Property investment is like a double-edged sword, it cuts both ways that it could create wealth or it could put you at a great loss of money. Just like with any practice mistakes often happen and with failure comes success provided that we learn from them.

It is much less costly to learn from other people's mistakes than to make them ourselves, fortunately enough many people have made the same mistakes too many times that you can learn how to avoid them.

Here are the ten common mistakes made by property entrepreneurs and advice on how you can avoid them and improve your investment decisions in the future.

#1. Think strategically and know your investment objectives

Many people jump on the bandwagon without having a clear understanding of what they want to gain through it in the end.

Every action has a purpose and anything that involves shelling out money must always have a clear and specific objective at the start. Do you want to benefit from your investment now or in the future? Thinking about selling your property when you retire? Or do you want to have a profitable asset to support your financial obligations?

Knowing what you want is key to crafting strategically correct decisions that will lead to a profitable gain in the future, you must remember that people make decisions based on the goals they set.

#2. Knowing too little and listening to the wrong people

Ignorance is never a bliss in property investment and knowing too little could lead to hauntingly big losses. Be smart with your projections and be wary of listening to too many people, everyone has their own opinion but choose who you lend your ear to.

Acting on a decision without having a solid foundation of knowledge can lead to bad investment decisions that deliver poor capital growth, which will result in the poor development of a property portfolio.

#3. Being too hasty or too slow

There are two types of property investors, one who acts too fast and impulsively without caution, and the other one that is risk averters to the point of letting a good investment slip out from under their feet and into the hands of someone else.

You snooze you lose in the game where future profit gain can be assured with one wise property investment. A good property investor knows that you can't be hasty nor scared when faced with an investment opportunity, equip yourself with enough investment education so you don't dive head first into unknown waters.

#4. Poor financial management

Know when you need to get help or you'll be a captain that'll go down with his/her ship. As a property investor, you have many things to keep track of like the income (from rent) and expenses (mortgage, maintenance, property management charges, etc.) to dutifully receive and pay. Also, to add to your seemingly long list of responsibilities you are liable to pay tax.

Don't get yourself into a mess with your property investment finances, and work smart at handling your new set of responsibilities by doing the following:

Project your cash flow and set aside reserve funds for emergencies.

Get a reliable and skilled accountant to help you manage your taxes.

Seek help or advice from a qualified, professional mortgage broker when it comes to financing your property investments.

#5. Letting sentiments rule decisions

Listen to your heart but take your brain with you at all times, that strictly applies when dealing with real estate. You don't have to be heartless but you have to be mindful of the decisions that you will undertake.

Rather than allowing your emotions to corrupt your judgment that quite possibly could lead to you over-capitalizing on your investment, learn to keep your head above rational waters and negotiate the best price and outcome for your investment goals.

#6. Buying the wrong property

Not everyone gets it right the first time but you can avoid buying the wrong property by knowing your market and what property to buy.

Are you investing in a condo that is primarily around millennials, and young professionals? Are you eyeing a house that is central to a cozy suburb that attracts newlyweds and families?

Know your demographic and know what they want so you can match your property investment accordingly.

#7. Do your research

Study and understand that property and investment education takes time to learn. You don't get to expert level by skipping on your reading and making gung-ho decisions.

Familiarize yourself with the tricks of the trade and always aim to know everything that you possibly can about your investment like the amenities, vacancy rates, historical values of the properties in the area, and consult your cash flow management before making a decision.

You need the property like the back of your hand before you commit to it in the long run.

#8. Thinking about easy money

There is no such thing as an overnight millionaire and the possibility of becoming one is very little to none at all. Most of the time property investors think that a quick fix to their financial problems is buying property and they'll be set for life with a lucrative property portfolio.

That is false and there is no rush when it comes to property, it takes time to sell real estate and with that, there are numerous costs involved. Approach property investment with patience and don't ever expect to be a millionaire in a short amount of time with your property.

#9. Self- managing your property

So you've done your homework and have ironed out your finances, but you can't manage your portfolio on your own.

In the short term, it might seem logical to do everything yourself instead of bringing in a property manager but when your portfolio grows to over 10 properties do you still think it's wise to manage all that yourself?

It's easy to fail especially when growth becomes apparent, invest in hiring a professional property manager to handle all the day-to-day hassle to managing your properties while you concentrate on more important things like your next investment.

#10. Engage with experts

It's one thing to learn by yourself and it's an entirely different thing to learn with a group of experts that could accelerate your success and improve the growth of your property portfolio.

If you would like to advance yourself as an entrepreneur or you are just thinking about starting property business you can do so at iLAB Accelerator. This March, in Bali we are running a very special edition of iLAB Accelerator for Property Entrepreneurs. With a curriculum prepared by the best property industry mentors, who during the program will reveal their secrets, tools and techniques to give you knowledge and skills to help your property business multiply. This experience will be shared with selected, like-minded entrepreneurs, who will be given a unique chance to learn from each other, our network and bring in new business opportunities. To learn about the program visit ilabforentreprenuers.com for more information.