Three Reasons Why Real Estate Investing is Like a Love Affair…
In light of Valentines Day, it’s nice to reflect on the love you have in your life.
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I’m lucky to be engaged, have a great business, and love what I do. Such was not always the case, though. (Don’t get me started on boyfriends of past, that’s a whole other blog!)
There is a strong correlation between romance and investing in real estate investment, though. So let’s take a look at why your real estate investing can be a lot like a love affair.
1) The Dating Process is Awkward
BiggerPockets is a virtual pool of newbies, vets, and every stage in between intermingling. But getting started, admitting you’ve never done a deal, and wondering how to meet the right people can be downright terrifying.
In the world of dating, you really do have to just put yourself out there, right? If you’re looking for love, you have to be open to engaging with someone, taking a risk, and learning as you go. If you’re looking for deals, money, and partners, you have to be open to asking for what you want, playing the field, and creating a give-give relationship.
There may be breakups, sour deals, and partnerships that won’t last forever. The more important thing is that you’re becoming smarter, stronger, and more knowledgeable for the next go-round. Have the perfect setup and constant deal flow? Hopefully the rough patches and learning curve have helped you appreciate what you have and you stick with it.
2) It Can be a Battlefield
Nothing hurts more than a broken heart.
Well, maybe finding out your rehab has a major foundation issue, your partner is squandering money, or realizing the market changing direction quicker than you can adjust your business. Either way, it stings, and can sour your emotions toward real estate all together.
The thing is, if you’re not taking risks, you’re not putting yourself in a position to ever get hurt. Safely, you can follow the status quo. It may not be glamorous or help you build the business you’ve always wanted, but better safe than sorry, right? Not if you want something great. Albeit, you need to make calculated, wise decisions, but anyone who has accomplished anything sizable has also known heartache, stress, and potentially bankruptcy. What separates those who appear to be “lucky” is the willingness to take responsibility for what happened, the humility to know what you can improve on, and the courage to forage on.
3) When It’s Good, It’s Great
If you’ve been fortunate enough (literally) to be in real estate in an appreciating market, the experience is euphoric. Somehow you feel smarter, richer, untouchable….sort of like when you’re in love! Simply swimming with feel good endorphins that make life a little sweeter, and knowing when it’s good, it’s great.
Having a partner that fills in the gaps, makes you more confident, and is the ying to your yang can be empowering. Accomplishing something great with another person is a very rewarding experience, making you realize you can’t do everything alone.
If you left a job, did real estate on the side for years until you went full time, or otherwise took a leap of faith, I hope you fall in love with real estate investing and have a wonderful love affair, with all the ups, downs, and education that come along with it.
What do you think? Has real estate been emotional for you at times with a changing market, bad partner, great partner, or finding your stride? I’d love to hear your “romance stories!”