Who doesn’t want to make a little extra cash every month. Especially if that money just shows up in your bank account without you actually working for it. Passive income is the way to go. And real estate investing is a pretty passive income stream that can pay you while your sleeping.
But a lot of individuals let other people’s fears stop them from investing in real estate. And because of that influence they deny themselves and their families the benefits of having extra money show up in their bank accounts every month.
You know the story; There’s always one person in a crowd that wants to dream steal from you. In real estate investing, you’ll always hear about somebodies uncle, who has a friend that was renting out their place and they got stiffed by some bad tenants.
Just ignore these stories. If you’re interested in creating wealth for your family, and you’re fired up about real estate then don’t let the following 5 myths keep you from building your real estate empire.
Real Estate Investing – 5 Myths That Keep People From Starting (Are they Keeping You From Building Your Empire?)
1. You Need Money To Invest In Real Estate
2. You Need To Be Handy
3. You’re Going To Get Screwed By Tenants On The Rent
4. Tenants Are Going To Trash Your House
5. There’s No Good Investment Properties Left
Myth #1 – You Need Money To Invest In Real Estate
Yes you do need money to invest in real estate. But you don’t need your own money. OPM, get used to that acronym. It means Other People’s Money. What you need is passion and a plan. You can get money from anywhere. And when you’re fired up and motivated people will be willing to give you the money you need to make your invest dreams a reality.
Myth #2 – You Need To Be Handy
Things fall apart, it’s true. And sure you need to be handy when you’re getting into real estate investing. Handy with the phone, managing people, and negotiating good rates on your contracts.You’re not getting into real estate investing to create a new job for yourself. Remember that. Find good people that love what they do and get them to do the work for you.
Myth #3 – You’re Going To Get Screwed By Tenants On The Rent
Sure you’re going to get taken for a ride on the rent if you let yourself. Or if you’re a slumlord. But you’re not going to do either of these things. Maintain a clean and respectable property. And do your due diligence when it comes down to doing background checks on your tenants.
Myth #4 – Tenants Are Going To Trash Your House
There’s two sides to this coin. On the first side is the fact that you’re going to do your best to find the most squeaky clean tenants that you can rent to. And on the other side of this coin is, “Really, what’s the worst that can happen?”
So they wreck the place? Who cares. That’s what insurance is for. Remove your emotions from the equation and do what you can do to cross your T’s and dot your I’s. You will need a GOOD Realtor who can advise you.
Myth #5 – There’s No Good Investment Properties Left
People need a place to live. And there’s tons of people who can’t afford to own a home just yet. So there’s always opportunities out there. Remember real estate is about people. Find out where people want to live, what they’re willing to pay for in rent, then go out and find a place for them. You don’t need to stick to your backyard. Expand you region by an hour and see what kind of opportunities come up. You will need a GOOD Realtor who can advise you.