People pass signs on their way to work every day that read: “House for sale.” Weeks pass and still these signs remain firmly planted in the ground. “Why has nobody bought this house?” one might ask. “It’s a decently sized bungalow, big backyard, nice neighborhood, and I’ve heard the price is fair. If only I were able to purchase this house, I could stop looking at this sign everyday and start making money…”
The good news is you can make money with property. You may feel as if mountains block your path to financial success in real estate, but most of these “mountains” are, in all actuality, molehills.
Here are four common thoughts that hold people back from purchasing and selling real estate.
1. “I know nothing about buying or selling real estate.”
Does knowing real estate terms and practices make it easier to succeed in real estate? Surely. But is this knowledge necessary? Absolutely not! If you’re not an expert in chess, that doesn’t mean you can’t play. But the more you play, the better you become. The same is true for real estate. You’re first property will likely be the hardest, but it gets easier from there. Remember that learning anything is a journey, not a destination.
2. “I don’t have the money to purchase a property.”
Most people would say you need a lot of money to purchase properties, but this is a fallacy. If you are interested in buying a $150,000 condominium, do you need $150,000 in your bank account? No. What you need is an investment with solid financing, and the right property; one that will yield a good ROI (return on investment).
3. “The only way I would have enough time to invest in real estate is if there were two of me.”
There is a lot of time in the day to do what we want. Not having enough time for real estate simply boils down to your level of commitment. Instead of watching TV, read a book on real estate. Instead of going to the movies, research properties online. Your success is in your hands.
4. “I don’t have any real estate contacts.”
Knowing people in the housing game is essential, and easily done. Contact your local real estate agents, bankers and attorneys, and you’ll soon have a cell phone filled with real estate contacts. These people will be happy to assist you on the journey that starts with making an offer, and ends with the pulling up that “property for sale” sign you used to pass every day.