The present moment is a very powerful thing. Right now while you read this article, you are likely convinced that real estate investing is the right fit for you. You are confident that this year will be different; this is the year your specific goals will be reached and you will personally be helping many local buyers and sellers in and around your area. While all these things can — and very well should — happen, it is important to remember that your real estate investing business is a journey with twists and turns, both expected and unexpected.
How I Bought, Rehabbed, Rented, Refinanced, and Repeated for 14 Rental Properties
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5 Aspects of Real Estate Newbies Should Remember Are Only Temporary
Is this going to work? Are my friends going to laugh at me? Are people going to respect me? Do I have what it takes? These are all questions I asked myself while getting started as a real estate investor. It is natural to be unsure and/or scared while beginning any new business, career, skill, or hobby.
Long-term real estate investors push past these fears for the good of others and their own financial futures. It was not overnight; however, with proper training and consistent experience, my fears were quickly replaced with confidence — confidence in myself and confidence that I would be able to solve problems and find answers.
When someone says “no” to you it can often sound like a personal attack. Keep in mind that concerning real estate investing, a buyer or seller’s “no” is simply an answer to a proposed situation or question. If a seller feels that what you are offering is not in their best interests, then they will naturally and responsibly say “no.” If a buyer, another investor, or you are being offered something not in their or your best interest, the natural response is, of course, “no.”
Remember that the word “no” may be only temporary. A seller’s or buyer’s thought process, motivation, and flexibility are likely to change over time. It is always important to follow up with folks from the past to see what has changed in their lives and if you can now be of assistance.
Fair Market Values
Francois de la Rochefoucauld once wrote, “The only thing constant in life is change.” Yesterday’s values are not today’s values. Today’s values are not tomorrow’s values. Always be aware of current values and ideally where the market is going. Enough said.
If you are just getting started, then let’s face facts: You have very little reputation, and very few people know who you are or how you can help them. From this point of obscurity, you will grow your word-of-mouth reputation so that sellers, buyers, homeowners, other investors, and many others know who you are and how you may help them.
The more people that see your advertising and the more people you are able to speak with, the more your positive reputation may grow. Remain consistent in your advertising, and always aim to treat everyone you talk to with respect. Remember that as the local authority in your niche, you will strive to not only solve problems for yourself, but also educate the general public (sellers and buyers) as to how they may solve their current problems with your help and even without your help.
Pro Tip: Reputations are generally slow to build, but very quick to ruin. Be on your best behavior. Do not do bad deals, but always aim to help.
Your Business Plans and Goals
John Dewey once said, “Arriving at one goal is the starting point to another.” One thing I love about real estate investing is that there are so many ways to make money and create value for others. If you are new to real estate investing, then it may be important to become educated and safely take immediate action helping sellers in your area. From this starting point, you will be able to adapt and change your forward progress as needed. If you have been investing already for a number of years, you likely are already quite comfortable with innovation, change, and experimenting with new real estate niches.
Question: What were your original goals when you got started investing in real estate? How has your journey deviated from your original goals?
In conclusion real estate investing is a journey. Every day we are never quite sure who will be calling to purchase one of our properties or who we will discover needs our help to sell. Keep a positive and open mind while real estate investing and aim to help almost everyone you meet.
Within your specific niche, know what constitutes a profitable deal and which leads should be avoided. Remember that real estate investing is a smorgasbord — you may pick and choose to add and subtract new things to your business as you see fit. Continue taking daily action and helping others, and you will likely be heading in the trajectory of a long-term real estate investor.
Newbies: How have the above factors changed as you’ve progressed in your real estate career?
Let me know with a comment!