Germans are known for being risk-averse, often overinsured and cautious with their money. Growing up in Germany, I learned to save and invest securely. My American husband, on the other hand, was raised to invest in real estate and spend freely, a stark contrast that initially shocked me. However, we learned from each other: I discovered the value of spending on experiences (like a helicopter ride), while he appreciated the importance of saving for emergencies and big purchases.
We eventually realized we can't just wait for something to happen, we had to start taking action. Even though we did take action, we did let analysis paralysis prevent us from moving quicker, but we were able to rely on our extensive research to buy our first property and getting hands-on experience. We followed that up by realizing we shouldn't be so dependent ourselves but to network and build meaningful connections with like-minded people with experience, as well as seek mentorship, all of which supported our success.
It wasn't easy for us to get started as we had concerns leading up to our decision, we wanted to share some of our common concerns leading up to investing in real estate:
Investing in an Unfamiliar Asset: Investing in real estate felt risky and outside my comfort zone. However, education was key. Through podcasts, articles, and mentors, we gained the knowledge and confidence needed to succeed.
Investing with Someone with More Experience: Relying on our limited experience and seeking help from others felt like giving up control. Trust and communication were crucial. Networking and connecting with like-minded people provided insights that complemented my cautious approach, creating a balanced investment strategy.
Giving Large Amounts of Money with Potential Loss: The possibility of losing our hard-earned money was daunting. However, diversification and due diligence minimized risks. We started small, learned the ropes, and gradually scaled up, building a strong portfolio.
We eventually moved into multi-family investments, overcoming my worries about market risks and economic downturns. Today, we own over 400 units in various markets all because we decided take action and not let analysis paralysis take control.
With our combined experience, Rodney and I work to share our knowledge with our friends and family, helping them to make smart financial decisions and achieve success in real estate investing. We also love to meet new/experienced investors, let's connect!
Comments