Investing In Foreclosures Is Illegal?
Investing in Foreclosures is Illegal? NahAPRIL FOOLS! Dont worry
, there may be a few more hoops for some of you to jump through depending on where you live and a few more CYA (cover your assets) letters that youll need the sellers to sign, but investing in foreclosures is far from illegal. But it makes you think a little doesnt it? What if it was illegal, could your business still survive? If your answer is no then, youve got some serious work and restructuring to do.
All my teachings as a real estate investor trainer, coach, author and mentor relay a message stating that you as the investor need to be a transaction engineer, aka: you need to know multiple ways to invest and make money in real estate in order to be mega successful. The more ways you know how to structure a deal the more money youll make, and the more confident youll be no matter what the new laws are or how the real estate marketplace is trending.
Thats the beauty of this business, there are so many different profit centers, so many different ways to structure deals, but it all comes down to what you know. Let me give you an example of how NOT to be.
Recently I had a new student join (he canceled within the first 30 days by the way). I did a 30 minute 1-on-1 call with him to discuss his goals and ambitions for this business. He said he wanted to learn and change his life, and become financially independent, but his stubbornness and inability to listen to my advice during this call will very likely keep him from making this happen. You see, he had recently come into a little bit of money and he wanted to invest this money and use it to start a real estate investing business to replace his current JOB. He wanted to buy some multifamily properties, and rent to low-income tenants, and fix up a junker, yadda yadda yadda.
He had a one-track mind. I told him that this strategy was not the best use of his money, and that instead of using his new money, he needed to approach every deal as if he had no money and no credit. His mind was stuck in the old school conventional way of real estate investing, and me telling him what he should do was kind of like trying to teach an old dog, new tricks, he just wasnt getting it.
The moral of the story is one that you should highlight and star, and underline, and photocopy, and memorize:
If you want to be successful as a real estate investor you need to be able to make money based on your knowledge and creativity of the business, not based on the checks you can write, or the checks you think you have to write when investing.
When I first started out in this business I didnt have two cents to rub together. My previous coffee shop venture failed, personal guaranteed debts were due, bills where piling up, friendships were broken, it was not a pretty sight, but I got through it and I have no regrets. Being in that position forced me to think creatively, and use my mind to succeed. Its amazing what you can do when your back is up against a wall. It forces some kind of switch inside to make the brain pump special juices to make you think creatively and instinctively.
And here is the solid truth, if you cant make money without money then you certainly cant make money with money! I believe that 100%. Money will come to you based on what you know and the knowledge that you implement.
Implemented knowledge is power. Take me for example. The more money that I continue to spend on my personal entrepreneurial education, the more I make in my business and life. Same goes for you. Was it always easy for me to write a big fat check to be mentored by someone who knows more than me in a specific area? No, but the knowledge Ive gained in my continual education far surpasses the cost any dollar amount Ive spent to get it, and it will stay with me for a lifetime and be passed on to my children and my childrens children.
So as I come full circle with this message let me ask you again: If investing in foreclosures was illegal would you survive? You need to know multiple ways to invest in real estate. This doesnt mean that you have to constantly do every technique, not at all. But it does mean that you need to know how to diversify your strategies so that when Murphy throws you a curveball you can make adjustments and continue to make money.
Go back and re-read my article, You Must Be a Transaction Engineer, for a refresher on the real estate investing profit centers you should be able to do.
by: thebrianevans
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