No More Excuses! How to Stop Hesitating and Start Investing
I talk to so many people who tell me they’re interested in real estate investment, and they want to get started, but they can’t because of x, y, z. I hear a million different reasons about why they haven’t made the jump yet, and I can say that 99% of them aren’t real reasons – they’re excuses. The driving force behind each of them is fear, but the excuses themselves are varied. Here are the top ones I hear, along with a bit of advice for pushing past them and making your first purchase.
- I don’t have time. This one’s a biggie. The people who use this one are under the assumption that investing is going to take up as much time as a full-time job, which most of them already have, and they simply don’t have another 40 hours a week to give. Here’s the thing, though. While you can certainly make investing a full-time job, it doesn’t have to be. You could opt for a passive form of real estate investment, like buying turnkey properties, that doesn’t take nearly as much time as you might think. While you will certainly have to spend some time performing your due diligence on properties, it definitely does not have to be the equivalent of a full-time job if you don’t want it to be.
- I don’t have enough money. Another one I hear a lot is that the person doesn’t have enough money saved up. While this is more of a valid excuse for not investing, because you do need some money, I would ask you exactly how much you think you need. If you’re operating under the assumption that you need a minimum of 20% for a down payment, I’d argue that that’s categorically untrue. If you’re ready to take the plunge now, there are some workarounds you can explore when you don’t have that much saved up. For example, you could partner with another investor, or you could purchase real estate stock or get in on crowdfunded properties, or you could check out some strategies that have lower buy-in costs, like wholesaling.
- The market isn’t good right now. Um, which market? Because I guarantee that there are markets out there that are extremely profitable right now, even if the one you live in isn’t. And that’s the beauty of investing in real estate investing in 2018. You can invest literally anywhere; it does NOT have to be the same place you live. Go online and do a bit of investigating to see which markets are in a growth phase, because those are the ones you’ll want to target for rental property. Look for areas with a strong economic base, diverse employment opportunities, and a rising population – these are all signs of a growing market that can equate to a profitable investment for you. When you’re ready to invest, get online and find some tips to help you navigate the ins and out of remote investing.
I don’t know how. Ugh. This is the excuse I hate the most, because HELLO, you can learn how. There are countless resources available, and if you have a computer with an internet connection, as most of us do, all the information you need is literally a click or two away. I’m not saying you can learn everything you need to know overnight, but you can start educating yourself today. Instead of sitting around moping because you don’t know how to get started, learn. Figure it out! No one’s going to come knocking on your door and offer to teach you, so it’s up to you to take charge of your own real estate investing education. In addition to online resources, you can also do things like talk to other investors, join a real estate club, or even attend a couple seminars. Saying you don’t know how is a completely lame excuse, but luckily, there’s a pretty easy fix for it – as long as you’re motivated and willing to put in the time and effort to learn.