As a professional real estate agent that works almost exclusively with the real estate investor I am in a unique position to observe (and experience) the minefield of real estate investing. This creates two situations over and over again for me:
I am able to recognize what is about to happen and offer a word of caution or encouragement (whichever is appropriate) to my clients.
People expect me to have more answers than is humanly possible. 🙂
Not only can I bring my experience to the table, but I can bring so many of the experiences of my clients. And you, the real estate investor, can accomplish this as well by staying in tune with other real estate investors around your area. When you talk to other income property owners you will find that;
Real estate investing is never smooth sailing. (If it is, that just makes you worry about the coming storm.)
Other income property owners experience many of the same difficulties you do. They just figure out a way to use them to their advantage.
Now, this post isn’t written with the intent of scaring away the would-be real estate investor any more than it is written to encourage everyone to be a real estate investor. I kinda liken it to what it must have been like to captain a naval vessel in World War II across the Pacific to deliver supplies to Europe.
There always had to be someone competent at the helm of the ship. On the lookout for other ships (problems like wood rot, bad tenant behavior, etc.) and worried about the occasional minefield (like vacancies, back real estate taxes, etc.). But you see the ship had to go forward. There were times when the chosen path couldn’t be taken or a calamity may have delayed arrival. But with care and knowing when to press forward and when to proceed cautiously the ship did arrive to it’s destination.
Too much care and it will take forever…if you ever arrive. To0 much bravado and you will surely be the cause of your own undoing. Too much worry and you’ll die of a heart attack and then what difference did saving for retirement make?
Balance. Seek it out. And like a teeter-totter I’m sure you’ll have to make constant adjustments to keep that balance. That’s okay. Adjustments are to be expected. Real estate investing is an inexact science. There is as much “gut-feeling” as their is mathematical formula. Seek that balance.