When I started investing in real estate, a friend of mine, who was a beginning investor himself, helped me out. He gave me some information on where to purchase properties and how to get investment property financing. I actually learned the nuts and bolts of real estate investing through trial and error. Buying rental property and securing loans is the easy part of the business. The right frame of mind is a different story. In this blog entry, I’ll talk about the mindset needed to help you be successful.
My mother always said nothing good comes easy. In the real estate game you really rely on yourself. No one will help you find the right property, get the best loan and definitely not help you with that unappeasable tenant. I wish someone told me in the beginning that when dealing with investment property, everything that glitters isn’t gold. If it looks too good to be true, nine times out of ten it is. There could be problems behind the scenes. When you discover them don’t let it discourage you. I wish someone told me that loan officers work on commission and don’t necessarily have your best interest in mind. Perceive them as car salesmen; don’t trust them further than you can see them. Even if you can see them keep your guard up. If only someone told me about the tenant from hell. Never take it personal. You’ll still be a landlord long after the tenant is gone. With new carpet and paint you’ll forget they ever lived there. Remember, treat all tenants like future home buyers, but don’t let anyone take your kindness for weakness. In this business only the strong prosper and the weak wish they never started.
In future blogs and articles I will address some of the mental trials of this business and how to deal with them. Following these tips will make you journey easier. When bumps in the road happen you’ll know how to deal with them. Know that I had the same problems as you, I’m still standing, and you will too.
Here’s more advice for the beginning real estate investor: