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There are many people interested in real estate investing, but only a limited few actually go for it. With all the potential benefits of getting involved in real estate, why all the hesitation?
The main reason is that investing in real estate can be intimidating, even frightening, if you get caught up in thinking about everything that could go wrong. But this is a normal reaction. Anybody’s heart will pound hard when they’re signing a contract and putting hundreds of thousands of dollars into an investment, no matter how well-researched the opportunity is and how favorable the circumstances. People who do not have this healthy fear are not investors—they are gamblers.
There are many different ways that people cope with their fear of investing. One is making excuses: Not enough money for a down payment, poor credit profile, have one mortgage already, don't want to be a landlord, and so on.
Another way that people let their fear of investing stop them is by simply putting it off: I’ll wait until I get that promotion, until the kids are in college, until the kids have graduated from college, until the kids have houses of their own, until I retire, until my spouse retires… Next thing you know, you start thinking “I should’ve…I could’ve…” and the opportunities have passed you by!
Perhaps one of the most common ways that people avoid taking the big step is when they insist on waiting for the perfect opportunity. The majority of people attending the workshops and seminars, reading the books, browsing the newspapers, and searching the Web (yes, this could be you.) are suffering from paralysis by analysis. While it’s always a good idea to thoroughly research the opportunities available to you, it is possible to get so caught up in evaluating the situation that you fail to ever make a move.
Read more...Setting Goals
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