This myth holds people back every single day. They feel they have to already be experts in a field in order to be successful, whether it is real estate or stock investing or dry cleaning! First of all, success is a journey, it’s not a destination, and all successful people start at the same place. One day they wake up, they throw their legs over the side of the bed, they yawn—and they begin.
There is nothing wrong with starting small. Perhaps you’re thinking about buying a $250,000 single-family home and making it a rental property. Or even a $320,000 duplex. But why rule out a $2 million, fifty-unit building? Believe it or not, any of these properties are within your reach. Of course right now you’re thinking, "No way! I can’t afford a $2 million mortgage!" And to that I say, you may be right, but you don’t have to be able to afford it. Here’s why. Mortgages on smaller properties like single-family homes are almost always guaranteed through the buyer’s own personal earning potential and wealth. You may be surprised to learn that larger investment property loans are secured by the asset itself. In other words, instead of the $2 million building riding on your own wealth, it is riding on its own valuation. This already is less risk to you.