About 3 years ago I bought a new project. Well I am now living in that project for about a year. In that time I have had dozens of people stop by and talk to me about the place and the work I am doing. Almost every one of them, have said that they were looking at buying the place. I have asked several of them why they didn’t follow through. A couple have been honest and said they didn’t have the money, but most didn’t have an answer, or at least not one they would give. The place had been on the MLS (Multiple Listing Service) since mid February. I closed on it in late July. That’s 5 MONTHS!!!
Just about every real estate investing course I have been on makes a huge point about one thing. TAKE ACTION!! This project has taught me the importance of that statement. Here are all of these people who wanted to have the place. Many of them have even said the view is nicer than theirs. Most of them have said they wanted to rent the place out. More than half have said they are kicking themselves for not buying it. So why didn’t they??? After seeing what I went through, maybe they are actually relieved they didn’t buy it. Even I’ve had more than a few days, where I question my sanity as well.
That’s the thing. You need to take action. I saw the listing, came back to it in 3 days and read the listing. I did a drive by less than an hour later, and was in to see it the next day. We presented our first offer later that same day. So far all it had cost me was a buck or two of gas and a little time. By the way, on the first visit it was number 2 on the list. None of these actions were hard. So why was I the only one who took them. As a matter of fact, most of the people who I have talked to, live in the area and had driven by the property at least a couple of times a week, since the for sale sign went up.
I take several different routes to work each week. One, I like the variety, and two, because I like to know what is for sale, and what might be a good deal. If I see a house that has been well looked after start going down hill, then there might be a reason. If it looks deserted a couple of weeks later, or I see a moving van in the drive way going out, but not one coming in, then these are signals of a potential good deal. A quick few key strokes of the address on MLS, and I can find out if it is for sale.
I’ve talked to many people who want to get into Real Estate Investing. When I ask them what is keeping them, the usual pat answer is no money. But money isn’t that hard to get. It helps if you have good credit, but most banks will lend up 80% of the purchase price of a non owner occupied property. It used to be 90%. This changed about 5 years ago in order to protect Canadians. (Still not sure how that protection works) But I think for most people it is fear of the unknown. If you have never done it before it can be scary. There are many places to get help and knowledge. This is definitely not the only site dealing with Real Estate Investing. (But it might be the most realistic) There are lots of books and courses as well. I have also found that almost every person who is actually involved with Real Estate Investing, is willing to help, or at least talk about it. All you have to do is ask. You can join a local land lords association as well. You will hear a lot of complaining and horror stories, but if it is really that bad, why are they still doing it??
If you don’t like the way things are and want a change, then change something! I think Einstein’s definition of insanity applies to our lives. Insanity is doing the same thing over and over and expecting a different result. So if you’re interested in Real Estate Investing… JUST DO IT!.