These are the top ten real estate investment myths.
- People believe they need to be rich. A person will automatically make money if he finds a good real estate deal.
- People complain they do not have the time. Without spending hours on the computer, people will be surprised by how much extra time they have.
- People believe shows on television are staged and investing is never going to make money. However, if you think it will never work, then it probably never will.
- People believe there is too much competition. If there is competition, then that means there are many houses that need investing.
- Many think flipping will not work in their own market, but real estate investing works in everywhere. Wherever there are rundown houses, there is a need for investing.
- People think that the current economic conditions are not favorable for real estate investing, but below-market prices have made each potential real estate investment much more valuable.
- Some think realtors will not be cooperative with investors; however, realtors are eager to help out. They make friends to bring in business.
- Many believe good credit is mandatory. One can find a partner with good credit or borrow “hard money” to avoid this.
- People are afraid because the real estate market is not stable. In fact, the real estate market is safer than the stock market.
- People think they do not have the adequate skills; however, amateurs have to start somewhere. The only way to learn is to start investing.