So, you think you want to become a real estate investor? Become your own boss? Set your own hours? Do what you want? Make more money than you could ever count? Live the good life… huh?
You see it everywhere, on TV, the infomercials, newspapers, magazines, the internet. “Get into real estate investing, and make a quick fortune. Expensive cars, homes, boats, planes…. all can be yours, and it’s so easy.”
Let’s get real folks. Often what you see in the media, and what you experience in reality are two entirely different things – or are they? Let’s look at some key points regarding this dream-propelling vehicle called Real Estate Investing.
ANYONE CAN DO THIS!
Can anyone with the desire get into this business and make money? Sure, without question “Yes!” We all basically share the same neurology as human beings. So if one person can learn to do and accomplish something, then virtually anyone can. Some may need to gain a deeper knowledge of some things over another person, but it can be accomplished.
QUICK ROAD TO WEALTH.
Is Real Estate Investing the quick road to wealth and riches as you hear so much about? Well, yes and no, and you will get a myriad of opinions about how long it can take to make real money in this business. Anywhere from a couple of months, up to years. The reality is, that like anything, it depends on the drive and desire of the investor to be. Educate yourself in real estate investing, and put that knowledge into action. The greater the level of commitment, typically, proportionally the greater the level of success. I know of investors who made a little money from their endeavors starting out, and I know of many who (like me) made a lot of money pretty fast in this business. It has been my experience, along with countless others, that one can become financially independent in this business in under 2 years, and many times within 1 year. There are many veterans who do not share this view, and say that it is wreckless or careless to do it so fast. But it is not. It is done through careful analysis and investigation of the properties. Likewise, it is not merely my opinion that this is done, but rather my experience and that of others.
“I” CAN’T DO THIS… OR, THIS CAN’T BE DONE IN “MY” AREA.
One challenge that confronts the beginner, is they are often confronted with one frustration after another and give up before ever reaching any level of success. Real estate investing, like most other businesses, is a numbers business. Many beginners hear of others success in this business, and falsely assume that it came easy. The reality is, that there is often quite a bit of time and effort put into locating, that “right” deal. I am often amazed at the number of newbies who complain that they have put forth a gallant effort and called an astonishing 7 sellers and have determined that this business cannot be done. It takes more effort than this to make a go of this business. Call over 100 sellers, then start complaining a little – maybe. You cannot tell me that if you do not give up contacting sellers and checking out deals, that you will not find anything…. ever! Now if you aren’t getting anywhere after, let’s say 50 calls, then you need to seriously reconsider your strategy.
I find it difficult to believe that there are any areas out there where you cannot make money. I have been to many, and found deals where people told me they did not exist. I do however believe that there are investment strategies that will not work in every place at every time. If what you are doing isn’t working in your area, then change your approach and strategy.
Becoming a real estate investor can pretty much be whatever you choose to make of it. There are plenty of resources – web sites, discussion boards, as well as countless books and programs to get one started and further their education. You can choose to become a part-time investor, or go full-time. Work a few hours at it, or work 12+ hours a day. There will be paperwork that you will learn, not only for putting deals together, but also for record and bookkeeping. You will oft times become a jack-of-all- trades handling various aspects of this business. You can become investor, negotiator, manager, handyman, accountant, janitor, etc. But rest assured that more often than not, the money is quite good.
Going into a career as a real estate investor can be one of the wisest decisions you will ever make. It is a satisfying and rewarding profession, however like most, it takes some level of dedication and effort to succeed. This is not a get rich overnight with no effort sit at home on your couch type of business. But as you get rolling you will find that the effort you put into it versus the gains you receive from it are well worth it. Often people I meet ask me what kind of work I do, and it literally does not register with me. “Work?, Oh you mean that thing that I do that I love doing and get paid for it?”
Yeah! That’s it!