When it comes to our finances and especially when it comes to investments, we tend to get in this mindset of waiting for the right time.
We want the moment to be right. We want the market to be primed for the best deals, the best rates, the best chances for our success. While there’s nothing wrong with that per se, we have one big question that begs asking:
If you’re reading this article, then I have to believe that you are considering investing in real estate or at a minimum you are doing your research to make that decision.
I am sure you’ve no doubt been bombarded with a slew of information from a number of different sources as you've done your research with each one telling you something different.
Some will try to convince you that no, real estate investment is a terrible idea and you shouldn’t do it, ever!...while plenty more will say yes, this is the way to go if you want financial freedom.
We all know the typical ticks with fast cars, airplanes and sandy beach pictures in a hammock. To show a picture like that every once in a while while talking the retirement benefits is one thing. To use those images every single time you discuss real estate is quite another...
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.
In real estate investment, we can hear a lot of mixed messages. When a business has been around as long as this one, there’s bound to be a few misconceptions, myths, and rumors that gets started. For new investors especially, it’s easy to fall into the trap of believing them!
A lot of these myths are no more than excuses—covering up our fears of taking a risk and trying something new. These myths, no matter how “innocent,” can actually do a lot of harm! They’re big time wasters—preventing you from pursuing the opportunities you could be capitalizing on right now.
What investment myths are you holding onto that are holding you back from your potential as a real estate investor? Let’s break down the big ones!
To say that many real estate investors are unprepared when they get started is an understatement. Far too many people rely on filling their heads with hypotheticals and booksmarts—which is absolutely a good thing to do—but they forget to take the practical steps that put them in the best possible position from the very beginning.
Real estate investment is a little bit like playing chess. You can’t capture the queen and win the game without setting up the board to make the right moves. It takes careful calculation to get there!
You can have all the head knowledge in the world of how real estate investment should work, but unless you do the work of getting there, no matter how passive you think you are, you’re never going to find the degree of success you want.
The bad news? Action can be scary. Being definitive? Scary. It’s taking a leap, sometimes into the unknown. The good, though, is that it’s all for forward momentum. When you cast off the fear of making mistakes and move from theory to practice, you’re going to get the experience that turns you from a real estate investment novice into a seasoned expert.
If you’re ready to invest, these are the steps you need to take right now to ensure you have a solid footing.
New investors, no matter where they’re starting out, have a massive learning curve if they want to be successful. It’s true—there’s a ton to know before you can really dive in. If you want to find success in real estate investment from the get-go without making a lot of costly mistakes, there’s a foundation that must be laid from the very beginning.
Ahhh. There’s nothing like a shiny new year to reinvigorate the spirit! Even if your 2015 was less-than-satisfactory, now is the time to start the year off on the right foot. To dust yourself off, renew your resolve, and get sh...., umm, get stuff done! (Kerry Espuga would be frowning at me right now for using non-words like umm!)
If this is the year you’ve chosen to make the leap into real estate investment, great! If you’re a brand new investor, you’ve got a lot of work to do. Some of the biggest mistakes you can make will be right here, in the beginning.
So whether you are experienced or new, there are some steps you can take right now to start your passive investment path on the right foot. We’ve got a few words of advice here and hope this helps you get going:
Generating passive income sounds amazing in concept, doesn’t it? Income. Passive. Knowing that without expending too much time, effort, and energy, you could be racking up the cash to cover your retirement, or that trip to the Bahamas you’ve been dreaming about. Passive income comes in many shapes and sizes. Now more than ever, there are a million different ways to start generating passive income.
And real estate investment, in certain forms, is one of them!
It all depends on how you choose to invest. Investing in real estate can be a great avenue to financial security and freedom, but would-be investors need to be wary of the myths and misconceptions surrounding earning passive income through real estate.
For investors just starting out, everything can be more than a little overwhelming. Your financial future is something to be excited about, but there’s never a shortage of apprehension. There will be days when you ask yourself what you’ve gotten yourself into! It’s a little daunting to look at the success of other real estate investors, which can be both inspiring and intimidating.
In the beginning, your goals will either seem out of reach, or you’ll be expecting to reach them overnight. Neither is true: but with the right mindset, persistence, and dedication, you’ll get closer and closer to achieving the goals you’re after.
Want to know a good place to start? Here it is.
There are three primary points to consider before changing things up:
As an investor, ensuring excellent customer service for your tenants is key to growing a positive reputation. You will never make 100% of the tenants or even applicants happy 100% of the time. However, put the effort in to hit that mark. It will make it a lot easier to ignore the few who decide a nasty online post is their best route....whether it is truthful or not!
Many renters live paycheck-to-paycheck and value flexibility in paying rent. This is a new reality and landlords as well as property management companies need to creatively figure out flexible payments.
Grace periods, though helpful to tenants, can promote bad habits. Bad habits are the last thing you want to promote in a tenant!
With these in mind, consider: how can you innovate in how tenants pay their rent and improve customer service without extending too-lenient grace periods?
