When you train with a responsible and competent mentor or coach real estate investment myths are dispelled. Learning to decipher the truth from a myth can save you a lot of trouble and time. We already know how important real estate comps are to our end profits. I also wanted to share a few common myths which will help you during your learning curve:
Real estate investing is for the wealthy: This is perhaps the biggest myth out there. There are a wide range of deals to negotiate, from $0 down to thousands of dollars down, which means there are deals all sizes available. What you need to do is research with your InvestorCompsOnline account and plan carefully.
Understand this guys, many deals are done by people who work 9-5 jobs everyday. They may not take as great of a risk as someone wealthy, but there are still enough deals to spread around. Success in real estate investing is in your due diligence.
You need experience: You may be envious of the people you see on those infomercials making a fortune in the real estate market, and you probably think it could never happen to you. They must have years of experience. But the truth is while those people may have been lucky, odds are they’re just savvy investors. If you learn as much as you can about investing in real estate and plan your next move carefully, you could easily join their ranks.
You need good credit: Good credit helps, but you don’t need it to make money in real estate. There are so many creative ways to invest in real estate without ever looking at your credit. Again, you must learn your options and do your research. I would, however, urge you to work on repairing your credit because it allows you even more options and more power when investing in real estate.
It will not work in your area: It works in EVERY area. True, it may work differently in some markets than in others, but there are investors making money in every city, every day of the week. You have to learn your market: the rents, the trends, the local customs, the bankers, the title companies, etc.There are many myths which keep very capable people from venturing in the world of real estate investing. Myths can actually cost you thousands of dollars if you do not know the truth. Don’t wait unitl 2012 to get the ball rolling, start this Christmas season and instead start 2012 on a strong footing. Get help from InvestorCompsOnline‘s educational tools and support system and learn the real truth as you begin your journey to successful real estate investing.