When am I going to feel 100% comfortable buying a investment property for the procrastinating investor.
I have had many questions from listeners and readers about needing even more information before they are able to invest in a investment property. The first question that you have to ask yourself is what are you getting this information for. Read and get as much information as you can for the first couple of months. Use books, podcasts, and blogs to gain as much knowledge as you can. You should always continue to educate yourself and keep up on new developments in the future. But if your researching to get rid of all doubt in your investing you may never get to that point.
The actual act of signing your name on a real estate contract is both exciting and scary. Just thinking about the financial commitment is enough to make you think twice. This is where your mind may start to play tricks on you and doubt will creep into your thoughts. After buying as many properties as I have I still get scared and have doubts right after I sign my name on the real estate contract.
I don't have any doubts when I am evaluating the property or when I am Going to sign the contract. It is after I sign the contract that the doubt starts to creep in. I think that the financial commitment starts to play tricks on your mind. Keep in mind that I never lost money on any property I have ever bought. I have made less than I thought I would on some and more than I thought I would on others.
I do have the confidence that I am making a good decision when I purchase a investment property, because I ran it through all the criteria that I set up for a good investment or I would not be buying the property anyway. But usually for a couple of days after buying I start to wonder things like.
Is the area nice enough? Is the Property to small? Is the Property to big? Can I make any money? Will someone actually want to rent the property? Are there to many repairs? The biggest one is did I pay to much? Are the rooms big enough? Is the yard to big? Is the yard to small? Is maintenance a issue?
Then after a few days these feelings tend to go away because it is done and you can't keep dwelling on it. Once you get the keys to the property and actually get to work on the place you no longer have any of these fears in fact you usually realize what it was about the property that made you buy it in the first place. And that is, it is a good investment and you are going to make money on it.
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