Lesson # 1- Make New Connections
Let me preface this post by providing a little background information about my foray into real estate investing. I decided to get into it because I had been seeing a lot of ads and articles about being able to get started with no money out of pocket. I didn’t have any money to spend so I figured it would be a perfect road for me to go down.
Well, go down it I have and I’ve learned a lot in the process. I’ve been at this since May. I’ve made offers on 9 different deals and I’ve closed on none of them, each one for different reasons.
- Funding wasn’t available,
- the price was more than a property was worth,
- the numbers didn’t work right when everything was considered,
- interest was just going to eat the cash flow, were just a few of the reasons.
There are a great many more reasons we haven’t even experienced yet, but the knowledge I’ve gained in just going as far as I could with 9 different properties has exposed me to a mega ton of information I didn’t know just a few short months ago.
I have the determination of a pit bull and can be considered a glutton for punishment, but I believe that learning alone only serves a single purpose for only one person. There is nothing wrong with that, but it’s small and only benefits me. In sharing what I have learned serves a much larger purpose and for a significant number of people. Being my ultimate goal is to help as many people as I possibly can while I am on this earth, I would be shorting myself on reaching my ultimate goal unless I share the information with others.
So, here we go. The first lesson I want to share with you. Making New Connections.
Most people do not enjoy or relish the idea of reaching out and connecting with new people. Especially when they are new at something and don’t have much of a track record. They want to wait until they have figured things out (which is what I’ve done by not starting this blog series sooner) and then pop out of the box shouting to the masses about
I’m not especially fond of it either, but I want to learn things and I’m determined to figure out what I don’t know. So, I get into places that I’m inexperienced and don’t have a lot of knowledge, and I ask the questions. All of the questions. Then I challenge a lot of the answers.
That’s the other thing you should know about me. I’ve had a ton of people tell me that there is no way that I can get a multi-million dollar asset under my belt with no cash and bad credit They have already told me that there is no way I could even get one under contract. I corrected them and politely told them that only meant that they couldn’t.
It hasn’t stopped me from making offers on multi-million dollar properties and getting as close to closing as I could. I’ve done it twice now and I’ll definitely do it again. Making it to closing means I will have to keep making new connections until I make the right ones that will help me reach my goal of closing on a multi-million dollar property. Reaching that goal opens the door for a number of other people to do it too.
It’s not easy. I’ve been stressed out beyond belief each and every time, but I don’t over extend my personal means (I don’t commit any money I don’t have and can’t afford to lose) but I get out there and make new connections every day. I talk with people about how to do this or how to do that. I ask the seemingly dumb questions if I don’t know the answers. I’m committed to doing just that. I offer to help people with anything they need in the process (real estate related or not) and move forward a little tiny step every single day.
It’s the only way anyone makes it. Get out there and start making connections today!