Real Estate investing is a slow process. You will have days where involvement is all research, and accompanied by keeping track of projects. You may also have days where it is all accounting. There are plenty of other mundane things. Monotonous duties can start to wear you down.
You may actually enjoy your days mentioned previously. There will also be some bad days. What does a bad day consist of? It could be a number of things. A deal falls apart that you have been putting all of your effort into for months. An offer from a buyer falls apart or falls out of escrow after a month has gone by. Your rental property is not renting and the bills are mounting.
Mentally how do you recover from something disheartening? The slow process in which things happen, recovering can be trying, especially on a mental level. The best way to combat these situations is to have so many deals in process that one not panning out does not knock you off kilter. Always try to keep enough events happening so the business always looks brighter.
Thankfully, you will also have some good and even great days. An offer on a property comes through quicker than you thought. Perhaps an offer that you put into a property is accepted after waiting for a very long time. After months and years, you may start to see how the accumulation of events is starting to pay off. Your experience levels will become greater and things start to become easier. You will accumulate higher quality contacts. It takes a long time but the rewards will start to appear.
Keep your chin up and keep at it!
I've been reading some very bad reviews from people and collectively they are correct. What I have experienced with these guys is poor service. Once you win the auction you are set up with a contact person, the designated go-to person. The first email I received from my agent was a demand to send EMD within 24 hours. OK, I understand that part. The next part of the demand is to sign and return a contract within 2 hours. I am an investor and I prefer to take these contracts to my attorney to review and explain to me any pitfalls.
I attempted to contact my agent and it rolled into voicemail. The voicemail says he will return my call in 24 hours. Already this will put me past my deadline. I read it as a delay tactic to force me to abide by any terms in the contract I find disagreeable.
I communicated several times through voicemail and email. I received slow to no response. One of the emails I received urged me to contact his higher up. I did on two occasions and received no response. I guess that makes sense, the boss sets the tone for the employees. While I disliked the service, I now know what to expect on my next endeavor with auction.com. I think it's an easy service, definitely better than attending a live auction where properties can be canceled and postponed.
Use the service and focus on low prices. Bid on many properties expecting to lose many. All you need is one right?
In hindsight, the service is terrible but not unbearable, as long as you keep the right perspective.
My thought on this is "Close the deal you want, not the one they want" lower your expectations and turn that into a benefit.
Great article for anyone interested in starting Real Estate Investing in rental units (http://businesstimezone.com/?p=6069.) This is a great time to pick up rental units. Many areas's of the country are experiencing excellent returns on your investment.
As much research as possible is useful in making a good decision. Purchasing a property that is at a good price is very important.
A good formula and good starting point to use is the 1% rule. Say for example your purchase price is $100,000 for a property that rents for more than a total of $1000 per month is considered a strong candidate.
Read the article at http://businesstimezone.com/?p=6069