In life, we often think about why some people succeed while others never reach their ultimate goal. I believe many people get so busy they do not have the time and unfortunately give up on their dreams. I always believe it is better to try and see where your adventure takes you rather than not even trying to do something at all.
Over the years, I have asked many new real estate investors why they were not able to be as successful as they wanted with real estate investing. What were some of the obstacles? Many people spoke about fear of losing all their money or not knowing what to do. However, the number one reason was many people believed they did not have enough money to make money with real estate. So, in essence, some of these people ending quitting even before they got started in real estate.
There are so many ways you can start in real estate with little or no money. You have to be willing to learn some of these creative methods and be able to apply the methods in your local target market area. I often tell investors they should try to start in their own back yard and grow out to other communities from there.
One of the ways to make money in real estate is to become very effective at finding, negotiating and locking up a deal under contract. Many investors today have cash burning a hole in their pocket. They are often buying a deal with lower margins because that is the best deal they can find and they do not want their money sitting idle in the bank earning a whopping less than 1% annual interest.
You can often use other people’s money to get deals done and under your belt. Every deal you analyze you will learn something that will help you with your next potential deal. You become better by practicing and real estate is no different. I call practice in real estate being able to find and analyze deals. Once you find and analyze a deal if the numbers are as good as you think, you need to lock-up the deal under contract. If the deal is as good as you think, you should have savvy real estate investors lining up or knocking down your door to get a piece of that deal?
As I write this article, I just read about an investor that negotiated a purchase for a multi-unit building in Texas by assuming the existing financing that was already in place. They had a plan to renovate the vacant units and get as close to full occupancy as soon as possible. Once the building is fully occupied and rents begin to increase will this make an immediate impact on the bottom line for profitability and potentially increase the overall value of the building? It should and provide the investor with various options for selling or even a refinance to pull out some cash.
There are so many ways to make money, I know years ago I had to just open up my mind to listen to other more experienced investors and understand what they were doing, how they did it and how I could apply that knowledge to my own local market.
Today, I want to work directly with a hand full of people. If I can assist you with real estate coaching contact me today so I can customize a training package just for you. Live life in the moment with no regrets! Believe and Achieve! – Joe
ABOUT: Joe Jurek is a Real Estate Investor, Author, Public Speaker and Business Consultant. Joe has worked with hundreds of people throughout the country and provides real estate coaching and business consulting to new and experienced real estate investors alike. Want to learn more about working with Joe? Contact Joe today!
Joe’s Bonus Video doing your 1st deal: