People are always looking for ways to improve their financial situation, and one of the most commonly thought of methods is to go into business for yourself. And many people who decide to open their business consider real estate investing. After all, we've all seen the late night infomercials that show rich investors driving their Cadillac's and sipping fruit drinks by the poolside, right? It can't be that difficult to spot good properties and resell them, huh? And renting out a property must be a breeze!
Back up. If you talked to most professional real estate investors, they may argue with those television commercials that try to sell people on the concept. The truth is, real estate investing is a tough business, and even tougher if you're not fully aware of the time and commitment that you'll have to put into it in order to make it a success.
Before you put all of your hard-earned savings in this potentially lucrative business, you should know the facts. After all, as in any investment, it will only be as good as your research and knowledge of the facts.
If you are considering real estate investment as a way to improve your financial situation, you should first read the most common myths associated with it.
Real Estate Investing Leads To Instant Riches!
The reality is that most real estate investors spend an average of five years running their business before they ever see a good income. What's more, a full 95 percent of people who take those get-rich quick programs quit the business after just three months. Why? Because they'd fallen victim to the scheme, and when it didn't play out, they became disillusioned. Think about any other business that you can invest in and run—would it be feasible to turn a profit instantly? Of course not! And it isn't possible with real estate investing either!
I Can Do This Part Time!
That's true, but your income will be limited—just as it would in any other part time business. The business of investing in real estate takes a lot of hours. You have to search for properties, negotiate a deal that will work with your numbers, do any repairs required on the property, and then either sell it, or rent it. That's not something you can do on Saturday afternoons!
It's Not A Business, But Just My Hobby!
Sure, if you want to earn about as much as a hobby would pay you. In fact, if you are going to invest your money in a real estate business, you must treat it like a business. You'll have to print professional business cards, make contacts in the industry and overall conduct yourself as a professional. When's the last time you heard a hobbyist closing $150,000 deals?
Can real estate investing turn a good profit? Absolutely! Can it be done in fifteen minutes a day? Not in this lifetime!
About the author:
Scot Standke is a succesful Internet Marketer, the
owner of over 175 websites and the owner of a widely
popular Internet Training course located at:
www.Internet-Marketing-Training-Course.com