90% of you won't do anything!!!! But why?
I always hear this figure and wonder to myself how come? Is it because people are scared or is it because the people who are trying to get into investing have a hard time figuring out what information is correct and whats not. I mean there are tons of websites and gurus out there that want a newbie to just pay a certain amount of money so they can eventually be lead down the road to untold riches. Of course more that half of these online companies are on ripoff.com or have negative ratings. So i am starting to think that yea that figure is high, but i really think most of it isn't from paralyzation through analysis, but more of weeding out scam after scam
RE is work, but I enjoy it. It's rewarding. I can spend hours looking at properties, talking to prospects, investors, etc.. I'm a talker! We are all wired differently but true SUCCESS comes when you tap into what makes you tick. If it's only a "Money Thang" it will get old quickly. Of course we need money to live, but it's not my Driver! Find what you enjoy doing and know it's work, but you ENJOY doing it!!!
I just posted for the first time yesterday and came across this thread shortly after, and it is simply phenomenal. Thank you everyone for all the nuggets of wisdom you dropped here!
I stumbled into this old post during my lunch and wanted to throw in my 2 cents. I'm 45 years old and have considered getting into the RE game for numerous years. Just 2 years ago I made my first deal, but it was a foreclosed house I bought to rent to my son. No risk there (ha), but 12 months later I purchased a 4-plex and just closed on a duplex last Friday. I truly believe the despite the work, ( which many deeply fear) the barrier to entry is capital. I have been very fortunate in my career to make an above average salary and my wife and I are pretty frugal savers. It has taken a lot of effort for us to save and then invest in something that is going to or better yet "might" pay dividends sometime in the future. Which isn't exactly true since both or our "true" rentals have positive cash flow. It has been difficult, I have had to part with nearly $100k in the last 3 years. (my wife wanted a pool) I'm not saying that the "No Money Down" scenarios don't work and I know about them (as do many others), but IMO most options or just borrowing to borrow. Okay maybe your paying 5% and earning 15%, that's a win right?, but these No Monday Down, risk and reward scenarios can be a difficult pill to swallow for most. Not to mention that "in a marriage or partnership" you have to convince both parties that this is the right place to put your money and efforts. Very difficult.
excellent points Jeff!
My fear, even several deals in, is that I'm going to lose money so I have to analyze a deal and rethink it 50 times, even though it changes nothing. I'm focused on breaking that now, but nothing is perfect, it WILL NOT go the way you plan it in your head. There's too many moving pieces, unknowns, crap contractors, etc. You will screw up, you will cost yourself a bunch of grief, time, money, etc, but damnit you will LEARN and get better. That's what I have learned. So don't take it as a failure, take it as "well that didn't work, so I can cross that off the list of what I can do" and just move forward. Nothing replaces experience.
overthinking does paralyze us