Reasons Real Estate Investors Fail - And How You Can Avoid Them
For those of you who have experienced making money in real estate first hand, I commend you.
I realize it took a tremendous amount of determination, time and effort to make it all work.
I speak first hand, it took me almost two years to make my first three thousand dollars in this game.
There were a lot of ups and downs along the way and although I know they taught me valuable lessons, I figured I'd share some tips to save some face for the newbie investors out there.
Education - Your smart enough to calculate the "number" but you learned how to do just that by getting an education.
No you don't need a college degree or even a real estate license to buy and sell real estate.
Just get your hands on any reading material you can right now and dive in.
It doesn't have to be formal or even in a classroom, their are many local real estate groups you can join up with and classes are little to no cost at all.
Join up and they will show you the ropes.
Supplement that local networking with online webinars and read everything you can online including articles and blogs.
Slowly but surely you'll gain insight and get closer to your real estate investing goals and ambitions.
Heck there are social networking sites that many other investors are already apart of who are just waiting for your questions.
Finally, if your lucky, you should seek to work under the arm of a seasoned investor.
I truly believe this is the quickest way to learn and make money at the same time.
Its like being thrown into the pool, you are forced to swim! Timing - Ever heard the saying you make your money when you buy? Well, that saying certainly applies here.
Now lets say you got that "education" and now know everything there is to know about the short term buy, fix and flip strategy.
Including how to find great deals no money down and even locate section 8 tenants.
To bad you live in Phoenix and you can't find a home with equity unless your grandma died and deeded you the heir to her life savings and riches.
Real estate like any business sector has cycles and these cycles vary from the location of the country your in, the lending markets and even politics.
The first home I bought was a total failure.
Although I bought it No-Money_Down [http://www.
subject2.
com/110-0-3-1.
html], I bought during the height of the local boom and little thing called negative equity snuck up on me quickly.
I was stuck with a house worth less than half of what I paid for it and to make things worse the rent rate was way below what my monthly mortgage payment was.
Needless to say I learned a big lesson.
Do the right thing at the right time and all will be good.
Persistance - I mean real day by day, inch by inch, baby step by baby step persistence.
Woody Allen once said eighty percent of success is just showing up.
Yes my friend some succeed by default and that's not a bad thing when your cashing big checks.
So what does that tell you.
It means don't give up.
For each failure you have, you are just one more step from success and a big payoff.
Excuses - Yes it gets a little discouraging as days to to weeks and weeks to months with no "big checks" rolling in.
However this is the point where you can't start telling yourself all the lame excuses that you though of after going to that seminar or buying the latetest real estate Home Study Course.
This is a huge mistake because after awhile you start to believe it.
Thought such as, "I'm not smart enough" or "I don't have enough time anyway" solidify and before you know it you've committed even more to you nine to fiver.
Oh, Oh, Oh-O-Oh, The Right Stuff - Sorry for the New Kids on the Block homage, it doesn't even apply here but I'll make it work.
Um..
..
The right team! Yes.
You need to work with the best if you want to be the best and that means having realtors, mortgage brokers, attorneys, CPA's and contractors in your back pocket.
Waring here comes another saying, "Your net worth, is only as big as your Network".
So go out their, interview a realtor or two, hire that contractor who said he's the best in town and get that legal advice on how to avoid paying taxes with your CPA.
OK so that's all I have for now.
I hope you enjoyed reading because I certainly enjoyed writing this article.
If you want to learn how to flip real estate with a true no-money down technique just click on of the links in this article.
Thanks and happy vesting!
I realize it took a tremendous amount of determination, time and effort to make it all work.
I speak first hand, it took me almost two years to make my first three thousand dollars in this game.
There were a lot of ups and downs along the way and although I know they taught me valuable lessons, I figured I'd share some tips to save some face for the newbie investors out there.
Education - Your smart enough to calculate the "number" but you learned how to do just that by getting an education.
No you don't need a college degree or even a real estate license to buy and sell real estate.
Just get your hands on any reading material you can right now and dive in.
It doesn't have to be formal or even in a classroom, their are many local real estate groups you can join up with and classes are little to no cost at all.
Join up and they will show you the ropes.
Supplement that local networking with online webinars and read everything you can online including articles and blogs.
Slowly but surely you'll gain insight and get closer to your real estate investing goals and ambitions.
Heck there are social networking sites that many other investors are already apart of who are just waiting for your questions.
Finally, if your lucky, you should seek to work under the arm of a seasoned investor.
I truly believe this is the quickest way to learn and make money at the same time.
Its like being thrown into the pool, you are forced to swim! Timing - Ever heard the saying you make your money when you buy? Well, that saying certainly applies here.
Now lets say you got that "education" and now know everything there is to know about the short term buy, fix and flip strategy.
Including how to find great deals no money down and even locate section 8 tenants.
To bad you live in Phoenix and you can't find a home with equity unless your grandma died and deeded you the heir to her life savings and riches.
Real estate like any business sector has cycles and these cycles vary from the location of the country your in, the lending markets and even politics.
The first home I bought was a total failure.
Although I bought it No-Money_Down [http://www.
subject2.
com/110-0-3-1.
html], I bought during the height of the local boom and little thing called negative equity snuck up on me quickly.
I was stuck with a house worth less than half of what I paid for it and to make things worse the rent rate was way below what my monthly mortgage payment was.
Needless to say I learned a big lesson.
Do the right thing at the right time and all will be good.
Persistance - I mean real day by day, inch by inch, baby step by baby step persistence.
Woody Allen once said eighty percent of success is just showing up.
Yes my friend some succeed by default and that's not a bad thing when your cashing big checks.
So what does that tell you.
It means don't give up.
For each failure you have, you are just one more step from success and a big payoff.
Excuses - Yes it gets a little discouraging as days to to weeks and weeks to months with no "big checks" rolling in.
However this is the point where you can't start telling yourself all the lame excuses that you though of after going to that seminar or buying the latetest real estate Home Study Course.
This is a huge mistake because after awhile you start to believe it.
Thought such as, "I'm not smart enough" or "I don't have enough time anyway" solidify and before you know it you've committed even more to you nine to fiver.
Oh, Oh, Oh-O-Oh, The Right Stuff - Sorry for the New Kids on the Block homage, it doesn't even apply here but I'll make it work.
Um..
..
The right team! Yes.
You need to work with the best if you want to be the best and that means having realtors, mortgage brokers, attorneys, CPA's and contractors in your back pocket.
Waring here comes another saying, "Your net worth, is only as big as your Network".
So go out their, interview a realtor or two, hire that contractor who said he's the best in town and get that legal advice on how to avoid paying taxes with your CPA.
OK so that's all I have for now.
I hope you enjoyed reading because I certainly enjoyed writing this article.
If you want to learn how to flip real estate with a true no-money down technique just click on of the links in this article.
Thanks and happy vesting!