As a real estate investor, I took the time to get educated in various aspects of real estate before proceeding with my first investment property purchase. However, at some point I knew that getting educated was only part of the process – at some point I would have to pull the trigger, so to speak and actually purchase the property to meet my investing goals.
Everybody has reasons for starting their real estate investing career – mine started because I thought it would be a great way to supplement my income. I never expected to evolve and learn what I have learned to date. I keep expanding my goals and hopefully this post will inspire to keep expanding yours as well. I am now involved in residential, commercial and private lending for other investors and with so many different ways to invest the overall goal is to not only grow my own passive income but to also enjoy the journey.
I love going to different meetup groups or getting out and meeting other investors – mostly to see what they are doing with their own portfolio’s and to learn about what path they took to achieve their goals. But today I am more picky on which ones I go to and how much I spend to attend a meeting. Factor in parking and gas, it can be a very expensive night with little or no return.
It can be advantageous to learn from others. Investors are a great group of people because they love to share their achievements and their struggles to get to where they are and so you get to learn for free. At the beginning of my real estate journey, I took the time to meet with investors I wanted to emulate and am grateful for those individuals who took the time to share their experiences and knowledge with me.
I have also met so many would-be investors who have attended every course available (some that cost thousands of dollars), will go to every meetup or investment club across Ontario, will speak to many investors and still not have the courage to pull the trigger and purchase that property – we commonly refer to this as analysis paralysis!
I recently met such a person and sometimes I can be very direct – mostly because I hate to see somebody waste so much money and not have anything in return. I met this person at an investor meeting and the charge was $20 to attend. I understand that sometimes investors who run these groups have to pay for the rooms so that is not a problem, however if you are attending a different meeting 2-3 times a week, that cost can add up.
So I met this gentleman at an event and we started talking! This specific gentleman thought that he could purchase a few properties and retire from his job within 6 months – unfortunately a myth that is perpetuated by many of these courses that charge thousands of dollars. We finally got around to the topic of the many courses he had taken to date over the last 3 years – in total he had spent close to $60,000 (one year’s annual salary) and had still not purchased a property.
I asked him what was holding him back and he said he did not feel ready and that he did not feel he had learned enough. I asked him what else he needed to know and he could not answer that question. He said he was taking another $10,000 course the following week that should give him the information he needed to proceed. I felt sorry for him because this is too often a reason I hear when people don’t feel ready to purchase a property yet.
Are you an investor who has yet to purchase your first property, even after attending many courses and seminars? What information are you lacking? What is holding you back?
By reaching out to an experienced investor and asking them the questions you most want to know, it might just give you the confidence you need to push forward. I recently did that with a new investor and one month later after taking my advice and doing some research on two markets we focused on, she is ready to pull the trigger on her first property!
If you are a successful investor and you come across somebody like this, please do them a favor and break down the myths for them; such as owning a few properties will not allow you to leave your job and retire; taking so many courses and spending so much money may or may not prepare you to purchase that property and finally being stuck in analysis paralysis will not prepare you to purchase your first property.
If you are a successful investor, don’t be afraid to share your experience with somebody like this – it may result in their success as well as yours!
I can be reached at firstname.lastname@example.org or 416 697-5443.
To Your Wealth! Amina