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Updated over 8 years ago on . Most recent reply
![Eric Medemar's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/739/1621345540-avatar-esnuts.jpg?twic=v1/output=image/cover=128x128&v=2)
What's Your Excuse For Not Investing
You can either make excuses or make progress, but never both!
Every year I talk to countess "Investors" who:
* Have been thinking about investing
* Have been reading about investing
* Have a friend who failed at investing so that means you'll fail (The elusive friend)
* Are saving for a down payment
* Are Waiting for rates to go down
* Are Waiting to finish their real estate course
* Are Waiting for their mentor to tell them to buy
* Are Waiting for summer (insert any season), to get started
* Are Waiting for the market to straighten out
* Waiting till they can afford it
* Waiting till they get a promotion
* Waiting till their friend or relative can partner with them
* Trying to read just one more book, then they will get going
* Waiting till they buy their own house
* Waiting till they get a raise
* Waiting to graduate from college
* Waiting till their friend or family member becomes a realtor
* Waiting to be married
* Waiting till they contribute their maximum to a 401k
* Waiting till they get done working on their own home
Then after giving me their excuse for waiting to start investing they ask:
* What happens if the toilet gets clogged?
* What happens if the furnace gos bad?
* What happens if tenant ruins the house?
* What happens if the roof leaks?
* What happens if the tenant doesn't pay?
* What happens if someone breaks a window?
* What happens if someone leaves a broken down car at the house?
If they don't have the question, they usually tell me about a friend or relative who had one of the above happen.
The questions that they SHOULD be asking but NEVER do:
* What happens if I don't start investing now?
* How many homes do I need to buy in order to retire comfortably?
* If you could share with me your best idea, what would it be?
* What kind of money am I leaving on the table by not investing?
* How does the stock market compare to real estate? (that doesn't even deserve an answer)
* How can I use real estate to make my dreams come true?
* What would I do with an extra $500 or even $5,000 a month in cash flow?
* How will my family react when I retire 10-20 years earlier?
* What are my broke friends going to think when I show up in my Porsche?
99% of people share this problem: If a family member or friend needed $500, most people would need a ton of convincing to loan it to them, and if it wasn't repaid it would surely be a BIG problem, some people would even lose friend over such a small amount of money. But that same person could care less about the $500-$10,000 a month that they will lose each and every month for the rest of their life by not investing in real estate.
Why doesn't anybody pay attention to their opportunity cost?
I used to be a tight a##, then one day I got to thinking.
What if instead of worrying about ways to save money, I started just focusing on ways to make it?
That simple question changed my whole life.
Hopefully most of you are making progress and not excuses, but......
I would love to hear the excuses that are holding your back, or how you have actually overcame the excuse trap
Most Popular Reply
![Jay DeCima's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/566188/1621492734-avatar-fixerjayd.jpg?twic=v1/output=image/cover=128x128&v=2)
Eric
THE TIMING IS PERFECT TODAY
If the train left the depot without you before, this is your time and opportunity to catch up! You can now buy properties with seller financing and cash flow that make sense. For many, it’s a second chance to buy real estate that can lead to financial freedom. Today, you can often start with cash flow, build a second income and even switch to full-time real estate investing. It’s truly the perfect real estate investor storm. The opportunity is right now! It’s time to learn the basics and get started without delay!
Rents are actually increasing as more homeowners lose their houses and are forced into renting. Income property prices have shrunk to 20 year lows, just like houses, however, the financing for older rental units that I mostly recommend, can now be negotiated between the buyers and sellers. In other words, we’re once again back toseller financing where cash flow can be automatically structured in the deal. No longer are small-time investors stuck with what the bank says.
Right now is a perfect time to consider income-producing properties! Done correctly, these properties offer fail-proof investing – plus the income (rents) is indexed to regular living costs, which provides protection against inflation. For W-2 wage earners attempting to save money for retirement, acquiring small apartments offers the perfect business opportunity.
Good luck.
Fixer Jay DeCima