If you’re new to investing and trying to buy a good rental property you’ve probably run into the scenario where you’ve found a property, run your analysis, discovered it’s perfect and then learn it’s already sold.
Before you even had a chance!
This happened to us all the time when we first started.
Granted we were slower, we were more conservative and we double and triple checked everything, but shouldn’t we be able to get just one good deal?
Finding Good Rental Properties Takes Time
You will not typically get the first property you look at much like you will not hit a home run the first time you get to bat.
Succeeding takes time, practice running the numbers and often looking at dozens and dozens of potential properties.
Maybe it’s not the first, maybe it’s not the tenth, maybe it’s not the 50th, but maybe it is the 51st. That’s why you need to focus on your long game.
As they say in sales, every no just brings you closer to your next yes. Same with Real Estate, in fact same with just about everything, the more you work at it the better you become.
To make it easier, get into a routine of practicing running the numbers on properties, try to focus on one area or neighborhood, start looking at one particular style of home (duplex, suited property, townhouses) so you can quickly and efficiently run valuations and potential rents through your head.
Become an expert in an area or property type so you can learn to make quicker decisions and be able to pick winners quickly.
Most importantly, don’t stop believing you can do it!
If this sounds familiar leave me a comment below and share your story!