No matter what the investment is there are always common excuses keeping you from your first deal. It is no different in Real Estate so let’s disqualify some of those excuses now and get progress in gear!
Common Excuses Keeping You From Your First Deal
1.) Bad Market
I decided to lead with this one as opposed to some of the more obvious excuses. At this point in the real estate cycle many markets have become priced rather tough and competition is plenty.
However, there is a saying I generally live by – “If it were easy everyone would be doing it.”
There are always deals – yeah, they may not be plentiful or sitting on the MLS, but they are out there.
Recent ways some of my investing students have found deals is through probate. Yep, probate. Usually you will end up in contact with the lawyer handling the case, but you will often find that families are looking for an easy answer to liquidate the property and cash out amongst them.
Additionally there is tax records. You can search county tax records or the county property appraiser site to find people with multiple properties and reach out to them about possibly selling. I had a investor colleague do this recently and he came across an older gentleman that was looking to get out of the game; he ended up purchasing a 24 unit property from him.
2.) Don’t Have any Time
Remember the colleague I just mentioned, well he has a full-time 9 to 5 job and secured a 24-unit building that is out of state. He’s made several weekend visits up there to vet out and secure management and contractors.
In the end there is time for whatever your goal is because you make time for the things that you truly want to accomplish.
3.) No Money
This is the most common excuse of them all. I will admit, the amount of money available from area to area can vary, but in the end real estate is similar to the movie Field of Dreams. Except instead of the phrase “build it” use “find it.” – “If you find it, the money will come.”
Investors are dying to find returns on their money outside of the stock market. If you can offer a legit interest rate with an asset (the property) to back the investment, trust me you can find the money.
Money gravitates to good deals. In fact, if you struggle to find money then the deal may not be all that good.
So those are a few excuses you can now toss in the trash as reasons not to get a deal done. Remember, every goal started with that first step. Focus on step A, then B and before you now it you will have reached Z.
If you enjoy my rental property investing tips, then you will love the book:
I walk you step-by-step through finding, buying and renting out a property. The book is your personal mentor!