Fear of losing money is one of the biggest reasons most people shy away from real estate investing. In truth, you can overcome this fear by taking steps to mitigate potential losses. By getting the proper real estate investing education, determining the worst case scenario and setting up plans to deal with the worst case, you can say goodbye to that fear and start making money! In this episode, Ronnie talks about the techniques he used to overcome this fear and others, on his way to becoming a successful investor.

Welcome to our real estate investing video series. Today’s “Quick Tip” outlines how successful real estate investing can provide the financial freedom and lifestyle design elements many people desire. In the video, Ronnie describes the benefits he enjoys since he’s built up his successful investing business. We want to share with everyone what’s possible if you stick with your goals and get advice from a proven, successful mentor.

This episode of the Real Estate Guide 2 Success Podcast focuses on how a solid real estate investing business can not only provide the financial freedom many people desire, but can also get you through tough economic times. The current recession has had a huge impact on people across the world. Unemployment is high and jobs are tough to come by. Not too long ago, I wrote a blog post entitled What Sparked Your Interest In Real Estate Investing?. The post was based on responses from a poll we had here on this site. Financial security was one of the poll answers that many people selected. This podcast describes how I built that financial security for my family, by building a sound business focused on real estate investing.

Last week, the President of the United States presented his annual State of the Union address to the American people. During his speech, the President spoke to the major issues affecting the American people and the world, as well as defining the steps he will take to correct problem areas and expand upon areas that are working well.

I thought this would be a good time for a check-up on the “State of Your Union“..your real estate investing business. This analysis should feed right into your goal planning for 2010 (there will be a post on goal setting coming soon!).

Let’s start with the positive. What’s working well in your investing business? Maybe you’ve set out to work on your credit and your FICO score is increasing. You may have been looking for a real estate agent to work with and have found a keeper. Maybe you’ve found and purchased your first rental property. Your efforts should be applauded! It takes alot to get started and make things happen.

So the next question is how can you build upon that success? Can you get a line of credit, based on your increased credit score, to finance your next purchase? Have you and your new real estate agent put together a list of candidate properties to visit and placed bids on the one’s you’d like to buy? Have you found a repair crew or started repairs yourself on the rental property you purchased? The key is to plan out your next steps and keep the positive momentum going. Before you know it, you’ll have monthly rental income streaming in and you can focus on acquiring your next property!

Now to the things that haven’t quite worked out so well in your investing business. You may have submitted several bids on properties only to come up with nothing. Maybe you’re having trouble finding a tenant for your rental property. The contracting crew you hired may be behind schedule and over budget.

Assess the situation and determine the factors that contributed to the problems. If you don’t think about what could have been done differently, you’re destined to get the same results. After that, take action to correct the situations. There’s nothing wrong with making mistakes. Mistakes are probably going to end up being one of your best learning tools. The only mistakes that will continue to haunt you are the ones that you don’t learn from and use to broaden your experience and knowledge.

So analyze your situation, determine where you can improve and get moving. Your bank account will thank you for it!

It’s a New Year and it’s time to commit to making your real estate investing business thrive in 2010. In this episode of the Real Estate Guide 2 Success Podcast, Ronnie explains that most beginning investors really do have what it takes within themselves to succeed. There are several real estate investing fears to conquer along the way towards investing success. Most notably there is fear of failure and lack of self-confidence. A simple car buying analogy will make it crystal clear that those fears don’t have to hold you back and you DEFINITELY have what it takes to succeed in real estate.

In this post I’m going to discuss how it feels to be a business owner and enjoy the perks of being your own boss. I was reminded of the freedom a real estate entrepreneur can enjoy just a few days ago. We were recently buried by 24” of snow in the northeast part of the United States. Most people had to shovel their way out in order to get to work on Monday. If they stayed home, they had to use their sick or vacation time to get paid, or lose money by taking non-paid personal leave. Fortunately, I don’t have to worry about that anymore.

My income continues whether I go into work or not. My office happens to be my living room today. Tomorrow it may be my car, and the next day it could be anywhere I choose. My office is wherever I decide I want to work for the day. It still surprises me that real estate has given me the freedom that I once dreamed of, and the financial stability that I longed for before starting in this business. This is what you can achieve through hard work and the pursuit of a dream. If I was able to grasp my goal, believe me, you’ll be able to reach yours too. You may feel a little guilty because you’re able to sleep in or do whatever you please for the day while most folks are on their way to work. But that’s something you’ll get over real quick.

Granted, being your own boss is not always smooth sailing. It has it’s ups and downs to go along with the good times. While owning your own business can bring good times it also brings accountability and decision making that sometimes can be stressful. When things are going good you reap the benefits, but when they are challenging there’s no one else to blame. For me, even when times are difficult, the good always seem to out weigh the bad. I would rather struggle for myself than to help someone else live on easy street. Why? Because I’m in charge of my schedule. I work when and where I choose. I have the authority to make decisions that are best for my business, while securing the financial future of my family. You can have this control as well. I look forward to helping you start down that road in the coming year. Happy Holidays!

