There are many obstacles that new investors face when they begin their real estate investing journey.
Anything from finances, education, to simply just not knowing the right people. It can be very daunting for people to start investing. Real estate investing is misunderstood, and people tend to overcomplicate the process.
That’s not to say that it’s easy… because it’s not. It just doesn’t have to be complicated. BUT… you will face several obstacles when first start.
In this episode, Dan and Anthony will give what they believe are to be the BIGGEST obstacles that you will face when you begin your investing journey.
“I think a lot of people just assume like it’s beyond them. I think that the hardest first step is really just believing that you can get involved.”– Anthony Vicino
“One of the biggest misconceptions that new investors have is they believe that if they can just find the deal, money just shows up for it.” – Dan Krueger
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[00:00:00] Anthony: Hey, what’s up everybody? Welcome back to the podcast. Uh, my name is Anthony and this fine fella. His name is Daniel. Daniel George. Daniel George. How many times do you think your nickname or not nickname, middle name has actually come up on this podcast?
[00:00:16] Dan: On this podcast? Um, I think once, it’s usually just in court that that comes up.
Court. And when my mom is pissed at me, no, I don’t think she’s ever pulled the middle name card. Really? My parents never. . Oh
[00:00:28] Anthony: dang. Okay. My mom did. Uh, that’s how I knew I was in trouble. I have a really long name, so my first name is actually not Anthony. Yeah. It’s my name. Freaking stolen. Yeah. My, my, for the listeners out there that don’t know this, my legal name is Anthony Daniel.
Anthony hyphen Daniel. So I go by Anthony. Dan goes by
[00:00:45] Dan: Dan, but, but we can’t, up to Dans. I mean, that would just be a disaster for the
[00:00:49] Anthony: business. I think it’d be really funny if we introduced ourselves as Anthony, Daniel, and Daniel. And they’d like, it’s only my middle
[00:00:55] Dan: name was Anthony. Are there three of you
[00:00:57] Anthony: My middle name’s Christopher. So, you know, [00:01:00] deal with that information, what you will. Yeah. That’s a lot of letters. Yeah. So anyways, that has nothing to do with the topic today, but, uh, now you know a little bit more about us and, uh, our credentials as we share with you what is likely to be the biggest hurdle that you have to, you have to get over.
When you’re starting your real estate investing career, uh, and we have not conferred on this, so maybe you give yours and I’ll give mine and we’ll see. There’s a good chance that we’ll converge on the same answer. What do you think? Uh,
[00:01:32] Dan: probably, but pretty usual. I’m sitting here thinking about it from two perspectives.
One is, uh, the average, uh, well not the average, but somebody who wants to be a passive LP investor in real estate. Mm-hmm. and then like, you know, us back up however many years. Whether or not you wanna be an active investor, what’s the biggest hurdle there? That’s gonna be different than if you’re an lp?
So are we doing LP or let’s do both. Let’s do both. Let’s do both, honestly, it’s just probably the same, but Yeah,
[00:01:59] Anthony: I was gonna say, like, [00:02:00] my answer probably doesn’t shift all that much .
[00:02:01] Dan: Yeah. Now I’m thinking about it. It’s basically the same. So, um, it’s, it’s almost always gonna be the education slash just knowing this thing exists and how to actually do it.
Mm-hmm. , um, next one to that little bonus. Is gonna be money, but I think that’s an easy one to solve if you’ve solved for
[00:02:21] Anthony: the first one. Yeah, I, I, I don’t know. I agree with education and with money. I think even before that, maybe not for passive investors, but probably also for you, just the mindset, the belief of like looking at real estate and thinking like, this is something that you could actually get involved in.
Because it is from, from my perspective, like working with. You know, operators or new investors, like it can feel really daunting. Like there’s just so many unknowns and you might be aware of real estate and so many different facets of like, oh, that’s fixed influx. I saw that on tv. And then Donald Trump over here owns some circus.
And so like you, you’re aware there’s a spectrum and it can feel [00:03:00] really overwhelming. And so I think a lot of people just assume like it’s beyond. and, and so like, I think that the hardest first step is really just believing that you can get involved, because I think once you believe it, then you can start taking those a, the steps, right?
Mm-hmm. , like you can read the book, you can find the money. . But if you, nobody can give you the belief it has to happen internally. That’s
[00:03:21] Dan: true. Yeah. That’s very true. I think especially for the, uh, the active investors. Well, totally. Because initially when you’re doing that first, uh, first deal, it’s, it’s just you, like, you gotta do all the things.
It’s scary . Um, but uh, yeah, I think that’s, that’s kind of what a, a little bit like what I was saying when I mentioned like, you have to know the thing exists. Mm-hmm. , it’s like you have to know that this is. A thing out there because I was, when I was in college, I remember, um, I went to college during like, um, the 2008 era.
And so by the time I even got to looking into like things I could invest in, I already had this whole risk, uh, word just. Glued to the whole real estate category, real estate was [00:04:00] risky. And it wasn’t until many years later that I did the deep dive into other asset classes within real estate where I was like, oh wait.
This is a lot different risk profile than what everyone was freaking out about in 2007, 2008.
[00:04:12] Anthony: One of the words that comes to mind that you will have to get over in the beginning of your investing as you’re gonna like go into real estate is misconceptions. There are so many misconceptions about real.
and in investing in it, I think the, the common wisdom is, is likely to, if that’s what you’re buying into, that’s the narrative that you’ve been hearing. Like in your case of like risk, risk, risk and everything’s so dangerous and or hard and scary and like, or you’re gonna have to deal with these tenants and like just.
that, and that comes from education, right? Like knowing what are the misconceptions from the actual reality. And even if you are experienced, there’s still a lot of misconceptions I see with like with people where it’s like you, you believe that thing, but that’s not. Yeah,
[00:04:56] Dan: not actually true. I find the deal and the money just shows up.
Totally. Yeah. Have [00:05:00] we done a misconception episode? Because if we haven’t, we should because there’s like a plethora.
[00:05:04] Anthony: So many, so many. I mean, I see it daily on, on Instagram and Twitter. Like just the other day I saw one where I was like, you are an experienced real estate investor. How do you believe this?
and one of us is right. One of us is wrong. Right? Maybe I have the misconception. It’s totally possible.
[00:05:18] Dan: Maybe, but I mean, when you know the market’s good, you can be doing things completely wrong and it’ll work
[00:05:23] Anthony: out. So true. We all look like geniuses in the last decade. We’ll see. We’ll see what the next five years brings.
But uh, that’s the biggest hurdle I think. I think we’ve pretty much landed on the same exact one. I think we nailed it for passive investors. It’s. It’s still the same thing. Like you still have to believe that this is a vehicle worth getting into. And that’s, yep, that’s a hard shift. Um, if you’re used to investing in like the stock market or just like regular brokerages, and this is gonna be very different, but I think that’s a far easier hurdle than getting into your first active deal where, I don’t know about you, man.
My first one was scary. Oh, it always is. Yeah. I thought I was gonna get stabbed. A lot of zeros, a lot of [00:06:00] commas. A lot of unknowns. Yeah, lot of unknowns. So that’s gonna do it for us guys. Uh, signing off for Daniel George, Anthony, Daniel. We’ll see you in the next episode.