There are many myths that plague real estate investors. Here are the most common myths that cause many individuals to have second thoughts on making real estate investments.
You don't need to invest your own money in real estate.
This is a number one myth because the truth is, you are investing your own money in real estate. According to GC Realty Investments, even if you were able to get a very good credit deal, you would still need to have some money set aside for property evaluation and closing costs, etc. Not to mention that you are paying off the mortgage from your own pocket. On the other hand, you don't have to be super rich to make property or real estate investments.
You don't have to do some work because real estate is simple.
This myth makes you think that money grows on trees planted on that piece do real estate that you own. However, the truth is real estate is not simple and requires a lot of work. According to www.mastersinrealestate.org, you need to do market research, and that is just some of the work that you would need to do when you have real estate investments.
You need to be an expert before buying your first property.
This myth is just another way of saying that you need a higher education to be successful as a real estate investor. According to GC Realty Investments, what you actually need before buying your first property is basic knowledge and the experience of buying that first property. As the saying goes, "Experience is the best teacher." Also according to Entrepreneur, spending time on reliable real estate investment books, research and webinars are some of the ways to become a good real estate player.
Buy cheap property, real estate is very risky.
Many things in the real world are risky or involves taking big risks. Again, according to Entrepreneur, investing in real estate may be risky but unlike stocks, real estate or even just a housing, it is a tangible asset.
