Does the person in the image on the right remind you of someone? Uh Hello! Yes, Im talking about you. Is that what you do when you finally start thinking about how to actually proceed and start investing in Real Estate? Hey! I mean it’s okay if it is. We’ve all been there before. I was super scared when I first decided to do my first deal.
If you have already spent a hundred hours reading everything you can possibly read about real estate investing then you my friend are stuck in analysis paralysis syndrome. This is fear driven syndrome that will eat away at you. You have probably already read every situation on how to invest in real estate. Am I right? I mean with all the free real estate investing books out there and information out on the internet, you are probably over consumed with information. You have probably even read step by step guides on how to invest in real estate yet you still are afraid.
People!! It’s time!! Get off your butt and make it happen! That is one of the stud qualities you need in order to achieve success. Fear and being afraid is not on this list.
What I can tell you is that after the first one, the fear goes away. If your first deal goes well, I can pretty much guarantee you that you will be on a high that feels great. A real estate investing high which can consume you. I admit after my first deal, it took me awhile even after that before I bought another but that was because I was young and stupid. Not because I was afraid anymore. And now I want nothing more but to invest in more real estate.
I urge you to get over these fears already and pull the trigger!! Heck, if you need or want personal advice from me on a deal or anything just shoot me a personal message and I’ll be more than happy to help if I can. If that is what it takes to get you off your butt and pull the trigger then so be it. Remember the end goal here is to make Cash Flow! Retire Early!! All that good stuff. Financial Freedom!
Here are some of the top reasons why you are scared to invest in real estate.
1) I Don’t Have Enough Money
- Okay how long have you been telling yourself this? I hope not years? Once you decide to invest you should be on a hard-core mission to save enough money to at least make a down payment. Stop messing around and really start putting money away so you can invest. Heck you can start by cutting out all your crap bills you pay each month. And if you are super creative, you can find ways to make no or low money down deals. This can be done and people do it all the time. Try reading this book for more ideas on that: The Book on Investing In Real Estate with No (and Low) Money Down. I personally have always been the pay the down payment and get financing sort of investor but that is because that is the best option for me.
2) It’s Not The Right Time
- If you keep telling yourself this then you will never invest in Real Estate. It’s never the right time! Once you become a Real Estate Investor you will learn that it’s always the right time. There are always deals out there, you just have to search. If there are no deals in your area, go out of state like I did with purchasing a turnkey rental property. No one can predict the future and no one can tell you what will happen. This is why it is imperative that when you do purchase a real estate investment, that you are making cash flow right from the beginning. And I know these deals are out there because I have been finding them. Two of them already just this year.
3) I Can’t Find A Good Deal
- If you are solely looking at zillow to try to find deals then you my friend are doing this wrong! There are deals out there, you just need to know how to find them. Here are some alternative ways to try to find deals: a) Talk to wholesalers, as many as you can and have them send you deals, b) setup MLS listings to email you when a new property that fits your criteria hits the market. A realtor can set this up for you. c) Network to as many investors as you can, find them on the internet and at local REI clubs, the more people you know, the more chances you have at finding a deal. The deals are out there!! You just need to look deeper and try harder. As I mentioned above, if you just live in a market where its super hard to find deals then don’t be afraid to purchase real estate investments out of state. There is a ton of information out there to help you with this like this blog to begin with. This is exactly how I invest now because there are no more cash flow deals where I live and this is the type of investing I want to do.
4) I Don’t Want To Be A Landlord
- I can see how this may sound troubling for you but I have two words for you folks! Property Management! It is absolutely okay to use a property manager if you don’t want to deal with the headaches of being a landlord. They will do all this for you. All you need to do is make decisions and cough up money when necessary. I have even written out all the interview questions to ask a property manager here for you. Make sure you find a good one and make sure you incorporate all future vacancies/repairs in your numbers so you know you are getting a good deal.
Do these sound familiar to you? These are the common reasons why people are scared to invest and if you let them hold you back you will never achieve your goals. Do not let this happen. Be strong, grow some courage and say “F it”!!