The first rule you need to learn when it comes to investing in real estate is to never fall in love with a property. Keep your emotions in check. Houses are just another deal. You dont get attached to a stock or a mutual fund and hang on to it because its been in the family for 50 years so why would you treat real estate any different? When you let your emotions make your decisions you have lost the battle. You have lost control of rational logical thought. Just think about how silly you act when you fall in love with someone. You do all kinds of stupid things only to look back and think if only. Real estate investing is a business and just like any other business you have to make intelligent informed decisions based on facts not feelings. Now I dont mean gut instinct type of feelings like this is a good deal or bad deal feeling. I am talking about dream type feelings when you throw caution to the wind and do what feels right instead of doing the right thing. Just remember to look at the facts and to look at every deal through the eyes of an investor and you will get it right more often than not. |
