If you’re failing in real estate investing or if you’re afraid to get started, there may be some myths that are holding you back. Property investing is a tried and true way to build wealth, as many people have done so throughout the years. Look at the following myths and get to know the truth, so you’ll be more apt to experience success as a real estate investor.
- To make money, you must have money
While a lack of cash seems like a plausible excuse for not investing in real estate, the truth is there are great deals out there where you don’t need any money down. In fact, using my Unlimited Funding method, you don’t need cash at all. It simply takes you doing your homework and researching the various ways to invest with no money down and deciding on a way that works for you.
- Competition makes it difficult to find a suitable deal
The truth is there are enough deals out there so that all investors can enjoy success. Whether it’s a seller or buyers market, there are always motivated sellers out there. Is there competition? Sure, but just as in any business, there’s always competition. However, there are ways you can set yourself apart from the others and get the business of those motivated sellers.
- Real estate agents don’t work with investors
Many investors believe that realtors aren’t willing to work with them. However, there are always realtors happy to do business with property investors. Why wouldn’t they? Your job is to find realtors who are familiar with property investing and who will be reliable. Communicate with your realtor clearly, so they know what you’re after and what you expect from them.
- Credit score is not enough for purchasing a house
Many investors fail to invest in real estate only because their credit isn’t what they feel is good enough. While having good credit does put you at an advantage, it’s not a prerequisite for making money in the real estate industry. For example, buying a home ‘Subject To’ existing loan means your credit report doesn’t get pulled at all, because the loan stays in the seller’s name.
- Investing is risky business
This is one of the greatest misconceptions regarding real estate. Sure, there’s some risk in real estate investing, but it’s one of the safest investments out there. Stocks are much riskier, because you never know what the market’s going to do. With a property investment, you’ve got a tangible asset that appreciates in value over time. Investing in property has proven over time to provide a decent return on investment, minimizing loss.
Wrapping It Up
If you’ve been hesitant about investing in real estate, perhaps it’s time to reevaluate. Have you been believing any of these myths? If so, accept the truth and continue with your intent to be a successful real estate investor. Should you need some assistance, consider hiring a mentor who has been successful in property investing. It’s always a good idea to have a reputable mentor on your real estate investing team.
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