"Is real estate investing only for the wealthy? "
"Can you buy with no money down? "
"Do you have to know the "right" people? "
People have lots of questions when getting started in real estate investing. There are these "myths," that once exposed; people will realize that investing in real estate is doable. Do any of these "myths" sound like you?
Myth #1 "Real estate investing is for the wealthy"
Money helps, but that's not what made Dave Lindahl, a well known real estate investor, a millionaire. Dave even wrote a book with the Donald Trump. This guy knows what he's talking about. He was broke when started in real estate. In fact, he was deeply in bad debt. All he had was the drive and the willingness to learn. He is a multi millionaire today.
Myth #2 "0 down isn't possible"
It's very possible. There are creative ways to finance a deal with putting your own money down. You can get seller financing, hard money, and even other investors to partner with. 0 down simply means 0 of YOUR MONEY. Using OTHER PEOPLE's money is key.
Myth #3 "You need real estate license"
Unless you plan to sell other people properties for them, you don't need a real estate license to start investing. I repeat: real estate investing requires NO real estate license.
Myth #4 "You need good credit"
Similar to #2, you don't have to use YOUR credit when applying for a mortgage. Having partners in the deal with experience can help close the deal fast. Plus, real estate investing doesn't mean just buying the property outright, it can also mean acquiring the investment property through lease options, seller finance, etc.
Myth #5 "You have to know how to fix toilets"
Just because you own the property doesn't mean you have to manage it. Real estate investors have no time to take care of the little things. That's what property managers are for. Real estate investors utilize a property manager's expertise in keeping the paying tenants happy. It's up to you to pick out the best property manager.
Myth #6 "You have to go to school for that"
Actually, most real estate investors start out with just reading books, taking courses, going to seminars, and most importantly finding a mentor. There is not traditional schooling to become a real estate investor. Is it a coincidence schools don't teach you to make money as investors but as employees (keeping you enslaved through jobs)?
Myth #7 "Real estate is a bad investment"
No, it's that PEOPLE are bad investors. Once you educate yourself, you can stay away from bad deals, and start buying up all the good ones. How's that sound? Most people can't tell you what makes a good deal, they just generalize all real estate is "bad." This is called: ignorance. The more you learn, the more you start to see what others don't. Start seeing good investments by learning more.