Your perception of real estate is often different from reality. From the outside you can buy any property, make some improvements and walk away with a handsome profit. The reality is that it is difficult to get good deals, make the right updates, find a buyer and close in your timeframe. Additionally, there is almost always an unexpected problem that throws a monkey wrench in your plans. If you give up at the first sign of struggle, you will never reach your full potential.
A majority of new investors never make it past the first year in the business. They think that things will go a certain way and when they don’t they are discouraged and disappointed. Instead of working harder they sulk, make excuses and point fingers at everyone else instead of themselves. The real estate business is full of possibilities, but certainly not without some obstacles. Here are the five biggest challenges that most new real estate investors face.
There are challenges in every phase of the real estate business. Getting through the first few months is arguably the most difficult.