Why You’re Still Broke: How to Get Unstuck in Real Estate Investing
If you’re brand new to real estate investing, you’ve most likely entered into a whole new world that you’re unfamiliar with.
Maybe you’ve tried doing wholesaling, maybe you’ve done fix and flipping, maybe you tried to purchase a multiplex, etc
In the end, while you may have made some money with these, you didn’t see the types of streams you’ve seen or heard about.
Or maybe you didn’t make any money from these at all.
Why are you struggling to find deals or leads or close deals?
Why are you still broke?
Simple – you’re stuck. And here’s how to get unstuck.
How to Avoid Real Estate Investing Traps to Be Successful
As a beginner investor, there’s a lot of information out there on how to be successful, what you need to do, where you should start, etc.
And for a lot of investors, because there’s so much out there, it’s really hard to pick a single thing to concentrate on.
But that’s exactly what you should do – I see a lot of new investors try their hand at everything in the beginning because that’s the advice they’re hearing from a variety of influencers.
What you should do and what you should concentrate on is – what do you want to do?
Do you want to do your first deal?
Do you want to do a creative financing deal?
Do you want money right now?
Decide what it is that you want to do as a real estate investor and what your situation calls for. Let me give you an example –
I have a number of students in my Subto mentorship that are young adults, still living at home, don’t have a lot of money, and they’re doing wholesaling or creative financing deals.
It’s my belief that wholesaling is one of the best ways to get started in real estate.
Now with that said, I would never tell someone who has a 9-5 job, and one that they enjoy, to start wholesaling. Why?
Because that model wouldn’t work for them; they enjoy their job, they enjoy their salary, so they would do better may fix and flipping or looking to do subject to or seller finance deals.
Those types of deals work better for them.
And when you have a decision and plan for what you want to do, guys, you have to actually do it!
That old saying, “if you build it, they will come” only works in movies, not in real life. Just because you’ve decided on, say fix and flipping as your business, you have to go out and talk to sellers and tell them that’s what you do.
Guys, it might seem like talking to sellers is scary or intimidating, but it’s really not. The most important thing to remember is that we are here to solve their pain point and the only way we’ll know what their pain points are is to speak with them and ask.
These are the two biggest challenges I see from new investors and luckily, these are ones that can be easily overcome.
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