The last poll dealt with topics that sparked your interest in becoming a real estate investor. There were several people who responded to this poll. I was glad to see such a good response. We want to build a community through this website that promotes learning from everyone’s thoughts, fears and successes! In this post, I’m going to share some of the same thoughts I had on the topic many years ago.

The first choice highlighted the possibility of achieving financial freedom. Working as a teacher for several years and teaching the same grade, I found myself quickly becoming bored with the annual routine and limited salary. I knew 20 years of teaching would not satisfy my financial goals. Teaching provided a decent salary to live a good life, however I yearned to have the financial freedom that many only dream of, and real estate investing could provide.

The second choice was securing wealth for your family. While researching real estate investing, it was clear this career would generate enough wealth to allow my family to have a comfortable future. I met people who owned one or two properties and sold them to send children to college, or used the money for other things they wanted. For me, real estate investing equated to a secure and stable future.

The third and fourth choices dealt with wanting to be an entrepreneur and making your own work schedule. At a young age I dreamed of being an entrepreneur. The thought of owning my own business was exciting. I wasn’t sure how to begin or what type of business to build. I did know that having a flexible work schedule and not having to answer to anyone appealed to me. After years of working as a teacher, it became painfully clear that I needed a career where my income depended on my hard work and that effort translated into more time to enjoy the important things in my life.

So you see, I’m just like the people answering the poll. We all start off with an idea that turns into a dream. But it is your choice to make it your reality.

Years ago I received a call from my realtor about an investment rental property that came across his desk. I was one of his best investors, so he called me first. When I saw the outside of the property it was clearly a big home in a decent area. I immediately wondered why this property was still available.

Once the realtor opened the front door I immediately understood why it was still on the market. There was a stench of urine and other foul smells I still can’t describe!! It was so bad that my realtor wouldn’t even go in the house! I figured if he wouldn’t go in, many perspective buyers definitely wouldn’t enter either. So I held my breath and ventured past the door.

I took a quick look around and realized the property was not in bad condition. It was on the market for $60,000. Betting that no one else could stand the smell, since I was about to vomit, I submitted a bid for $30,000. The next day my realtor called and said, you just stole that property. The property was worth $80,000 with only about $12,000 needed for rehabbing. I only won the bid because I was willing to endure what others would not.

Sometimes buying residential investment properties is a lonely road. Always be willing to go the extra mile. You might have to walk it alone, but you’ll receive the benefits alone too.

Everyone wants the answer to the question: “What will ensure the success of my investment rental property business”. The real question is…do you believe you have what is takes to be successful? This is a question that no one can answer for you and no one else’s answer really matters. Only what you believe inside yourself makes a difference. At some point in your real estate investing journey you’ll ask yourself, do I have what it takes? If you fail the first time, will you get up and brush yourself off, or will you give up like most people and say it just wasn’t meant to be?

This post is about how you feel about yourself and the confidence you need to be a successful real estate investor. If you don’t believe in yourself no one will believe in you. When I first started my investment property business I was the only person who really believed that I could do it. This is the same attitude that you need to have as well. Never wait for someone else to give you the approval you need to get motivated. They may never do it. Know that no matter how hard or how long you have to work at it, at some point you will succeed. Never take “NO” for the final answer. For every “NO” you hear, make it a “YES”. You must keep going until you can’t move forward anymore, and then when you think you’re done, take one more step. Your success and your dreams depend on you. Nothing else really matters, it’s really only you. It’s a cliché, but if you believe it, then you can achieve it. Just keep moving one step after another and you’ll realize your dream of real estate investing success.

What’s motivating you to take a shot at real estate investing? How are your motivating factors influencing your daily activities? Let’s take a look at why motivation and desire are must haves for real estate investing success.

Everything we do in life is born from some sort of motivation, positive or negative. We’re motivated to keep gas in our cars so we don’t get stranded on the side of the road. We’re motivated to get up and go to work in the morning because we want a paycheck. Real estate investing is no different. Maybe you want extra monthly income from owning rental properties. You may want to buy, rehab and sell a few properties to get out of debt or buy a new car. Maybe you want the freedom of being your own boss, making your own hours and controlling how much money you make. All of those things are great motivators. The point is, you have to keep these things front and center in your mind to stay on track to reach your goals.

We do it all the time. We decide we want to accomplish something, and then give up on it. Let’s say we want to lose some weight. Three weeks into it, the idea of being fit and trim is a thing of the past. It’s almost like we never had the thought at all. Why is that? You need daily reminders about what you’re working towards, and the benefits of continuing the pursuit. Here’s how you do it. Take a piece of paper and write your motivation in big letters across the top. Next, get as many pictures as you can that represent your motivation and attach them to the paper as well. Put the paper next to your bed so you see it first thing when you get up and right before you go to bed. When you get up in the morning, think about what you need to do during the day to move you closer to that goal. Just choose one thing and get started. When you go to bed, think about it again so your subconscious can take over and give you ideas of how to reach your goals.

This visualization and daily thought process works. I know many of you will just shrug it off and not try it. That’s unfortunate. I challenge you to give it a shot. What do you have to lose? Your motivation really is your springboard to success.