I say these are 10 shocking reasons because I feel they truly are. I have been involved in many different education circles, and the list of reasons I have listed below are “reasons” I hear from others in these circles all the time. If you have somebody whispering these limiting beliefs into your ear, then lean on my experience and just understand that although that may be their limiting belief, it doesn’t have to be yours.
1.) All hype and no dollars
Are you kidding me? Anybody who says this has either never done it, or was doing it wrong and too proud to admit it.
2.) Doesn’t work in your area
Unless you live in Antartica, there are houses almost everywhere, and you can make money. Period.
3.) Competition is too hard
Do you see all of those cars? 18 investors showed up to look at this one house, and I am still doing deals. You just need to find your niche, and focus on getting a deal.
4.) Don’t have the money
I complete almost all of my deals without using my money. The above property was a purchase that I received $76k in rehab funds at closing paid directly to me. I used those funds to repair the house and made over $100k. Can you calculate that ROI?
5.) There isn’t enough time
It’s not that you don’t have enough time. You just simply need to shift your priorities around a little…….
6.) Hate Fixing Toilets
I don’t know when they started showing up……but the yellow pages are filling up with these people called plumbers!
7.) Bandit Signs Never Work
Ya know – you are right. My team should just give back the 40+ properties purchased last year from bandit signs.
8.) I don’t want to get sued
Unless you are planning on being a slumlord – you’re just as likely to get sued walking through WalMart.
9.) Adult Daycare
Will there be an occasional bad tenant? Yes. Are there management companies? Yup.
10.) I don’t have my __________
If you are going to let not having your business cards, google voice number, LLC, title company etc. etc. stop you from making money then hey, you’re right – real estate investing probably isn’t for you.
Make sense?
Conclusion
There are a lot of “reasons” you will hear from people about why you shouldn’t do real estate, but i strongly believe that it is the number one path to wealth that almost anybody can obtain. Just ignore the excuses, buckle down, and make it happen.
Cheers to happy investing!
What are some of the excuses you have heard? Leave me a comment in the section below!
Photo credits: Cover Photo, Iceberg, Social Media, Plumber, Slumlord, Daycare, Business Card
So true! I did believe in a few of them myself. And yeah, thank God for plumbers 🙂
Gotta love the plumber!
You’re absolutely right, Daniel! I have heard it all…mostly from the people that are nearest & dearest to me. But even though I had no support from home….I had you & your Wife who believed in me. I believed in myself. And that was all I needed! I LIVE by…”If I give up, I will never make it.” Quitters NEVER win! All I spent was some time, & effort….and it paid off! Now I just have to keep that train rolling! Propelio makes that so EASY! Thanks to You, Maranda & Nate! And to all those aspiring investors….you quite possibly will NOT find a better mentor than Daniel Moore!
I keep telling people that the only thing that can stop them is there own limiting beliefs. For some people those limiting beliefs are too big to overcome. Luckily for you that didn’t stop you. Thank you for all the kind words and all that you do.
I try to take advice from those who have successfully done what I want to do, and for those who have not I smile and just keep swimming. 🙂
This is a great post – punchy and to the point. It certainly sounds like being a real estate investor is a great career path. You get to meet all sorts of people, you earn good money, and you get the chance to help out desperate sellers. I like the bit about plumbers!!
Real estate investing is definitely hard work, but there are few professions that I can think of that can let you retire in 5 years! I absolutely love it, and according to most studies real estate is responsible for more millionaires than any other investment vehicle. 🙂
You are absolutely right!! People today have excuses for everything. There is no reason not to start. People I think just have fear that they can’t get past. Or it could just be laziness, who know for sure.
Excellent list! I’ve heard a few of these excuses before. Sometimes you just have to set the excuses aside and dive in head first. You’ll never know what can happen if you don’t try.
Agreed. I have just seen way to many people stand on the side lines with fear. Get up and do it!
I GOT UP AND DID IT! NOW i’VE GOT PROBLEMS WITH HARD $ LOANS DUE AND A CONTRACTOR THAT CAN’T SEEM TO GET PROPERTIES FINISHED ON TIME. ANY SUGGESTIONS ?
Remodels are all about control and risk management. Proper written agreements with the contractor that outline due dates, expectations, and penalties for a job that runs behind are all good to have up front. Without those your best bet is to make sure you take charge of the project and start cracking down on the contrators to expected performance. Hire slow fire fast. While I know this comment is out of date to your post I hope that others in your scenario will be able to read this.