Don’t you wish you could just sit on the beach all day and have opportunity fall in your lap? I know I’d sign up for that and admittedly I do spend a chunk of time on the beach, but it is not where I find my opportunities.
Unfortunately we need to go out and find opportunity, despite all the reasons we come up with not too.
We Are Excuse Machines
It’s true – as human beings we can always come up with a reason why something is not happening.
In terms of real estate there a dozens:
- No good deals in my area
- I don’t have any startup capital
- I cannot get financing
- My friend or family member has a rental owner horror story
And on and on. These reasons and any others are valid, especially in our own heads. However, does that mean we can’t find opportunity still?
Best I can do for others in life is lead by example. It is beneficial to me too as it pushes me to move forward and moving forward is exactly what I’m in the midst of.
Those excuses I listed above – well, two of then directly apply to my current situation.
No Good Deals in My Area
In South Florida a good deal is far and few in between. You need to find off market deals or look out of town. I dabble with the first, but have gone head first into the second.
Just early as four years ago the thought of investing out of state scared the bejesus out of me! Now it is all I look at.
Turns out, there are still plenty of deals out there when you open up your geographical search. In fact, I’m finding more deals than I have capital for, which leads me to my next excuse…
I cannot get financing
Here’s the thing – if you have a good credit score and equity in your properties it doesn’t matter if you cannot also show regular income.
My 9 to 5 grind stopped in the summer of 2017. I have been running my own business since. However, banks want two years of tax returns before they will use that income. That doesn’t really help me now.
So what is a guy to do?
- Private Financing
- Non-traditional Lenders
- Investment Partners
My first four deals were done using a traditional lender with 20% down on fixed rate mortgage. Doesn’t get more regular than that, which is fine when you are getting started. It is the method I teach in my book for people getting started.
However, one must evolve if they want to grow. So the traditional banks are in the rearview mirror now and I’m talking to private money operations and people I know that have capital to invest.
Those last few words catche my attention because I can already here the excuse “I don’t know anyone with money” and I honestly thought the same, but if you really think about it – there is always someone in your network that can be a potential partner of investor. I found it to be true for me when I thought it was not.
Did these people find me and say, hey can you use this money and invest it in some real estate with me? No they certainly did not. I had to reach out to them and present them with the opportunities I found. The opportunities that were found by networking with other investors and friends and going to visit these areas.
Point is – I wasn’t sitting on the beach staring at the ocean all day (I did that after).
Go Get It
Whether it is real estate, a new business or new career. You need to be doing despite. Doing it despite not having enough time; doing it despite not having any experience; doing it despite having no money.
Basically, doing it despite whatever excuse is relative to you.
I would love to tell you it’s easy, but easy street is on the other side of town. We must first work our way through the mean streets to get there!