For every new investor that enters the business, there are another five that are still waiting on the sidelines. They have seen what the business can do for those that work hard, and are genuinely excited to get started. However, they have their apprehensions. They may have heard a horror story from a co-worker and are scared. They may have a relative who owned a rental property years ago and remember how painful it was to watch them go though the recession. In most cases, these stories are largely overblown, or even exaggerated. Truth be told, real estate is one of those businesses that most people know something about, but few are experts in. Ignorance, or a simple lack of knowledge, prevents many from even entering the business altogether. Of course there are many other reasons people fail to get their real estate feet wet, but they are just excuses.
Most people in a traditional nine-to-five job end up wasting a few hours a day doing nothing. They spend time playing on their phones or reading their favorite website when they are bored. In reality, it is easier than ever to invest in real estate. Even if you aren’t tech savvy, there are more real estate valuation and educational websites than ever before. You can receive an email or text from your Realtor on your phone, research the property on your lunch break and check it out on your way home. This doesn’t require any more time than you spend checking Facebook or any other social media sites. At worst, you may have to sacrifice some time at night or on the weekend – nothing that won’t be worth it in the end.
You don’t need to have a large bank account to buy your first property. It is certainly an advantage to have some money to cover basic expenses, but it isn’t a necessity. In recent years, the number of private and hard money lenders has taken off. It is much easier today to find someone to partner with or borrow money from than ever before. A few phone calls to your real estate agent, attorney or mortgage broker can give you several different options. The right partner will allow you to close more deals than you may have imagined. You may not make as much money as you expect on your first several deals, but you will also have much less risk. As long as you have a desire to network and build your business, a lack of money is not an impossible obstacle.
One of the best things about the real estate investing business is that anyone can do it. You don’t need a license or certificate to get started. The most experienced investor had to start somewhere. If you commit yourself to learning something about the business every week, you will quickly have all the education you need. There will always be something that you don’t know, but it shouldn’t stop you from getting started. Additionally, there are many different outlets for you to learn the business. There are more books on real estate than ever before. If there is something you don’t know, you can lean on your real estate agent, attorney and fellow investors. The business does not require you to know everything about every different niche.
You may be slow getting going because you don’t have enough local contacts. In the same way that technology can help research deals, it will also help you gain contacts. There are many new real estate agents in your market that would welcome working with a new investor. A quick post on social media can get the ball rolling. You can also search for networking meetings and local real estate investment groups. It shouldn’t be hard to find at least a handful of these types of meetings. In a few short weeks, you can find everyone you need to help close your first deal. These people will be just as excited to work with you as you will be to work with them. The more involved in the business you are, the more contacts you will develop.
Anyone that has invested in the stock market can attest to just how risky it can be at times. There is no such thing as a risk free investment. That being said, if you do your homework and invest in solid properties you are able to control the level of risk you are comfortable with. Most investors that have lost money have done so because they didn’t know everything about the property or the deal. There is always the chance that something unexpected will come up, but this is the exception rather than the norm. Real estate is far more stable than other investment options. You are in control of what you do with the property and in what market. A single stock can have a greater return, but it can also go down unexpectedly overnight.
If you are waiting for the perfect moment to start, you may be waiting a very long time. There is no such thing as a perfect time. If you love the business and want to get involved, there is no better time than right now.
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