the key to success is patience

[Jason Malabute]

I started studying Real Estate investing in 2018. In 2019, I started buying properties in Indianapolis, Indiana. But before I bought my first property, I was in “Analysis Paralysis”. I was just over-analyzing everything and not buying any deals at all.

This is when an investor gave me a piece of great advice. He said, “There is no such thing as a perfect deal. Just get your first property and get your foot in the door.” So I took the advice and officially became a real estate investor.

Eventually, I bought a few more deals with the same mindset and got the much-needed investing experience. Here are the three important lessons I learnt from this experience:

• You make your money when you buy
• Have well-defined deal criteria
• In a seller market, patience is the most important factor

In today’s market, interest rates are all-time low and, therefore, real estate prices are at their peak. Various out-of-state investors are ready to pay double for what the property is worth. Hence, if you are willing to pay the market price, you may not be able to get good returns. Perhaps, it’s important you keep your deal criteria on your mind while making a deal, and walk away if the deal doesn’t suit your criteria. Do not try to make the numbers work by force! Being willing to walk away from unsuitable deals and having an abundance mindset, you can save yourself from losses. After all, no deal is better than a bad deal!

The reason I believe in this is that if you pay too much for buying, it will be hard to make money when you sell. Thus, it’s better to hold your horses and be patient with your current deal if it doesn’t seem to be working. There is always a deal waiting around the corner. All you need is patience!