Over the past decade I have faced a lot more than 10 hurdles, and I’m sure you have as well. However, below I’ve outlined my top ten hurdles and how I overcame them. Can you identify?
1. Technical Know How
If you wait until you “know how” to do everything you will NEVER start. The vast majority of jobs are like this. You simply have to jump in and learn as you go.
I have a friend who is probably the smartest real estate investor on earth. He has read hundreds of real estate investing books. However, he only owns one investment property and that’s because he moved and turned his previous place into a rental.
“If past history was all there was to the game, the richest people would be librarians.”
2. Fear of What Could Be
This is so common – it should probably be number one. Without a doubt, every time I tell someone I own rental property – the vast majority of people tell me about some crazy tenant story they have experienced or heard about.
They also go into some kind of a story about how they would like to own rental property but don’t want to answer calls at midnight to fix a toilet.
It took me a decade to learn this and here is the solution to the phone calls at midnight: HIRE A PROPERTY MANAGER! By the way, hiring a property manager is also the solution for dealing with crazy tenants!
3. Finding a Focus
If you are looking at every type of real estate investment out there, you will definitely burnout quick (see # 5).
Finding a focus takes time. Unfortunately, you usually find your focus by figuring out what doesn’t work …read more