Being a real estate investor is though exiting but fearful thought. In this article, we will go through fears of people when they are going to make their deals as investors and also will present some solutions to the problems.
I Don’t Have Enough KnowledgeThis is one fear as the real estate world really needs a lot of knowledge. Not only the rules and regulations but realistic knowledge also is required in this business. Hence people prolong for years before making their first deal as an investor.
SolutionThe solution to this problem is just to start. Yes, there are many things to remember but you don’t have to write an exam, hence whenever you need, you can refer to the written material. At the same time, you will learn in the process. If you think you can keep everything in your memory before you start, it’s not possible. The memory keeps the knowledge, only which is in use hence ones you start getting in to it, you will automatically start remembering the processes and information related to the business.
I Can’t Communicate Well To The Sellers And BuyersReal estate investment related communication is not really a casual talk, there are many questions from the sellers and the buyers and people are afraid whether they will be able to answer those or not? They are afraid of making or receiving their first call.
SolutionYou can write down all the questions you need to ask from the sellers or buyers calling you. You can practice the welcome sentence well so that it gives you the time to think a little. You can also prepare yourself well for the questions in which possibly can be asked.
Seller Won’t Accept MY Low OfferPeople are hesitant to even tell their offer to the seller as they think what the seller will think of them? Along with being hesitant, they think that they will never accept their offers as there can be many other investors making the better offers.
SolutionThere are many success stories where people got their very first offers, which were very low, accepted. Not necessarily, a seller is selling to make the money. Many times the seller sells a property to get rid of it. Not every seller has enough time to approach many investors and then make comparison.
Unknown Question Or SituationsPeople are afraid of the unknown. They think of something unknown and they will not be able to deal with the situation.
SolutionEven in daily life, we don’t choose to face all the situations. We learn how to avoid many situations; we learn how to not react upon something. Hence you don’t need to deal with someone whom you are not comfortable with? You always have an option to escape from people. You also are not bound to answer every question.You can procrastinate or delay the answers of any questions you don’t want to answer at the same time. In the course of the business, you will learn many things which you will not learn at all you won’t start.
Sellers Will Just Gather Information But Not Final The DealSellers call the investors, ask many questions but the deal doesn’t get cracked. It goes to some other investor. New investors get afraid of wasting a lot of time in something but not getting anything out of it.
SolutionYes, this will happen, but you just remain in a helpful mode. No matter what happens at last but you answer all the questions and also help them to understand everything they want to know. The helpfulness is going to pay you back. You may not get the deal but you will definitely get the mouth recommendations.
May Be The Time Is Not Right The Investors get confused of when they should start investing. When the market is not doing well, when people have less buying capacity, seem to be the wrong times to invest in properties.
SolutionThere is always right time for the real estate investments. There are always few people who want to sell and there are always few needy people who want to buy. You can actually make good use of the changing market conditions to grow your wealth. After people who jump into the business, only understand that the time is always right.
May Be I Can’t Find A Good DealThe investors are afraid of not being able to get the good deals. The fear is not baseless.
SolutionThere are different ways to find good deals. You can have the notification setting done from the MLS so that whenever any property matching your criteria gets listed, you get the notification. You can get this done by a realtor. You can talk to as many people as you can to send you the deals. Be connected to the investors so that they can ford you nay deals which is near to you.
I Am Not Rich Enough To Become An InvestorThis is also a fear as people think only rich people get in to this business.
SolutionOne doesn’t need to wait till he has enough money to buy the first property. You can obtain a loan and if you are able to pay the EMI’s you can invest in the property. You can also take help from the private lenders in such cases. Just after one or two deals, you will repent of not thinking of it before.
I Can’t Tell LiesPeople think that to make deal people need toile about the property and they can’t fit into it as they can’t make false statements.
SolutionYou never need to tell a lie. Just be honest and real. Commit what is true. You will ruin your image you will tell the lies. Hence, if you speak the truth it’s the quality for this business and not a drawback.
Hence people have many fears for being an investor and the first deals is an unforgettable experience for the investors. There should be no space for assumptions. There is not harm in failing then not trying. There are people who invested their time and money in investing in real estate which helped them to come out of their regular job also. It’s never too late or early. Just gather some courage and give it a try.