Real estate investing is fluid and profitable. It is also quick to evolve and provides a constant source of income. However, it is not without its challenges. After all, between getting started and actually seeing returns, there are a lot of steps to be taken.
These problems can come in different ways, and if you don’t solve them, it is highly unlikely that you’ll be able to add to one of those success stories you’ve seen a lot on the internet.
So, in this article, we have taken the time to contact Winston Deloney, an experienced real estate investor about the challenges investors, especially new ones, as likely to face when they start investing in real estate. We have also taken the time to explain how to go about solving these problems.
The reason for this article is to help you increase your chances of becoming successful as a real estate investor. So, let’s get started.
According to Winston Deloney, many successful real investors did not make it to where they are today without having a little bit of confidence in themselves and their abilities. He believes confidence is grossly underrated. After all, if you second guess yourself every time, you’re likely to give up without seeing it to the end.
Lack of confidence is the source of anxiety, and if you let fear rule you, you may find yourself in a circle of regret and bad investments. Confidence is something you can build.
The best way to build confidence when it comes to real estate is to first gain knowledge about real estate investing. First, you should try to gain more information about your local real estate market and build an arsenal of techniques that have been able to help other real estate investors in the past.
Another thing that can affect your confidence is not having enough money to leverage even though you have the knowledge. You can resolve this by building your knowledge on how to use debt instruments and also the money of others.
As a real estate investor, you may not have as much time as you’d love to put all the things you’ve learnt into practice. This may be because you have other things to do in your personal life. It’s very normal.
Winston Deloney explained that what matters is arranging your priorities. If you’ve decided to become an investor, then you should create time to put in the work.
Create a routine. Write a to-do list. Do anything that can help you highlight what you need to do. You can create them daily.
Once you do that, you can manage your time more. You’ll also realize that you spend your time doing less frivolous things.
As a real estate investor, it is possible to find yourself at a position where you’re short on money. It may not be a permanent situation, but at that point, you may be in dire need of money and the only choice you have is to borrow.
Winston Deloney believes that this situation is not so strange, but there are ways to manage it. In his case, he focused more on reinvesting his profits in acquiring rental properties because as we all know, rental properties are the key in building long-term wealth.
Try to save money especially on things that you can do without. You should also learn to set apart a little money each month for emergency purposes.
Most emergency expenses are just that, emergencies and you want to ensure you don’t get caught up in them without any money or a way to raise money.