Lenders are dealing in that favorite commodity, which is money. They like people who want to make profits. You’ve probably wondered why do lenders state that they loan money to people who have been bankrupt or even had foreclosures . How could that be? It just goes to show that your mindset makes a lot of difference. People who keep working to succeed, usually do. That’s how it works.
If you only try one deal and stop you’ll not savour the sweet success of getting a deal done and making a lump sum of cash. So, ask yourself now–“What is it that closing that next deal and making a lump sum of cash, would enable you to do?” Right now. Today. That is your motivation and permit that motivation to guide you to success .
Allow your difficulties to guide you because each obstacle, shows you on the nose what you have to do to get to the next step. The rehab hard money lender thinks your LTV (loan-to-value) is too high? Find a property that is better and more profitable. The lender says they don’t lend in that market area? Focus on the geographical are that matches the lenders program and the specific are where the lender wants to lend, or find another lender. The lender says they don’t loan on property next to railroad tracks ? Do a better job of picking your property deals.
The lender says there is a fee for a property appraisal and you don’t have the money to fund it? Bring in a partner because it’s much better to get a deal done and split the profit instead of making no profit. Often times an investor will relate which deals he/she is looking for? Keep an eye out for those deals and make money by assigning contracts along the way for smaller lump sums of cash that keep you euphoric and keep your bills paid .
Unsure of yourself when you are putting together a Loan Package? Learn how its done and practice, by putting together an entire application, including the loan documents. Had a lender ask you about your deal over the phone but you were not prepared to give a concise pitch to summarize your deal and what you need? devolve an hour putting together a 5 minute pitch about your deal and write it down study it and memorize it so next time it will roll off your tongue .
Did you take a course on investing sponsored by some “GURU” that tutored you how to write offers on properties? How about trying to apply that knowledge and setting a goal to actually write 5 offers this calendar month Don’t have a proof of funds letter to attach to your offer? Take it up with hard money lenders and ask if they will give you one if you bring them a property deal that matches their loaning criteria. And suppose you can’t find the best property deals by looking in the same old neighborhoods?
Contacting lenders and other realty and financial professionals will help to get relationships going with some REO agents and learn where to source REO property. Theres a fortune in equity there just waiting for somebody to monetize it. Haven’t talked to any buyers lately? Fix it. Get a system in place so buyers are calling you and asking for property. Talk to homebuyers, talk to investors, talk to your friends and relatives. Let them know what you do. They will help you get to the buyers. Need help writing your exit strategy? Attend your nearest real estate investor club meeting and start helping people find solutions to their problems and give them the results they are looking for .
Taking action is what makes your mindset! You’ll feel more confident. The end result is that you will be ready and also more organized.You will start seeing how to help people with their housing needs and start understanding that the deal is founded on making it a win-win .
