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Myths Preventing People from Succeeding in Real Estate Investing
Here are reasons people use for not succeeding in real estate investing.
No cash - you need money to make money
Find a good real estate deal, and the money will find you. Ask any seasoned investor and they will tell you lack of funds is never an issue. If you can negotiate a good price on a house, you will find plenty of partners willing to put up the money.
Not time - I've got a job, spouse, kids and little time on my hands
Stop watching television and you will have all the time you need. Spend a Saturday and take the kids ugly house shopping.
This stuff doesn't work - Everyone says this stuff doesn't work
You can convince yourself that anything won't work. Every real estate transaction has risks; some risks are realistic and some are remote. Make it a point not to take financial advice from anyone that makes less than you.
Too much competition - There's too many people looking for deals
There are more than enough deals to make everyone rich. At any time there are hundreds of properties for sale in your market. Most people are just waiting for deals to fall in their lap. Don't be like that, go out and make your deals happen.
It doesn't work in my market - it doesn't work
It works in every market. It may work better in some markets than others. You have to learn your market, the rents, the trends, the local customs, the bankers, the title companies, etc. Learn the techniques and adapt them from your market. There are people with financial problems in every market that translates to bargain properties.
Bad Credit - I need good credit to buy houses
Good credit does help, but you don't need it. Lease options, owner financing, flipping properties and other creative techniques will allow you to buy real estate without credit. You can get a partner that has good credit. In the mean time, work on getting your credit better.
I might lose money - Real estate is very risky.
Real estate investing is one of the safest investments you can buy. The stock market is beyond your control. Cds and money market funds won't give you enough return to make money.
Don't know what to do - I don't know what to do
You probably know more than enough to get started in real estate. It does take years to learn it. It is an ongoing process. Read books, take seminars and take great action.
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