It’s a new year, you have made that New Year resolution that you will be financially free,you want to be a real estate investor. You have bought the books and have been to the seminars,you are ready to go out and build your real estate empire. You come across your first deal, you double check the numbers to make sure that this is a good investment. For some strange reason, fear has creeped in on you. You doubt whether this is a good deal or not. “Paralysis of analysis” has set in on you and killed the deal. You are still broke, and daydreaming of becoming a real estate investor. This is not the way to become financially free. To become a successful real estate investor, you must be able to make quick decisions on the spot. ” Time is money”, don’t look to be a expert before you begin.
” Paralysis of Analysis” steals dreams. To be successful at real estate investing start with a good education and understanding of how real estate is handled in your area. Build your investment team before you begin, that can be a real estate attorney, accountant, mortgage broker, bird-dog, real estate agent/broker. Get a good feel of what is selling in your area. If you want to make this into a business you will need a business license to operate. Don’t buy property in your name. You can run ads in the newspaper, but you will soon notice that there are a dozen or so real estate investors doing the same thing. You may find that making signs and posting them throughout the neighborhood works really well compared to spending a lot of money on running ads in the newspaper, “but caution” in some neighborhoods, you will get a call from the county to take the sign down.
Overall, this is a great business to be in and it’s fun. But it’s hard work and is not a get rich quick scheme. I have a friend named Theresa who worked at a mill in North Carolina for 15 years. The company, she was with went out of business. Before they closed down she had purchased a house that needed a lot of repairs. It needed a new roof, electrical work, windows and a plumbing job. Most investors were scared off by the amount of work that it needed. She had purchased the house for $15,000.00 did $25,350.00 in repairs, and sold it for $76,100.00.
She made a profit of $35,750.00. She had a lot of courage and belief in herself that it can be done that’s if you put your mind to it. One of the biggest myths out there is having a good paying job will bring you financial security, don’t believe the hype. Some people will tell you that you need a lot of money to start out as a real estate investor. You can start out with no money of your own by locating investment property for other real estate investors, and collect a finder fee if they buy the property. Don’t let the new year catch you day dreaming or making more excuses for not becoming financially free. Get started now!