Excuses are unlimited of why you can’t do something. Instead of making excuses, as an investor you need to consider how you will get the deal done. Do you really want to invest in real estate? Why is it not happening now? It may take time to get your next property under contract, but enjoy the journey and keep in mind, there’s not a short term way to success.
Make the numbers work on a bad deal
When analyzing properties, make sure you understand your numbers forwards and backwards. Do not lower your expenses so you can make a bad deal look good. Make sure to include repairs, capex, vacancy, and property management. If you plan on self managing, you should also include property management since you may not want to manage the building forever. The key is to remain objective when looking at a deal. It would be smart to have other investors to look at your deal analysis so you don’t make a bad purchase.
Don’t have the money
This is very common. For an owner occupied property, you can use a FHA loan or in Massachusetts, Masshousing. These are 3.5% and 5% down. These work for small multifamily 2-4 unit properties. Conventional is 20% and will likely be used if you are unable to use an owner occupied loan. You can look for an equity partner who will provide some capital for the deal. Find the deal, and the money will come.
Can’t invest, not good enough
This is difficult since you have limiting beliefs on yourself and what you can accomplish. If you think you can’t invest you are correct. If you think you can invest you are correct. It is a mindset and a willingness to learn and commit to getting your first deal done. Speaking with local investors and other interested in real estate will keep you going when you think you are making no progress. The investors who have been in real estate many years, also started with limited knowledge and overcame limiting beliefs to get their first deal done.
Excuses serve no purpose when trying to accomplish one of your goals. You can live by your excuses, which can control where you go in life, and future. Stay consistent, keep learning, and enjoy the path to reach long term success.