Getting Started In Real Estate Investing Is the Hardest Part

Are You Stuck in Neutral?

When anyone is interested in something new to them, they go thru a typical mental and emotional process. We all do. And it is a roller coaster which is both exhilarating, and then inevitably alternately depressing. This cycle repeats as one progresses deeper and deeper into the subject. As the discovery proceeds, we struggle to develop a belief about it all. We want to be conclusionary, make a decision, take a stand, rule it in or out and proceed forward. We hate being in limbo, undecided or stuck in first gear, unable to either give up on the dream and quit or to take the next step which is unclear, scary and even truly risky. Some throw all caution to the wind, and dive in! Others run away screaming, never to return. But most people just struggle; stuck, uncomfortable, fearful and not knowing what to do next. Real Estate Investing is no different - all at once promising great riches and success, and also have significant barriers to entry both real and imagined.

Real Estate Investing - Best Path to Riches?

Real Estate Investing is universally viewed as one of the best routes to becoming wealthy and financially independent. This fact is legendary. That you are reading this, indicates you already know this and are interested in Real Estate. The next logical thought is "How do I do it"? Once you begin learning about Real Estate Investing (REI) it becomes obvious that it is a huge field, with many strategies to choose from. It can be bewildering, overwhelming and intimidating. Soon, your initial enthusiasm is dampened, and self-doubt creeps in. What may have appeared to be a "get-rich-quick" gig now looks like a lot of work, and risk too. This is all a normal and necessary mental process and journey. Reality sets in but the dream is still alive. Now what?

Getting Started is the Key

In my 40 years' experience in REI, it is clearly evident to me that the key to success is getting started. That's right, not how smart or lucky or hard-working a person is, but simply DOING it, diving in and buying that first deal, with real money, is the key. In other words, the single most determinative factor distinguishing the successful real estate investors from the losers, is simply, making the first deal. Consider the two assertions that follow. 1) The vast majority of people who actually get into REI, succeed. And 2) the vast majority of people interested in getting into REI, never do so. People who take the plunge, despite residual fears and concerns, are the ones who succeed. This does not mean you cannot lose money in REI, or that every deal will be profitable or wonderful for you. But a sure way to never make money in REI is to never try it! And with a little education, due diligence, common sense, and perseverance - success is inevitable.

Most Mistakes are Avoidable

It helps to NOT make big mistakes, especially when starting out. And almost all of those risks can be mitigated, if not eliminated, with proper education and preparation, all applied in a logical, business-like process. This is the good news. It provides the promise that a person CAN actually influence their chances of success, proactively. REI is NOT Gambling, done correctly, any more than is stock trading, opening a restaurant or most other viable businesses. And therein lies the first rule of REI to make part of your personal attitude = REI is a BUSINESS.

The logical implication is, therefore, like any business, there are basic and essential principles that pertain. Learning them is not difficult. It is not mysterious. You do not have to have "real estate genes" or a rich dad, or a trust fund or big bank account. You don't have to have a formal education or college degree. ANYONE can learn what is needed to be a success in REI. So, what is stopping you?

What is Stopping You?

Again, in my experience, it is NOT lack of income, funds, creditworthiness, a "good" economy or any other external factor which actually impedes a person's entry into REI. Rather, it is a lack of BELIEF. If you have the authentic belief that REI can work and that it is doable, by you, then you are 99% of the way to being rich and wealthy! All that is left is the "easy" part, which is learning the business and putting in the effort and time. THAT should inspire anyone sitting on the fence, stuck in neutral, unable to either give up on the dream or take the plunge.

Belief Will Carry You Through

The best way to develop a belief about anything is to get information. Learning how so many people are succeeding already, should have you thinking, "If they can do it, so can I." "Why not me"? Learn the mechanics of the business, it is a finite mass of knowledge, not an endless journey. Simple math is all that is required. You can learn quickly that there are workarounds for almost ANY excuse one can come up with for not getting started. You CAN do it with bad credit, no cash, no experience and even no job! I have done ALL of the above, myself many times. And there are endless stories out there of others who have as well. This can help you develop a belief. With the internet and the sources of information available today, such as Bigger Pockets, you have an almost endless supply of information at your fingertips. And helpful advice too, all for FREE! (So, don't use the excuse of not being able to afford the education part).

In short order, a person can become familiarized with the REI business, the success and failure stories, the mechanics of the business and the How-To at least in a general, overview extent, all for no cost other than time to read it. This step(s) is unavoidable, and best done BEFORE diving in with your first deal. But this is only the first part of the equation necessary to becoming a Real Estate Investor. You must be able to progress past this initial learning phase, or risk "analysis paralysis." There is no business that is completely risk-free and demanding "certainty" and "100% risk-free" will find you forever on the sideline, always the bride's maid, never the bride. So part of the education and belief establishment is an acceptance of the reality that any business or investment has a risk. Duh.

Eventually, You Just Have to Leap

It is easy in this early phase, to be extremely excited, confident, hopeful, expectant, anxious and inspired. That will eventually fade as the realities dawn and you approach the threshold state in the process: "Do it or get off the pot." Like a competitive high diver, all the training and practice does you no good if you climb up the ladder, walk out onto the diving board, and then...cower from jumping and take the walk of shame back down the ladder. You have to, eventually, jump. And the time when you are most likely to balk, is when you are at the end of that 10m board, looking down at the pool below, not when climbing up the ladder. Expect this situation with Real Estate Investing too, as it will occur. It does for all of us. And is a natural part of getting started. And only by taking the leap will you ever WIN.

Don't Go It Alone

Besides having developed the authentic belief that REI will can and will work for you, and do your homework and preparation, what usually helps people most as they stare down from the end of the diving board, is having a coach to encourage them and coax them into taking that last step. Whether it is learning to ride a bicycle, the first time without the training wheels, or initial solo flight as an airplane pilot (after all of 6 hours training!) or signing the contract for buying your first real estate investment deal, once accomplished, the sky is the limit! You never look back and even wonder later, what took you sooooo long to do it!

I hope this inspires would-be Real Estate Investors to keep perspective and understand that what they are experiencing, and feeling, is normal, okay, and an unavoidable, and necessary phase and process to get to the pot of gold at the end of the rainbow. The best shortcuts are found in having the proper encouragement and support, a tour guide and coach to make your journey as efficient and safe as possible. Don't go it alone! Find a coach or mentor.