Real estate investors the world over know that your first investment is the scariest…this post is specifically written to get you over the hump of that first investment and on your way to real wealth!
We all understand that for the average person your home is your single largest purchase. That purchase was scary in itself, but the fear was in large part over powered by the emotion of excitement to have your own home, your own independence. To do what you want without any landlord or neighboring tenants to answer to. The psychological mindset of knowing your home is supposed to be your single largest investment creates a road block to doing it again. Hey, you already own your own home so why are you making another sizable purchase like this? The excitement of moving into the home is not there so moving forward on the purchase is a struggle.
To take action is further challenged by one of two things. Not having a clear vision of what your actual true objective is for the purchase. Often the first time investor wants to make it big in real estate investing. All too often however a clear decisive plan has not been identified. If this is you, talk to all decisions makers (if there is more than just yourself) as it is imperative to make sure your spouse or partner is on the same exact page as you are.
There are a number of things you will want to consider. Cash allocation, location, holding time, and exit strategy. Once you get a clear decisive picture of what this investment looks like, it is much easier to move forward.
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Let’s face it; there is so much information on the web. Everyone telling you to do things this way or do things that way. How is anyone supposed to know what to really do? A great starting point is to avoid analysis paralysis. I often see people spending so much time preparing to get ready, to get their hands on every person’s information before taking action. This analysis paralysis stops many people from ever moving forward. A recent survey I just saw shows that half of the investing population is unsure when or how to move forward for this very reason.
I suggest you look until you find two or three sources that make sense to you. Once you identify two or three sources stop looking further. This will only confuse you. Then use these two or three sources and get the clarity you want. At some point in time you will have to actually pick up the phone and engage in a conversation from a source that can help you.
An important tip is to find a source that is truly interested in positioning you for success, someone that is performance based themselves.
Once you make your first purchase, give it a few months to realize the benefits as well as the challenges that may surround the investment. If you did it properly the first time you can simply and easily duplicate the process. If you feel the need to make a few adjustments, make the adjustments and invest again. After you have your third investment property and have a good understanding of what you are doing it will become an easier, more fun and prosperous activity for you to do.
Looking for an easy way to get all your real estate investing goals written down and clear in your thoughts? Use our FREE Real Estate Investing Planning Worksheet to clarify your goals! Not only that, but (if you like) we will give you a FREE 15 Minute Consultation to go over any of your questions and fill in any gaps.
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