The smart way of doing it is start to rent out rooms in your home if you want to get a feel if you like his type of real estate investment. Why spend a lot of money on a hunch that real estate investing is for you.
Buying and selling real estate is easy. What makes the difference between having a successful real estate business is the management and marketing of your business.
Everywhere I go, once people hear that I’m a real estate investor, or that I own a vacation rental business, or that I run a Bed and Breakfast. People state “I always wanted to do that it must be easy!”
People seem to think that owning real estate or running a Bed and Breakfast or vacation rental is easy and that we owners are millionaires!!
The one thing I don’t hear from these people is the main question “what is the down side of being a real estate investor” or how much work does it take to become an “overnight success”.
Real estate is just like any other business it takes endless hours of study, sleepless nights worrying about where the next tenant is coming from.
The one thing I learned very quickly is that in order to be successful I would need a mentor or coach who was already successful in real estate.
So I got a coach in both my vacation rental business and real estate. Having done this at the same time as starting my real estate investing saved my butt many times.
It’s not easy if you want to become a Real Estate Millionaire, you will have to overcome a million problems. The more money you want to make the more problems and hurdles you’ll have to overcome.
Understand this rule at the very beginning of your investing will prevent you from loosing your shirt.
Just because you buy a Bed and Breakfast or any type of real estate investment doesn’t guarantee success.
What guarantees success is your willingness to learn, grow and ask for assistance and guidance from investors or mentors or coaches who are more successful than you are.
Tell me about why you’d like to open a Bed and Breakfast and what are the steps you’re taking in order to start.