1. Flip houses to get rich quickly
It's true that there's money to be made with house flipping -- if you know what you're doing, choose the right market, and buy a home at the right price. But house flipping is also a practice that could result in serious losses if you aren't careful. And so it's important to be strategic about it.

In fact, one way you might get into trouble with house flipping is assuming you're equipped to do more work than you actually are. When you buy homes in disarray, they can be harder to fix up than you initially anticipate. And having to bring in professionals means having to spend more in the course of your renovations, so it's important to budget for that accordingly.