7 Top Real Estate Investing Excuses that Real Estate Investors must overcome
Everyone has a vision of fortune and a dream of riches…and 95% of Americans have excuses as to why they haven’t yet achieved either. Investing in real estate is no difference. Most Americans recognize that all wealthy people own real estate, therefore, the secret to becoming wealthy lies in real estate. So why do so few people take action? Here are the top 7 Real Estate Excuses I hear people tell me for not taking action in their desired career.
Top R.E. Investing Excuses 1 | Have-do-be mentality
When I have the money, I’ll do real estate investing, and then I will be wealthy. This ‘have-do-be’ excuse plagues more Americans’ psyche now than any flu epidemic possibly could. If you condition your thinking on having to have the money in order to take action and you don’t have the money to take action, then you’ll never have the money to take action! Consider this secret that most self-created millionaires figured out: reverse ‘have-to-be’ with ‘be-do-have’. I will be wealthy because I do invest in real estate and I have all the money I need. This simple change in philosophy will allow you to develop the millionaire habits that lead to wealth creation.
R.E. Investing Excuses 2 | I have no money
“I like the ‘do-be-have’ mentality, but seriously dude, I have no money.” Then find someone who does. If you find a potentially profitable transaction, the money will find you; or at least those with money will find you. Plus, there are investing strategies, such as wholesaling, that will allow you to profit from such relationships without using any of your own money or credit.
Top R.E. Investing Excuses 3 | I have no time
Finding properties isn’t necessarily as time consuming as you think. Do you go to work everyday? Leave 30 minutes earlier, take a different route, and cruise different neighborhoods on the way to work and write down addresses to ugly houses. If you’re picking your kids up from school, do the same but have them write down addresses. Finding an extra couple of minutes each day to farm an area doesn’t take up much time. Plus, there are other marketing ideas that you can outsource to others as well (especially if you have children). Finally, if time is a huge problem for you, unplug the T.V. and you will find a couple of available hours for your business.
Top R.E. Investing Excuses 4 | Too much competition
I live in Austin, TX, and among the top 3 counties in Austin, there are about 1,200 homes that go to foreclosure each month. And Austin is one of the top housing markets in the U.S! This also means that there are probably 3x the homes that are in distress every month. So if there is too much competition, why are all these homes going back to the bank? Other investors, the housing market, and the economy needs more people finding, buying, and selling distressed properties to get this great country back on its feet again.
Top R.E. Investing Excuses 5 | But the housing market is falling
The secret to making a profit in anything is to buy low and sell high. Right now, houses are on sale. Prices are projected to appreciate in 40% of the housing markets in 2011 and 60% in 2012. Buy discounted properties and resell for a profit using either traditional or unconventional methods.
Top R.E. Investing Excuses 6 | I don’t know the unconventional methods
Consider the possibility that these unconventional methods do exist. Now, once you’ve considered these possibilities, go out and try to find how to learn about these. Search online, buy eBooks, read articles, join real estate forums, and go to networking events at your local Real Estate Investing Club. If you haven’t learned about creative real estate acquisitions, then you just haven’t put yourself in the right situations yet to learn. If you adjust your reading and networking habits, then you will adjust your knowledge.
Top R.E. Investing Excuses 7 | I don’t know how to get started
Most people procrastinate in area where they don’t understand something or fear rejection or fear making mistakes. Therefore, knowledge and education is a great way to begin overcoming these fears. Also, networking with others who are experienced and successful in real estate will help you see how realistic profitable investing can be. Take a series of small steps in educating yourself and you will overcome your fear of failure.
Tom Bukacek is a real estate investor in Austin, TX, who focuses on pre-foreclosure, new construction, and real estate notes. Tom is also author of the book “The Real Estate Millionaire Blueprint for Long-Term Wealth Creation.” This book, as well as other articles by Tom, is available at http://www.REMillionaireBlueprint.com.