I admit I get nervous now and then. In fact, I liken real estate investing to be similar to musical chairs…I just hope there’s a chair for me when the music stops!
There’s a “Catch-22” in real estate investing. You have to show that you have funds to purchase the deal, even if you don’t. You can’t get the funds until you have the deal. When you get the deal you have to structure how it will play out. Then you have to shop the deal. If you do all of this right, the funds will come and you are on your way to the start of a real estate deal.
That’s phase one of “Overcoming the Obstacles”. Yes, that’s just the beginning.
Those with cash avoid this phase of the deal – yet many advise that you don’t use your own cash. I can understand, that as your experience level rises, others can entrust their cash to you, the professional. But when it’s your first deal…getting a proof of funds, getting it under contract then scrambling to find the funds – can be very scary.
Real Estate Investing is not for the risk-averse. You are required to go outside of your comfort zone. It’s a balancing act – the emotions of getting the deal, versus the delight of seeing that profit hit your bank account.
I expect 2 closings this week. One has profits and the other doesn’t. That’s OK, because this is a business and you can’t expect every real estate deal to work perfectly. This is why you MUST make sure there is plenty of room in the deal to handle the unexpected termites or the longer than usual holding costs.
That got me to wonder why is it I’ve moved forward with investing in Real Estate and other’s can’t take that first step? What is it about the many I know that holds them back? What can I do, still a student of real estate investing, to help people to not give up? The view from where I stand is beautiful, yet there are those that can’t see past my vantage point.
I admit I’m not rich. I’ve had challenges and made big mistakes. I spent a lot of money for my education and I’m determined to get that investment back and then some. I had a good education from Armando Montelongo Seminars, and I continue to learn with every step I take from as many sources I can find. (No, he’s not paying me to say that, it’s the truth – in fact his company is a little upset with me because I try to help other students – I’m not really sure why, maybe someone can enlighten me.)
There are many students that experienced the same education and haven’t moved forward. I admit it frustrates me to see people spend significant amounts for these seminars and not do what it takes to put what they’ve learned into practice. The opportunities are there. I’m finding them. In fact, I’ve held field trips to share my power team and what I’ve personally learned along the way with those that attend. Many are making money now.
I’m delighted I’ve been able to facilitate change in those that have let fear paralyze them. Way to go guys – and you know who I’m talking about!