If you have ever contemplated becoming a Real Estate Investor, there are things that you must understand. Once you cross the line, your life will never be the same. You will have crossed to the ‘dark’ side of making money. A 2% savings return will look paltry. Of course, just getting back your initial investment might also look like a windfall.
Things you take for granted now, will forever be gone. But you will persevere, for you know that the fruit will be there to harvest at a later date. Sooner or later, you will be able to pick the fruits of your labor and enjoy them. And no one will tell you that you have to wait until you are 62, or 65, or 67 or 70.
Your view on other properties will change. How much can you buy it for, how much can you sell it for. A distressed house on your own block becomes an opportunity, not an eye sore. A friend with money may become a partner, not someone to envy. A junk toilet sitting in your backyard becomes a trophy, not a piece of junk (not right away anyway…).
When a new large store is being built, you hope it is a home improvement store, not a clothing store. You look at all the colors of paint on the color wheels, and know that only one or two would you ever buy. You realize that many of the paint colors should be illegal to sell.
You are a Real Estate Investor!
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How have your views, on anything, changed once you became more involved and in tune with the activity? Have you ever thought “I will never think or do something like that”, and then a few years later you want to “think like that”?
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When you have places for rent, inevitably you will find tenants to avoid. You need to understand how to avoid bad tenants. As a matter of fact, if you screen tenants with any sort of consistent basis at all, about 95% of the inquiries will be from poor quality tenants. There is even a scientific basis to these numbers.
