Getting started in real estate investing is hard, especially if you don’t have the experience and knowledge. That is why many individuals who want to take the plunge in the real estate investing are having second thoughts. Mostly, they have this thinking that they will start investing once they have enough capital and experience in the industry, which can be resulting in starting at a later age or derailed plans.
Knowing the roadblocks to succeed in real estate investing is important because they can be your best guide to realize that starting in real estate isn’t as hard as you think. All you have to do is to grab that opportunity and start now! Here are the top reasons why getting started in real estate is hard, and what you should do to get the best solution to help you succeed.
1. Limiting Beliefs
It is normal to feel disheartened if you don’t have the capital or connections to start in real estate investing. It is one of the most common hurdles in starting in real estate. The key is to find a solution to fix this obstacle.
If capital is your problem to buy deals because a certain lending institution doesn’t approve your loan, you can use your connections.
You can ask someone who can support your funding or act as your piggy-back and as an exchange, you’ll offer them a great deal like splitting the profit to them. Starting is not easy, but as long as you are persistent and focus on finding a solution to that problem, then you’ll surely succeed sooner or later. My very first deal was with my mentor who put up the cash and I brought the deal. I actually had negative funds in my bank account during that time when I started. I solved the no cash problem by partnering with someone.
2. Analysis Paralysis
If you have been thinking that only experienced or high-level people are the ones who have the right to jump into this endeavor. On the other hand, it is a wrong rational. Keep in mind that before these folks became movers and shakers in the industry, they experienced the hardships and difficulties first.
It would be best to know the importance of self-education by using various materials that can guide you on how to succeed in real estate. There is so much quality information out there. One notable book that can give you that understanding is Multi-Family Millions by David Lindahl. A great read for me among other books when I made shift to Multi-Family.
3. Shiny Object Syndrome
Another barrier why some find it hard to start in investing in real estate is the shiny object syndrome. To get a million dollar deal, it doesn’t necessarily mean that you have to master all the things at the same time. If your mind is focusing on different things at the same time, it would be difficult for you to focus, which can result in not being able to accomplish your goal. It is best to concentrate only on which area you excel in and surround yourself with others with skills that are needed to get the job done. This has worked for me.
Timing is something that you need to keep in mind when you are just about to start investing in real estate. If your goal is to succeed in the real estate investing then you have to act now. Of course you have to study the market first if it is possible for you to make it big.
In conclusion, getting started real estate investing isn’t simple. You may encounter hurdles particularly during the early phase of investing but with the right mindset and attitude, everything is doable.
Having difficulties on how to start in real estate investment? Don’t hesitate to reach out to me.
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