a difficult process. Where too many people go wrong is messing up the simple stuff. Today we\u2019d like to point out a few common ways investors accidentally lay waste to their property portfolio and how it could be avoided.

1. Make a Plan:\xa0Just because you stumble across a great deal doesn\u2019t mean you should pull the trigger immediately. The time to decide exactly how this new property fits into your larger investment scheme is BEFORE you buy it. Not after. Keep this bit of Hartman wisdom in mind: \u201cA property must make financial sense the day you buy it.\u201d Not some undefined number of years down the road.

2. Forget Get Rich Quick:\xa0The idea of getting rich quick is for gamblers, not investors. If you\u2019re a gambler, head for Vegas. True real estate investors follow a methodical, conservative strategy that plays out over years, not months or days. That\u2019s how you get rich. If you can\u2019t wait 5 to 7 years for that first big refi, you\u2019re in the wrong business.

3. Performing Your Own Brain Surgery:\xa0No surgeon (hopefully) would dive into such a delicate procedure without years of studying and training. It\u2019s no different with real estate investing. If you think you can walk in with no previous experience and mop the floor with seasoned professionals, you might be in for a rude awakening. A great place to get up to speed on the most effective income property investing techniques is JasonHartman.com. With more than 300 episodes of The Creating Wealth Show podcast posted and almost 2000 blogs, there\u2019s enough real estate knowledge available to make yourself a legitimate expert.

4. Unrealistic Cash Flow Expectations:\xa0If you plan to hold your properties and rent them out (a strategy we highly recommend), you\u2019ve got to learn how to predict how much cash flow you\u2019re going to need to cover maintenance expenses. Think of it like this. What if your new income property sits on the market for 3 or 4 months before you can rent it out? During that time you\u2019ll be paying the mortgage, taxes, insurance, advertising costs, and possibly HOA fees. Unless you\u2019re prepared for that negative initial cash flow, an asset can quickly become a liability.

These are just a few areas where the newbie investor can shoot himself or herself in the foot, and all are easily avoided. Perhaps the best advice we can offer is to not get in a hurry. Take your time because there\u2019s always another great deal lurking just around the corner.