With an unprecedented number of foreclosures, there is a plentiful supply of wholesale-priced duplexes on the Minneapolis market.
And still, people don’t invest in real estate.
Oh, we all know what we’ll be saying five, maybe even ten years from now. “I woulda bought that Minneapolis duplex…I shoulda bought that Minneapolis duplex,” and finally, “I coulda bought that Minneapolis duplex back when…”
The odds are we will never see another opportunity like this in our lifetimes to invest in real estate.
And we all know most people make the bulk of their retirement money by investing in something; even if it’s simply the money from investing in a home of their own.
Wait. The bulk of their retirement fund usually comes from real estate?
So why don’t people buy more real estate?
Fear of losing money. Fear of not having enough money to put down. Fear of not having enough time to manage an additional property.
Of course, we all know what fear is an acronym for; False Evidence Appearing Real.
If you do your homework and consult with a knowledgable real estate professional in locating a property, the odds of losing money can be reasonably diminished. Get educated. And simply make sure that the math works before you buy it!
Most people, when presented with a terrific money-making opportunity, can find the money to participate. I know in my own experience this has certainly been true.
Perhaps a friend or family member would like to invest in exchange for a portion of the return. Or, if you’ve got money in the stock market that’s shrinking daily, a good move may well be to simply preserve the principal and put it in a property that pays for itself.
The “no time” excuse is one of my favorites. I use it far too often, even though I know from experience that owning rental property doesn’t take anywhere near the hours everyone thinks it does.
The fact of the matter is, we find time to spend on Facebook, watching television or to go to a concert or game. We find time for what’s important to us.
And the fear of not having enough money for retirement should be important enough.