Even though we are seeing great low interest rates and there are good deals to be made, some people are still afraid to venture into the market. The top concern, according to most experts is the fear of not knowing enough to find good deals, avoid mistakes and make a profit.
Real Estate Developer and Billionaire Donald Trump has acknowledged this, saying, “You can't know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide ranging your experience, there is simply no way to acquire all the wisdom you need to make your business thrive.”
So besides continuing to get the education you need, it’s imperative that you get to know others who share your passion, who have other perspectives and experience and who might even become investing partners in the future. Take a look at “Do you Have to Be An Entrepreneur” for some ideas on finding people in your area who share your interests. You don’t have to be a realtor to invest in real estate but you should know realtors and other professionals well enough to ask questions and trust their answers.
The question of time is one you have to approach step by step. How much can you invest? How important is this pursuit? Most people just don’t want to feel like they’re spinning wheels and getting nowhere. Make your time count. Write down your goals and make small steps forward in order to reach them. Do you need to take a class? Do you need to improve your credit score? Do you need to talk to a mentor who is doing what you want to do and ask what your next step should be? However many hours you have to invest, use them to connect with people who are successful at what you want to do. Sign up for their class or meet them for lunch. Connect. Remember that your people skills are still the most important asset to develop in your endeavors.
The decisions on your investments of time and money will dictate how you enter into your investment. If you choose to live in your property while you renovate and add value, it may take more time than a focused plan to flip or rent the property. If you have to factor in a monthly mortgage payment, you may have to move quickly on the renovations so you can get that next deal or rental done. We’ll explore more ways to prepare and plan for your deal.