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Seven mistakes of real estate investors

With real estate showing signs of a rebound, investing in real property becomes more popular. Like any other endeavor, there's a right way and a wrong way to go about it.

Here's a look at seven lethal missteps investors often take:

1. Planning as you go. Andy Heller, co-author of "Buy Even Lower: The Regular People's Guide to Real Estate Riches," says the lack of a plan is the biggest mistake he sees new investors make. Buying a house and then figuring out what to do with it is working backward, says Heller.

2. Thinking "get rich quick." That kind of thinking is fueled by "self-appointed gurus on infomercials who make it sound easy to get rich in real estate," says Eric Tyson, co-author of "Real Estate Investing for Dummies."

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