You’ve read all the books. Joined the forums. You’ve learned, you've leaned in, you've done your homework, devoured anything and everything real estate investment in your path. There’s just one little catch: you haven’t actually invested in any real estate yet.
You’re talking the talk. It’s time to walk the walk.
What are the things that are holding you back from investing in real estate? What are the excuses you’re making? The hurdles you have yet to overcome?
What are the missing pieces of the puzzle that can take you from knowing to doing?
Taking Down 4 Challenges Holding You Back From Investing in Real Estate
1) Fear of Failure
Humans are not totally rational creatures. We don’t always operate on logic. We’re very easily controlled by our emotions, and fear is one of the most powerful motivators we know. Fear holds us back from so much good in the world. It especially holds us back from our potential. Fear tells us we’ll fail, we’ll lose our investment (or more), we’ll never make it in this business, we’re stupid to try...it’s one giant self-sabotage before you ever start.
The key to defeating fear is to give up on the idea of perfection. There will never be perfection. You will make mistakes. No investor started out a real estate mogul. Think about the things that you love to do and the things that you’re really, really good at—none of those things were always that way, were they? You had to start.
And when you started, you probably weren’t very good. There were days you probably didn’t like it. Every step you take, even bad or wrong steps, are part of the journey and part of the culmination of your being incredible at something. At that something is investing in real estate. You don’t need to fear failure. You only need to fear giving up.
2) You Feel Alone
The feeling of isolation in real estate investment can be a burden and a challenge. This is a people business! If you feel like you don’t have the people resources (in realtors, contractors, contacts) to get the information, properties, and confidence to make the offers you should be making, it’s an incredible obstacle to overcome—and you need to start networking. You’re skipping a step if you haven’t made those valuable connections.
If you feel like you’re not being supported by friends and family, that’s another conversation. You need a network of support and a place to turn when things get difficult.
3) Analysis Paralysis
For new investors, the sheer volume of information on real estate investing can in itself be too much to deal with. There is so much to learn about how to do, what to do, what not to do, legal processes, paperwork, things to buy and hire and inspect and have, options to weight, what to know...it’s just a lot!
When you’re trying to buy a property for the first time, your impulse is to learn everything you can and have as much information as possible to make an “informed decisions.” And there’s nothing wrong with being informed!
Related Video: 5 Irrational Behaviors To Avoid As Real Estate Investor
But if you’re not careful, being informed will turn into being paralyzed. You will have so much information that it become impossible to process any of it, let alone make a decision.
Sometimes, you just have to decide without knowing all there is to know.
4) Waiting for Ideal Conditions
Some people like to wait for that right moment. Honestly, who doesn’t? We like for things to be just right before we step in. But the idea that things always have to be just right can really hurt you in this business. Because again, chasing this ideal of perfection is ultimately dangerous. Markets aren’t perfect. Conditions aren’t perfect.
Nothing will ever be just exactly how you want it, and you can’t predict the future. If you spend all of your time waiting for an ideal starting point, you’re going to miss out on months, maybe years, of time that you could have spend building up your fortune.
Don’t wait for the perfect start. Aim for a great finish.
If you want to get started on the right foot, start with Memphis Invest. We offer great properties, a network of supportive, experienced industry professional who are invested in your success.
