Want to get into real estate investing but you are hearing so many obstacles that it’s freaking you out or turning you away?
Don’t believe everything you hear!
“Step on a crack and break your mother’s back!” Did you ever believe growing up that stepping on a crack in the sidewalk would somehow cause serious harm to your mom? For a while, I did.
I don’t know who told me or why I believed it, but breaking my mother’s back was something I thought I could do. I believed this myth.
Myths are stories we’ve heard that are not true. Many people believe myths, which is what gives them their power. If so many people we know think something is real, it’s hard for us to think otherwise.
There are many myths out there about real estate investment. These stories may keep you from jumping into a great opportunity or are causing you to doubt your decisions.
Exposing myths is the best way for them to lose power. Here are some of the most common myths I have heard and may be preventing you from wanting to get into real estate investing.
1. Options are Limited
Some people believe that to get into real estate investing are too limited. They only think of buying a house to fix and flip or to rent to out. If you can’t see yourself fixing up a home, you believe real estate investment isn’t for you.
There are way more options, however. Multi-family units like duplexes and apartments extend your possibilities. An investor can purchase land and work with a developer to get something brand new up.
2. Must Be Rich
Some believe that only wealthy people invest in real estate. Once their first mortgage gets paid off, they buy a cabin or a rental property as something to enjoy now and an investment for the future.
Investing isn’t only for the rich, but it’s a way to build wealth. If money is a concern, there are multiple options out there to help you purchase a property.
3. Perfect Credit
Your credit scores don’t have to be spotless to start investing. The first thought some have is that the banks won’t loan them money. While that may be true, banks aren’t the only option. Some people don’t use banks at all.
From private investors to refinancing, there are many ways to get money to purchase real estate. Do an internet search for “creative financing for real estate,” and you’ll see what I mean!
4. Side Hustle Only
Others who want to get into real estate investing my feel that it’s only something they can do on the side. That it’s not a viable business or won’t necessarily bring in enough income to support your family. They believe the real payoff comes down the road when they sell.
While not everyone has the drive to make it happen, many investors live well off their properties. Their income isn’t exactly passive, like some promote. There is hard work to do when making a living off real estate. But this can be more than something done in the evenings or weekends. It can truly be your sole source of income and career (if desired!).
5. Need a Degree
You don’t need a business degree to make real estate work for you. You don’t have to invest months or years in schooling to understand how to make good investments.
The best education you can get in real estate investment comes from those who are knee-deep in it. Find someone in the game and get them talking. Attend an REI event, get to know people, maybe even find someone who will teach you.
You can also find information online…like you’re doing now. Blogs, videos, guides, seminars, and more, are all available directly from people doing what you want to do.
These are just a few of the myths that keep people from investing. Don’t believe everything you hear, and never let someone else’s story keep you from taking your next step!