The biggest myth out there today is that you need to have money to make money in the real estate market. While you do need some money in order to get a good start, you don’t need a huge amount of cash to make it happen. Anyone with decent credit and some capital can get started here.
I’m sure that you have heard, as I have that you should stay away from big deals because there may be too much at risk. You certainly stand to lose more but you can also score in a big way. You need to make sure that you have all the proverbial ducks in a row and all of your research and planning is done before you jump in on the deep side of the pool. But it can be very rewarding.
Late night commercials are littered with stories of how people got rich, and retired using absolutely no cash out of pocket, and flipped house after house, and became multi- millionaires with hundreds of thousands a month in income from the deals. These are about 100 percent lies. The deals in this type of transaction are risky at best and I wouldn’t waste a lot of time trying this one.
Then we have all heard the stories of the guy that everything he touched in real estate became a gold mine. The truth about the success that person has experienced has much less to do with touch or luck and more to do with training and study. You see anyone can learn what he or she needs to know to make a killing. The strategy here is that you have to learn to put all the pieces of the puzzle together, study the market, and know what is a good investment in a particular area. It is not luck; it is observation and training.
Another myth is that if you invest in the real estate market you don’t have anything to worry about. If the current real estate crisis has proven anything it is that this statement is false. The risk, however, should make you cautious and not scare you off.
Finally people think that it takes way too much of your time invested to make money this way. The truth of the matter is that the more you invest and put into what you are doing the more you will get out of it as a reward. But that goes for everything in life not just real estate.
