Some people who doubt that there is a right time to get started in real estate investing worry that there are too many people buying houses to find a deal. Real Estate Rhode Island Competition is everywhere. If you can't understand - that in business, competition is normal - then real estate investing is not for you. Just take a look at the marketplace in companies such as Coke and Pepsi, Nike and Reebok, McDonalds and Burger King, and a million other services and products out in the marketplace. So if you see a lot of investors competing against you then know that it's a rewarding business to be in because you are not the only one that sees the potential for profit. Plus, there are more than enough deals to make everyone rich, in due time. At any given time there are hundreds of properties for sale in your own local market niches, enough for each investor looking for them.
Some investors know that events such as the September 11th tragedy, the huge number of job layoffs and the decline in the stock market will kill the economy, and anything they buy will go down in value. But, once again, this need not be the time to fold-up your tent and quit before you get started. In order to be successful in investing, learn how to make money in "up" and "down" markets. Have strategies to utilize in both "up" and "down" markets to survive when the economy is bad or thrive when the economy is booming. And if everyone else is forecasting "doom & gloom" it only clears out the competition as you have more market share to profit from, as this is a good thing!
Ask yourself: "When do I want to make money?" And the answer is usually right now!Thus, go out and get your investing business going, right now! And not base your actions on what others are saying because the majority of the population is not rich, only those few who dare to take the right risks and take the necessary steps to be successful.Stay in 'the Game,' and stay 'the Course' (persist)One of the major disappointments of the conventional, 'rental real estate' approach is there's just no money in it NOW, only after a long period of ownership. There's not enough spread between the income realized from rent - versus - the expenses of mortgage payments and repairs for the investor to make any money today. You barely get by in the early years of your property's ownership. You've got to have other income to support your lifestyle. You can't just count on the rentals to support you.
Most likely, in the beginning you'll be supporting your properties with your other income if you bought via the traditional way. That's not too attractive. A lot of investors don't have the stomach to endure the rough and tough financial stresses of the rental business. Even more so - people just don't have the desire to hang in there to make it work, in due time. Thus, if you persist you will outpace your competition because they will no longer be in the business, and you will have "no competition". This business is a long-term commitment and over 80% of real estate investors - who have been in the business for that long, go on to become millionaires. What I'm saying to you is this: Stay the course, and you will beat most all of your competitors because you can ride the ups and downs of the market in the Real Estate Game, in due time.
Opportunity is everywhere This is 'NOT' a common statement I hear from new investors. True, it may work differently in some markets than in others, but there are investors making money in every city (large or small, metro-area or the rural-areas), every day of the week. You have to learn your market: the rents, the trends, the local customs, the lenders, the title companies, etc.
Then, learn the techniques and adapt them to your market. One thing is for sure, everyone needs a roof to live under, either renting or owning. People need to live somewhere. So study your market carefully, because there are tons of opportunities in every marketplace. You just have to learn your market and be able to service your market accordingly. If you don't believe this, simply read the 'Success Stories' of all my students achieving financial independence and earning big profits using my field-tested and perfected real estate investing system.
