Many people would like to own investment property but don’t go forward because they find it too risky or too challenging. Getting in requires some creativity in terms of finding a profitable venture, finding a way to finance it and then finally having the gumption to step up and make it happen.

What if your credit is bad? When I bought my first house I had a tax lien. For some reason, it didn’t show up on my credit report. If I had never tried to get the loan I would have certainly never succeeded. Slowly I paid off the tax lien and now my credit is excellent. Patience and determination got me my 1st investment property.

Finding the perfect property takes time. On average it takes me about a year to find the right project. What do I look for? Value and upside potential. I will happily take on a renovation project that requires a turnover of tenants. My goal is to increase the income substantially and therefore increase the property value.

Taking the leap is tough. It always feels like a leap of faith. My most recent project was a fixer with 8 freestanding bungalows. They needed a lot of heavy duty work including all new electrical services, extensive plumbing, landscaping etc. I assumed that the existing tenants would pay a little more for my fabulous renovations. When I gave them the small rent increase and the list of improvements, they ALL moved out within 45 days. Oops. I had more that one moment of panic during that project. At times I thought I had made a huge mistake.

Fast forward a couple of years and that property is my best money maker. We finished the project with pennies to spare. We found all new tenants. I am confident now that it was a great investment.

If you want to get into investing start taking penguin steps toward your goals. Write down what you want and slowly take action. Penguins travel huge distances in difficult conditions by taking tiny steps in the right direction. You will get there.