Tuesday, October 16, 2012

Top 5 Reasons New Real Estate Investors Fail

Fear is the number one reason people don't reach their potential, and it is no different with new real estate investors. Starting a new business venture is scary enough, but when there are tens of thousands of dollars on the line, fear can take over and immobilize you. But the one thing all successful real estate investors have in common is their ability to overcome fear and just get out there and start in real estate investing. Don't let fear stop you before you even begin. Learn about the top ten reasons why new real estate investors fail, and then you can be on the lookout for any of these which may be holding you back.

1. Failure

Fear of failure is the number one reason new investors fail. It is perfectly natural to feel fear when starting out, but unless you take that first step you will never know how successful you can be at real estate investing. Remember if you do have a loss or fail at an investment, use that experience as a leaning opportunity.

2. Responsibility

If the fear of responsibility is stopping you remember you can delegate some of the responsibility to contractors or lawyers. You don't have to take responsibility for each and every detail of your properties. Take advantage of other's expertise to take some of the weight off of your shoulders.

3. Imperfection

Are you looking for the perfect property before you buy? If you are you'll be looking forever. There is no such thing as the perfect investment. Real estate investing is looking for a good deal and a good investment.

4. Vacancy

If you have a fear of buying an empty building and it staying that way, have an exit plan. Smart real estate investors have a list of prospective buyers or tenants before they invest in a property.

5. Information

Instead of getting bogged down with the details and overwhelmed, focus on the big picture. Yes you still need to deal with the details, but if you focus on the big picture and take it step by step you won't be so frightened by the amount of information you have to deal with in real estate investing.

Other areas which may keep new real estate investors from getting started include not being fluent in real estate law or taxes. This is what a real estate lawyer is for. Enlist the services of a competent real estate lawyer and let him worry about the legal and tax issues. One last area may be repairs. If you build a network of contractors and repair professionals, you will always be ready for whatever the property may need. Don't let fear stop you in your tracks; real estate investing is a profitable and many times rewarding venture. Get out there and get started.

Helping You Create Wealth Through Real Estate In Rochester, NY, I've bought, sold and represented hundreds of transactions, yielding hundreds of thousands of dollars in profit. Feel free to always contact me directly at 585-455-3352 or by email at ginny@ginnynorris.com. You can also go to http://ginnynorris.com/contact-ginny/ to fill out the form and I will be in touch with you.

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