One of the biggest concerns I hear from would be real estate investors is “I don’t want to get that call in the middle of the night that something big is broken and needs to be fixed asap!”
Just for the record, I have never received that middle of the night call. Matter of fact I have never received any call that was an absolute emergency and something had to be done immediately. real
Have some things happened over the years that required me to get someone over to one of my properties quickly. Absolutely, but it is really more of a “I need to service my customer (tenant) well, more than it being a dire situation.
I always tell people that have this concern to think about their own living situations throughout life. Have they ever had an emergency situation that woke them up in the middle of the night that had to be fixed so quickly that another hour couldn’t go by? And the answer is usually no.
So if we have never faced this situation in our own lives why do we think it would happen on an income producing property?
I think there are a variety of answers to this question. But my best answer is “FEAR”. And that is the fear of the unknown.
We always fear that of which we don’t know, more than we fear of what we do know.
That is why I ask the question that I do. “Has this ever happened to you during your lifetime?” Because now I am asking the person to be more realistic about it and not allow their fear of the unknown to prevent them from becoming more wealthy and successful than they currently are.
Everything in life that challenges us more than we are being challenged today is going to require us to have the courage to take a little bit of a risk. The old adage, “no risk no reward” is true and will always be true. The good thing is for the most part real estate, when income producing real estate is purchased well. The right price, location, and proper due diligence it is one of the least risky investments you can make.
I managed my own real estate portfolio for about six years. But then I hired a property manager to manage them for me. I personally think this was the best decision I ever made. The fees I paid to have someone do this for me are pretty nominal at best and always tax deductible. I always say it is the best money I spend. Because although I can be a landlord, I prefer to be an investor.
Is fear holding you back from making a decision on buying income producing real estate? Or other life changing decisions you are failing to make?
Fear is a natural instinct but it is one that can be crippling if we allow it to be. Face the fear, do your homework and make the decisions that will move your life forward.
To your success and your future.