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3 Reasons Why New Real Estate Investors Fail
I?ve been investing in rental properties for many years, and as such I have a pretty good idea what it takes to be successful. I also understand why many would-be investors fail in their endeavors. What follows is an overview of the things that separate the winners from the losers when it comes to real estate investing success.
The biggest reason investors fail is fear. In fact, in my opinion this is the primary reason for failure in most business scenarios, whether we?re talking about real estate or something else. For example, some people are afraid of incurring additional debt, taking on a bigger workload or the risk of failure in general. And it is this fear that prevents many people from getting started, which usually results in missed opportunities. If you?re unable to resolve your fears, then you will be stuck in your current situation whether you want to be or not. The best way to overcome your fears is to force yourself to take action, and a good way to get the ball rolling is to get a real estate agent and start pounding the pavement.
The second biggest reason for failure is probably procrastination. And when I say procrastination, I am not referring to being lazy or indifferent. Rather, I am referring to the act of waiting for the perfect time or the perfect property to buy, or failing to realize when the research should end and the action should begin (which is sometimes referred to as ?analysis paralysis?). This is a mistake, because very rarely will an opportunity come up at the perfect time, and there is always more to learn so acquiring knowledge is basically a never-ending process. You must accept the fact that you will never have enough information to make a decision with 100% certainty, so follow the ?80/20? rule and start pounding the pavement when you feel that you are 80% up to speed.
The third reason is not pursuing your strategy to its natural conclusion. You must remember that real estate is a long term investment vehicle. Getting rich overnight in real estate in not going to happen, and people that have this expectation usually get discouraged and quit before their investing business has a chance to really get going. You must be patient, and stick to your plan no matter what. Always remember the old saying, ?slow and steady winds the race.?
The bottom line is that if you can overcome these 3 barriers, and you are willing to work hard and be persistent, there is no doubt that you will prosper with investment properties. Talk to people for advice, build a team around you, realize that you will never have 100% of the information needed to make perfect decisions, and most importantly, take action and stick with it. Yes, YOU can do this!
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Source: http://www.homebizblogs.com/2012/02/3-reasons-why-new-real-estate-investors-fail/
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