There are a lot of common myths about real estate investment and they’re more like crutches rather than myths. Here are the most common ones that are seen and heard within real estate investments.
No cash, and you have to have money
If you can find a great real estate investment then the money is going to come and find you. A lack of funds is never an issue, even a complete lack of funds. A lack of good investment deals is more of a problem than money. Guaranteed, if you can find a great bargain on a home then you can find someone willing to collaborate with you.
No time, I’m just too busy to manage it
This is far too common lately. If you were to switch off your TV more often, there would be a lot more free time from that alone. Need a family-friendly activity? Throw the family in the car and go tooling around your local neighborhoods scouting out ugly run down homes for sale.
Many people say it’s a waste of time
“A lot of people” is a statistic that is very not reliable. Henry Ford put it best when he said, “Whether you think you can or think you cannot, you are right.” Saying something “doesn’t work” is more often attributed to people who tried and failed because they didn’t manage their real estate investment properly, or simply never did enough research to form a valuable opinion. If you are that willing to listen to the negative opinions of others then it’s likely even easier to convince yourself that it’s a waste of time. Here is a hint: Never take financial advice from someone who makes less money than you.
Too many people are doing it in my area
There are more than enough housing deals to go around, at least for the people who are willing to invest themselves and manage their real estate investment properly. There are a lot more lazy real estate investors than there are active successful real estate investors. For each savvy winner there are a dozen on the sidelines waiting for a deal to fall into their lap. Sadly they wouldn’t know a great deal if it sat on their face and wiggled.
It would not work around here
Real estate investment works in every market. There are different strategies depending on location but you can certainly make it work for you with a little time and effort. This is where it pays to learn your market. If you are in a down market (as many places tend to be right now) there are some fantastic opportunities to find a bargain and run with it. In any economic situation, there will always be people who are suffering from their own financial woes. Finding these people will get you a bargain every time.
You can make anything work for you. The important thing is to dispel the most common myths and nay-saying comments you have heard. Do your own research and homework, and start networking with realtors or other real estate investors. Get information directly from the source, and you can set yourself up for real success.