The Ups and Downs of Real Estate Investing
"Acquisition mode". That is the funny little phrase real estate investors like to use when we are trying to buy properties. However, it's not really as simple as being "in" or "out" of acquisition mode because, honestly, we are always looking for property. Always.
This part of real estate investing can be the most emotionally draining. You will constantly be searching MLS listings, Craig's List, and driving neighborhoods in search of "for sale" signs in the yard. You will be contacting your network looking for off-market deals and talking to other investors to see if anyone knows of property for sale. You will feel that you are in an endless loop hunting for properties to buy. You may even feel obsessed and consumed by the hunt.
Then that glorious moment comes when you finally find one -- the listing that seems perfect. You get the rush through your veins when you realize it just came on the market yesterday. But then your blood turns to ice when you find out that by the time you contact your realtor and write up the sight-unseen offer, it is already under contract. I have acted as quickly as I could to put in offers, only to find out it went under contract almost immediately.
Take comfort in knowing this feeling and experience happens to all of us. The most important part during this stage of investing is to not get discouraged. Know that there is nearly an endless supply of property in each of our markets -- more than we could ever buy ourselves. It is really all about timing and being ready to act quickly.
To keep my spirits high and ward off discouraging thoughts I remind myself there is an abundance of houses out there, just waiting for me to buy them. All I need to do is be patient and until they find me. As crazy as it may seem, I focus on putting energy into the universe about what I am looking for and then listen to the universe's reply.
The same goes when your offer is rejected or you get outbid by another buyer. Tell yourself that this property wasn't meant for you. You needed to miss out on this deal because there is an even better opportunity coming.
So keep your hopes up and know that the property you are meant to buy will come your way. Don't force yourself to purchase a property just because you can't find something you really want. Talking yourself into buying something is rarely a sign that things will end well. Be patient, be consistent, and be prepared for the ups and downs when looking for property.