If the news of the poor economy is paralyzing you from moving forward, you are not alone. Unfortunately, if you are waiting for news of a turnaround in the real estate market before you step out into the world of investing, you are making a big mistake. In most cases, it is a lack of knowledge that causes “would be” investors to stop taking action. In fact, there are numerous reasons that novice investors stop short, sometimes just before they hit the big-time.
- Believe it or not, it is not cash that stops investors from securing a deal, it’s the deal itself. Expert investors such as Dean Graziosi will tell you that if you find a truly good deal, the money will find you. It is not hard to find an investor willing to put up the funds if you find a great deal. Most newbie investors simply are unable to find a great deal.
- New investors often make the mistake of believing they have to quit their jobs in order to be a serious real estate investor. The truth is that it only takes a few hours a week to find great deals. Try taking a different route home from work or from the grocery store and you will be surprised how many opportunities you will spot.
- Don’t take advice from people that make less than you do. Seriously, if staying up late at night watching infomercials is keeping you from moving forward, stop doing it. You will always find pessimists that will tell you what you are trying to do don’t work. The fact is, what you believe will be your reality, not what someone else believes.
- You have to make deals happen; they won’t just fall in your lap. Most new investors are worried about competition when in actuality, they shouldn’t be. There are more than enough properties to go around. Moreover, in today’s economy, the fear of losing money has cleared out much of the competition. Now is the time to find cheap homes with excellent terms. It is a buyers market, so get buying!
- Poor credit is not an excuse not to buy real estate. There are so many creative ways to finance properties these days that credit is no longer a barrier.
- Although everything has risks, real estate is safer than almost any other commodity. In the long-term, real estate is the smartest investment you can make.