Bad habits that cause real estate investments to fail
Real estate investing isn’t easy as some make it seem. Real estate investing is like starting your own business, it takes discipline. Falling into a routine and habits that may be counterproductive to your business can easily happen and here’s a few reasons why your investment may be failing.
1. Impatience. Don’t obsessively compare houses or investors. You’re likely comparing your beginning to someone else’s end. Your conclusions haven’t actually been verified and you haven’t seen all the time, money, sweat put into those you see as successful. All this obsessing will do is discourage you and lead you nowhere fast. It’s counterproductive and you end up focusing your energy on things that you shouldn’t be worrying about. The solution here is to network and find the veterans in your field that can tell you shortcuts, successes, and even horror stories. It’s always better to learn from someone else’s mistakes than your own.
2. Secrecy. A lot of entrepreneurs and real estate investors end up failing miserably because they believe someone will steal their idea. They tend to work in isolation and do everything by themselves. This mindset is dangerous because it forces you to become a jack of all trades and master of none. They do nothing well and experience very little headway because they are busy working in their business instead of on it. They also lose the value offered by different perspectives and opinions. Seek others opinions and maybe what you thought was a great idea could even be made better with a little tweaking.
3. Over analyzing. Being so risk adverse will cause you to miss many great opportunities and end up delaying what you want to do in life. Many believe you should only make a decision once you are ready and have all information present. You’ll never have all the information. And you’ll never be ready. Mulling through details is important, but don’t place the majority of your focus on the need to analyze at the expense of the need to act. An object at rest will stay at rest. Your solution for this is to get a motivator. Most decisions are based on our gut and people often are bad at predicting outcomes. Remind yourself that only action will gives you experience and it’s experience that will encourage you to move.
If you’re considering giving real estate investing a try and are a little nervous, it’s understandable. Just don’t get caught up in the ‘what ifs’. Contact me for a consultation and I can help ease your worries about becoming an investor.
Saskatoon real estate agent
Century 21 Fusion