Today, we'll cover the 3 toxic myths about real estate investing that all beginners MUST break away from in order to achieve financial success.
Getting your mindset right is the #1 thing you have to conquer if you want to succeed in real estate. As the popular saying goes, "You are your worst enemy and best asset" 😉
From serving many students from all walks of life over the last 20 years, I can tell you that the best and most successful customers are those with the right mindset and attitude, who have the right beliefs about real estate.
It's myth-busters time, my friend! Time to re-align your perspectives and make things right 🙂
Myth #1: "I can't make money without money”
Why will people have this misconception? Because real estate can be expensive and they think they need tons of cash to buy cash or at least 20% down to get a bank loan.
What is the truth? You don't need a ton of cash to buy real estate. In fact, you can buy plenty of real estate with little or no money down (I teach 25 ways to do so in my Creative Real Estate Financing course). It doesn't mean you can be in business without two nickels to rub together, though; you need operating capital for marketing expenses, phone, website, business cards, etc.
But you don't need a lot of cash - your first deal or two can fund your operations for a year. How do I know that? Because I started with $4k in my pocket when I decided to make the jump full-time into real estate. I did 18 deals my first year and paid off all of my credit cards and student loans! If I can do it, YOU can do it!
Myth #2: "You need to be a vulture to find great deals"
This is SO not true. People often think that buying super deals fro motivated sellers is unethical, sleazy, or taking advantage of others.
What is the truth? People need your help! They are stuck and need a way out before they lose their house in foreclosure to the bank. You are their last, best hope to avoid foreclosure, eviction, and often homelessness. And, you can help save their credit, get some cash in their pocket, and start a new life. I've gotten more hugs from people whose houses I've bought for 1/2 price than resentment. Trust me, they NEED your help!
Myth #3: There are no good deals in my market
I can totally understand why someone would believe in this as I’ve been there myself, but I have seen time and again that there are deals everywhere if you OPEN YOUR EYES!
Why is this a myth? Because the number of homes for sale on the MLS are low, making it a "seller's" market in a lot of cities according to all the brokers you talk with. That doesn't mean you can't find deals from individual people with individual problems who haven't listed their properties. In good times and in bad, people get fired, divorced, relocated, die, or simply run out of money to fix their property.
You have to learn to shake the trees and keep your eyes open. You get what you focus on in life, and if you brain says, "There are no deals", it won't prove you a liar! Instead, ask yourself, "Where can I find deals", and that wonderful brain of yours will come up with creative answers.
Why is believing in these 3 myths problematic?
Because believing in these 3 myths will stop you from taking action the right action. Your confidence gets affected, you don't seek guidance, and subsequently, you don't transform your financial future for yourself and your family.
As someone who does real estate investing for a living, I have seen breakthrough after breakthrough and I know that is not difficult to achieve your goals, people just don't have the right guidance to succeed when it comes to approaching their investing business.
Many people search for information online fruitlessly, and when that doesn't work, they give up. I don’t want you to give up because I can you can do this!
How else will there be millions of succeeding in real estate in this current marked if it was so hard? Are they are all geniuses? No... they did it by getting the right help and through pure hard work!
So take heart. You can do this! Don't for a second doubt yourself.
If you need 1-on-1 guidance and mentoring, visit this page more information on how I can help you overcome the obstacles to your success!
Till then, take care 🙂
Your partner in success,
Bill Bronchick.
