Hear the term "Real Estate Investing" and the typical person probably imagines some Herculean figure who has tons of cash, guts, or both. The truth is real estate is blown way out of proportion for some in terms of its sheer mystique. The bottom line is real estate is the number 1 way for the average Joe and Jane to add to their bottom line in a big way.
The first thing you should do is think differently. Instead of looking at someone like Donald Trump and say, "Wow, I can never be as smart as that guy." Transform your mind to say "What do I need to learn and do to achieve the levels of success in real estate that I deserve!" Don't be a lemming (that's what got you in the financial rut in the first place!) by using the same exact words. Feel free to carve your own personality from that same bold statement.
Oh man, do I really have to go to the library as well as go meet people. Yes! Real estate is a people business. And knowledge will help make you more effective in working with people in the context of the business you select. You can start by joining a real estate club with like minded individuals. Look around, what are they investing in? Chances are, it's in residential properties. And if you speak with some of them, you will realize not all of them were millionaires to start off with.
Owning a residential property can be a good first step because it allows you to gain appreciation in value over time, which thereby increases your net worth as well. Your ability to leverage that value increases as well via methods such as refinancing which can provide additional investment capital for you.
Overcoming the mindset of negativity or impossibility in investing in real estate is the first step. If you decide you want to build long term wealth, and feel real estate is a good place to invest in, and then keep at it, and it's only a matter of time and effort before you become one of those Herculean figures that everyone feels daunted by. Perhaps you can educate them on the reality then. |
