There is a fine line between successful investors and those who wonder why they are struggling. In most cases, those who are successful always find a way to get the job done. Those who struggle make excuses and justify their lack of success. That said, there are ways to combat excuses and get over the hump. They may force you to work harder or longer than you currently are, but they are well worth the extra effort. Anyone can make excuses, but those that really want to get the most out of their business find a way to get it done. Here are some popular excuses in the world of real estate, and simple ways to navigate them:
“I don’t have enough time”
Everyone is given the same amount of time every day. How you use it is up to you. In most cases, the problem isn’t having enough hours in a day, but using them wisely. Many investors enter the business working part-time while getting their investing business off the ground. There is nothing wrong with this approach, but it may leave you spread thin for time. As a result, you may have to wake up a little earlier, go to bed a little later or give up your favorite TV show for a few weeks. If you wrote down what you did every minute last week, you will find that there are many wasted hours. Between playing on our fancy phones, chatting with co-workers in the office and staring at a TV screen, we can find the time to get some work done. Nobody ever said that the real estate business was easy. If you really want it, there are some sacrifices you have to make. There is more than enough time in the day. It is up to you to use it wisely.
“I can’t find financing”
One of the most common hurdles for investors – old and new – is finding financing. Lender financing is slowly making a comeback, but getting a loan is still a difficult process. Instead of relying solely on lender programs and financing for deals, look at alternative sources. Between hard money, private money, existing equity, retirement accounts and even credit cards, you have more options that you think. In your personal network alone, you probably have a handful of people that want to invest in real estate. It is up to you to reach out to friends, family and co-workers and find out. In most markets, you can also easily find hard money lenders. Your realtor, attorney, accountant and fellow investors can often provide you with multiple options. The problem is not that you can’t find financing, but you are reluctant to go out and get it. There are more sources for financing now than ever before. If you don’t take advantage of these options, you will be left regretting why you didn’t act sooner.
“Not the right deal for me”
Most investors enter the business with a clear vision on what types of deals they want. What they quickly find is that there is no such thing as the perfect deal. If you want to invest in real estate, you need to be flexible in your approach. This doesn’t mean you need to take on risky deals, but the perfect deal just isn’t out there. Eventually you need to jump into the business head first and see what is out there. The more deals you get involved in, the better you will know the business. This will lead you to determine where you want your business to go. By constantly waiting for the right returns or the right location, you will wait a very long time. Not every deal will be perfect. At some point you need to take a leap of faith and take action.
“Not a good time right now”
There is never a good time to change the way you do things. As an investor you will never have as much money, experience, time or resources as you want. There is no such thing as a perfect time to get started. All you can do is make yourself as comfortable as you can with the process. This means having a basic amount of education and a willingness to learn. Time doesn’t stop for anyone, and it certainly won’t for your investing business. The real estate market works in cycles. Trying to time it perfectly is almost impossible. While the market is important, you can take advantage of it regardless of what it is doing. Waiting to hit the very bottom of the market or sell at the extreme top takes more luck than knowledge. If you truly want to invest, you will get started without making excuses.
“It is difficult to find good deals”
If the real estate business was easy, everybody would do it. Deals will not just fall on your lap. You don’t need to spend thousands of dollars marketing for new leads, but you do need to spend some time. There are plenty of good deals in almost every market if you are willing to put the work in to find them. This often means joining real estate investment clubs or local networking groups. It means spending a few hours a day targeting homeowners and properties. You get out what you put in. There is no such thing as a 100% risk free home run deal. Good deals are there if you go out and get them.
The real estate business is filled with people who make excuses as to why they are struggling. You don’t need to be one of them. There is plenty of opportunity if you figure out a way to accomplish your goals instead of relying on excuses.