Which Myth is Your Excuse for Not Getting Started in Real Estate Investment?
There are a number of reasons people use to excuse themselves from getting started or succeeding in real estate investment and they range from fear of failure, or success, to good old garden variety naysaying myths that infest the entrepreneurial spirit. Take a look at these common myths and ask yourself which ones you might be invested in.
Myth: Everyone knows this real estate investment stuff doesn’t really work
Reality: It evidently does. There are thousands of people out there building wealth by investing in real estate; don’t let naysayers or those deeply ingrained societal messages about JOB “security” and hard work being the only way to make it in this world sway you from your dreams.
Don’t misinterpret; I believe in hard work and would never imply that real estate investment is any kind of get rich quick scheme, but I also know that great wealth and personal satisfaction are rarely achieved by working 50 or 60 hours a week to make someone else’s dream come true. Remember that every greatly successful business started with someone’s dream – There is no reason you can’t be that next successful someone.
Myth: You’ve got to have money (and credit!) to make money
Reality: I’ve talked plenty about leverage – using other people’s money or credit- so you should have a pretty good understanding of what that is and how it works. Lack of funding is never a reason not to get started in real estate investing. Find the deals and the money won’t be far behind.
It is true that having a little bit of money and good credit can help considerably, but if you don’t have either, neither should be a deterrent because there is always someone out there who does. Lease options, partnerships, private moneylenders and creative financing are all good options; meanwhile, you can work on fixing your own credit. It does take a little while, but it is surprisingly easier than you think.
Myth: There is no time
Reality: Despite the responsibilities of family, work and home, there is always time to turn your real estate investment business dream into a reality. Get rid of the television, utilize those 2 hours of daily commute to and from your JOB to listen to audio books, podcasts and webinars about real estate investing as well as entrepreneurial success and spend time with your partner and kids on weekends, house hunting as a team.
Successful writers like John Grisham and JK Rowling both found time to write their books while parenting or holding down jobs; if you want something badly enough you will find the time to make it happened. Take an honest look at your lifestyle and the time suck that takes place in it; streamline, automate, delegate and incorporate so you can make it happen no matter what.
Myth: There is too much competition out there; it is impossible to find good deals
Reality: There is enough for everyone. Never let scarcity mindset get in the way of making your dreams come true. While it is true that we are currently experiencing the good fortune of an upswing along with a lower number of houses for sale, it is a simple matter of a choice in perspective. You can choose to see it as a challenge or an opportunity. There are good deals out there and if you invest the time and energy you can find them; when you do, because of the high demand Vs. low quantity you currently stand to make a LOT of cash in the real estate investment game. Stop naysaying and start working; get out there, find those deals and make them happen!
Myth: You have to be in the “right” market
Reality: Every market is the right market for real estate investment. While it may be true that some markets are better than others, it is also true that every market is in constant fluctuation and there are real estate investors out there making money in every city of every state right now. Shouldn’t you be one of them? Get out there and learn about your area. Some real estate investment strategies might work better than others in your particular market, but since there are so many different ways to make money in real estate investment, you are sure to find a technique that is perfect for yours.
Myth: Real Estate Investment is risky
Reality: There is always some amount of risk when it comes to any kind of investing, but real estate is one of the safest investments you can make. With some education and good advice from a mentor or coach, as well as your peers, you will do quite well.
The truth is that there is no guarantee in anything in life; not even the job or that 401K you’ve invested your time in for the last ten or fifteen years. The only guarantee is that you won’t build wealth, or accomplish anything really, without taking some amount of risk in life.