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Today I want to talk about a survey that we’ve put up at Lifestylesunlimited.com. We have the all the radio shows are there for you if you miss one or you want to share it with someone else or you just want to listen to it again yourself. Now, while you’re there I’d like you to take that poll.
And what we’re looking for is, “What is your biggest fear about investing in real estate?” This is going to help us on the radio show know what we need to talk about and what we need to focus on to get you past whatever it is.
And so far, interestingly enough—let me see—interestingly enough the number one thing so far has been unexpected expenses. Unexpected expenses has twice as many as the other three choices.
Take the Poll
Here are the four choices: Unexpected expenses, tenants—in other words that’s what people are afraid of—the economy, and of course competition. “Hey, what if there’s just so many people out there trying to do this that there’s not enough room for me?” So those are the four choices—unexpected expenses, tenants, the economy, and competition.
I’d like to see as many people as possible go there and take the poll so that we know what we should address. I’m going to start with unexpected expenses because it’s interesting to me— in the past it has always been tenants. It has always been, “Man, what if a tenant destroys your property?” What if a tenant this, what if that, what if this—tenant, tenant, tenant, tenant.
Unexpected Expenses
But to hear the unexpected expenses—let’s address that a little bit. And by the way as we address this I’ll be addressing all four because they’re all beliefs. And Brian Lee who puts together our website does a great job at the end saying, “For those of you who are already investing in real estate, what was your biggest fear before you started?”
And what that little sentence is telling you is once you get into it those fears go away. You’ve got to understand that every fear that you have every one of us had the exact same fear. But we got into real estate investing and got past it. You’re going to have to do the same thing if you’re going to build these passive income streams like we’re doing, but you do get past it.
Then when you do, you look back on it and go, “What in the world was I thinking? Why was I afraid of that?” Obviously it’s part of the business model. Obviously I’m not the first person to ever think of unexpected expenses. Obviously everyone who’s out there successfully investing in real estate must have a business model that prepares and plans for unexpected expenses.
Fears, Not Reasons
I want you to understand first off all of these beliefs or fears or concerns— “What is your biggest fear?” He calls it a fear. All these beliefs and fears are just things that you make up in your own mind or you’ve been told by somebody who failed.
Would a successful real estate investor call these things reasons? No, he’d call them fears. He or she would call them fears. But would a successful real estate investor tell you that they’re really stuff that you should worry about? No, because they know how to do it. They’d just say, “No, it’s just part of your business model.”
Who’s the only person who can actually tell you these are actual problems? People who have failed at real estate. Those are the only people, so be very careful. Remember only failures can tell you stuff doesn’t work. Successful people who have done it successfully cannot tell you stuff doesn’t work.
It’s really so simple and life-changing—if you use that in your life, you’ll find that anybody that’s telling you that you can’t do something had to have failed at it. Either that or they’re just running their flipping mouth — for lack of a better phrase.
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I think unexpected expenses is the number one fear because the other 3 (Tenants, Economy, Competition) can certainly translate to “unexpected expenses”. However, I agree that the successful investor will build an allowance for this into their business model.