| This is Terry Wygal, from http://ExtremeWholesaling.com , and today, I will squish-squash three major real estate myths going around nowadays.Usually, what makes people back out from doing something is due to bad information. That is, bad information that was not double-checked and corrected. The same with real estate, there are a lot of myths going on about the fate of people who would want to take part in the real estate business. And, it is because of this myths that, amidst the countless opportunities in the business, many people are turned off from trying their luck in wholesaling houses or flipping houses.
Here are the three big myths in real estate and the truth behind these myths to shed light to the clouded ideas of many. 1st myth There are no motivated sellers anymore. The economy is going down and nobody bites to quick selling because they would always want to generate income in whatever move they make. I think this one gets a lot of people because it is indeed true that the economy is in for a twirl. However, ask anybody in real estate how they are doing and you would think they are living in another economic world. Just recently when I was in a football match, I happened to talk to people working in real estate companies. When I asked them how many deals they were closing, I was surprised with what I heard. My ears were already preparing for lamenting words, however, one told me he was closing 10 houses in one month and the other is 12. Imagine: 22 deals and that is just for the two of them. You can still buy houses (and there are a lot of them) to be rehabbed. People are relocating, undergoing divorce and the last thing they need is a house to bother them. All you need is to look for the right house in the right area with the right motivation and you are already on a start to reselling a house. 2nd myth Second is that there are no deals out there anymore. There is no financing for people. There is no money and there is nothing people can do. It’s just that you can’t put buyers in the house like you used to. A lot of people are concerned with getting rid of the houses once it is put into contract. But there is really nothing to be worried about. Just one mortgage broker can attest that he will be closing 20 houses this month with 17 of them going in the same type of financing and he is getting as low as 495 scores put through. These alone will show you that there are a lot of deals and people are still willing to finance. 3rd myth I have not got a lot of money to buy houses. So, I can’t do my stuff in real estate. With as little as 10 dollars, through wholesaling houses you can make a zero risk move with 5-10 thousand dollars gain just as long as you do the sell within the auction period. So, in wholesaling you can make a lot of money without having to use a lot of money so long as you know what and how to do things. In whatever you do, there will be a lot of discouraging words that you would hear. But do not let those words bring your hopes down. Do not let other people ruin your plans because they said things are bad. See it for yourself or if you have a lot to lose, go to the people who are really in the playing field and ask them for yourself if things are really that bad. And only when you experience it or you hear from credible people, that’s the time you back down. About the author: Terry Wygal also known as The Quick House Buyer, has been teaching real estate investors how to wholesale and flip houses for several years now. Terry also teaches real estate investors how put your website on the front page of google and crush your competition. |
3 Myths in Real Estate Shattered
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