Every day I meet real estate investors who want to strike it big in real estate. They research investment opportunities and continually read about how much money all these investors are making. Because so many articles exist on how beneficial real estate investing can be everyone wants in. everyone thinks they can do it.
They try to make some investments; they maybe make a lowball offer that does not get accepted and get discouraged. They get turned down for a loan and get discouraged. They make a purchase and the work needed turns out to be more than they bargained for and you guessed it. I believe the biggest challenge people have toward gaining success in real estate investing is they too easily get discouraged.
Persevere like Donald Trump or Hillary Clinton
I, in no way shape or form want to enter into a debate about these candidates. They both have big clouds of doubt around them; they both are the most highly UN-Liked candidates in U.S. History. They both do things that the general public considers to be stupid and we cannot believe half of what they say.
What they both have in common however is ABSOLUTE resolve in becoming the next president. Why because they both believe they can do it. They both believe they deserve the title and this absolutely whatever it takes attitude is what anyone who wants to be successful in real estate investing (or success in anything for that matter) needs to have day in and day out.
Do not let challenges get in your way. As the ole saying goes, challenges are just obstacles that appear when you take your eye off your goals. Everyday you read headlines about Trump did xxx he is finished or Clinton did that her candidacy is over. Even with all the obstacles they encounter they just keep plowing through and they will until the final day.
Adopt this I can triumph attitude
Adopt this I can triumph attitude and you indeed will be able to acquire any investment property you want and create the level of success you desire (BUT YOU HAVE TO BELIEVE IT) Often the missing piece is belief. When you believe your mind will find a way.
My best investment was one I was repeatedly told no to do
A while back I wanted to purchase this 4-plex that I truly believed was going to be an incredible investment. It was a property I wanted to convert into its highest and best use. (Converting the 4 plex into 4 condos).
- My first challenge was trying to get it financed. I only had 5% to put down on this property.
- My next challenge was if I were to get a loan for this one parcel how do I convert it into 4 parcels and change the legal property description and get the lenders consent to do so as I would have 4 different properties with 4 different property identification numbers than what I have financed.
- The next challenge was determining what needed to be legally done to make this conversion (this was at a time before conversions had become popular so I was having to figure it out as I went.
- The biggest challenge was going against what everyone was telling me which is “you are crazy it will never work.”
My perseverance paid off big
The challenge is determining if you are just beating a dead horse or do you indeed have a great investment opportunity in front of you. This comes from doing your proper diligence on the market, the current direction of the market and of course the demand.
In my case I knew all the stars were in alignment I just needed to overcome the challenges. The results were I bought a property with only 5 percent down payment. In three months’ time I made the conversion and refinanced the 4 plex into 4 condo loans and increased the value by close to $400K. My new condo loans now had 20% equity in them and I put $150k cash in my pocket which allowed me to buy more investment properties.
Be like a presidential candidate
Believe you can, never give up and go make it happen. But please try to be more likeable to the masses than these two.