By Rachel Hernandez
Many people want to become real estate investors. They watch television shows about others who have made it rich. They hear stories about those who have been successful and made money with their real estate investments. Though, people fail to realize this is only part of the story – not the whole piece. Real estate investing is not easy.
Successful real estate investors have been through cycles. Periods of highs and lows. They have gone through changes, not only in their business lives but their personal ones as well. Those who are pros have decades of experience, not years or months.
What separates successful real estate investors from those who are not is their ability to adapt to change. We’ve all heard it before: change makes us uncomfortable. But it’s periods of change where we are forced to do things outside of our comfort zone. And, that is a good thing. If we never did, we’d be too comfortable. Status quo remains and we would not be able to grow.
The benefits of real estate investing far outweigh the cons but there are some things to think about.
Real Estate Investing Involves Management
Despite what you’ve heard, real estate investing involves management. Whether it be your own properties when buying and holding or if you are fixing up properties for resale, you still need to be involved. Someone needs to be there to make sure things get done. On time. The right way. Even if you hire property managers to help you manage your properties, you still have to manage them. I’ve been there, done that.
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Real Estate Investing Involves Time
Success does not happen overnight. It takes time to build up a successful business. Real estate investing is no different. Many people who go into real estate investing want immediate results. Don’t we all? Going in, remember it will take time. You will need to try new things to see what works and does not work. You will need practice building a team of professionals to help your business. It could take months or even years until you do your first deal. If you are clearly in it for the long haul, don’t give up. Success will come eventually.
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Real Estate Investing Involves Sacrifice
With the amount of time involved, you may have to give up things you did before. Attending parties, watching television, or taking an afternoon stroll on the weekends are all activities you may miss. Sure, you can do all these things with the little free time you have. But then again, you could also use the time to be out looking at potential investment properties. Personally, I’ve sacrificed a lot. Due to the time needed to focus on my real estate investing business, I’ve missed many activities and events. But looking back, I’m glad I did. As a result, my life improved.
Real estate investing can be rewarding but it isn’t easy. Success will take time. When investing in real estate, there are situations that will take away from your day-to-day life. Though with enough passion and determination, you will find success eventually creating a better life for yourself and your family.
Rachel Hernandez is the author of Real Estate Investing Sucks: How to Deal with Change and Find Success as a Real Estate Investor and Adventures in Mobile Homes: How I Got Started in Mobile Home Investing and How You Can Too!. Find her at: www.adventuresinmobilehomes.com.