So do you really want investment real estate now? Get raid of laziness haunting your mind.

July 23, 2007

I’m working on putting together a real estate transaction with two of my close friends, I met them in middle school. They are excited about putting together a deal and so am I, one of my friends has a little doubt about the situation, for sure feeling doubtful is being productive. (sarcasm)

If you really want a piece of real estate now but you doubt your ability, you doubt having enough money, you think now isn’t a good time, you don’t think you can do it, you don’t think you have the time, or you for whatever reason decide to doubt your ability to do a deal.

On my last post you know your personally developed when.., I talked about one philosophy that simply changes the phrases, “but I don’t have,” with “how can I.”

You know it is easy to simply say but I don’t have, thats a lazy mind at work, you can simply put your mind to rest, and say but I don’t have any money, and you can stop thinking about being productive because you already killed ANY CHANCE of you doing a deal anytime soon. If you like being lazy just keep saying “but I don’t have (this) or but don’t have the time, or don’t know how” and you’ll be really far ahead in life.

We have to stop thinking about what we don’t have, and focus on what we do have.

So let me run you how you could purchase a piece of real estate, I’ll bring up some quotes I hear all the time from a portion of peoples’ lazy minds and bring them to life, here is some typical things I always hear.

Now is not the right time
I want things to settle down first
I’m to busy
I don’t have the time
I don’t have the money
I don’t know how to get start
Real Estate prices are to high to make any money
I’ll do it later
There is no way I can buy a piece of real estate
But I have bad credit
But I have no credit
But I don’t know how

Above is some quick examples, it is really bad if someone says all three. Now keep in mind, I’m talking about people who are already interested in real estate, but doubt their abilities.

What if you just changed those sentences to the following,

How can I find the time?
How can I make it happen even though I’m busy?
How can I get the money?
How can I get started?
How can I still make money even though real estate is expensive?
How can I do it now?
How can I find a way to buy a piece of real estate?
How can I buy a property with bad credit?
How can I buy a property with no credit?
How can I find out how to buy a property?

I’m going to propose, that if you really wanted to, you could put together a real estate deal if you were somewhat personally developed right now. There is solutions to everything, the question is: will you open your mind to the possibilities of finding a way to do it, or just be lazy and tell yourself you can’t.

Now lets run through of theses How can I’s and break them down, into easier steps. We are taking our doubts and turning them into thinking of how we can accomplish something

**Now is not the right time >> How can I find the time?
**

If you do not have anytime, you might want to take a look at what your doing. I’d first assume when people tell me they don’t have anytime, typically it is because a lot of them waste a lot of time and just lie to themselves and say they don’t have enough time first off.
But what if you are working a full-time 40 hours a week, ok, well you still have the whole entire weekend to do a real estate deal, you know there is a program out there called the weekend millionaire real estate investor. Yes, that means they do real estate investing on the weekend.
Well Wes I work 60-80 hours a week, well find a way to make it happen. If you are seriously working that much, you should be having extra cash, and you can pay someone to find deals for you and put together a deal.
See you gotta understand, if you don’t have any money, you have time
If you don’t have any time, and you can spend money you can get people’s time
If you don’t know how to do anything, you can pay people to do things
If you know how to do a lot of things, you don’t need much money, you can put deals together
Ok so you work 60-80 hours a week, and for some reason you don’t have any money, maybe your working a job paying for school, in school too, well, use the help of your friends to help you put a deal together. If you don’t have any friends you got a worse problem.

**I want things to settle down first?
**

So this is your reason for not buying a piece of real estate when you want one. What a horrible reason, i want to let you know unless you are in a crisis there is almost never a best time to do a deal, there will always be something getting in the way. Stop putting off something important for little things that come up during the day, if it is a crisis well figure that out, but don’t stop yourself from buying a building when you are waiting for the PERFECT timing, because guess what it is never going to happen. The best time to get started is now, and if u don’t think you can, FIND A WAY.

**But I don’t know how to get started?
**

Well start reading books, goto seminars on real estate investment, join a real estate club, start associating with other real estate investors, study real estate investing

**Real Estate prices are to high to make any money?
**

I hear this so much it is stupid, first off, we need to stop looking at our own city for real estate investing. You can buy property in other states for $5,000, so is real estate to expensive now. If you think $5,000 is to expensive for a piece of real estate you have other problems.
People look around their neighborhood and say gosh real estate is to expensive I don’t have any money to invest, crazy. You don’t have enough to not invest in real estate if you don’t have any money. You think prices are high now, guess what they are most likely if your in a good area keep on going up.
How many people do you hear say gosh I wish I’d buy more property. Almost every real estate investor has always said, “I wish I had bought more property.” John Jacob Astor, the first millionaire in the United States, a real estate investor, quotes, “If I had to do it all over again, I would buy every single piece of real estate in Manhattan.”
So what real estate prices are to high, find a cheaper area. I’m in process of purchasing a property in new york for $40,000 – $80,000 for a duplex, duplexes in Portland are $200,000+. To expensive, stop being lazy, look for cheaper places then.

**But I’m not in another state, I can’t do that
**

Hey I know people that buy property in other state without ever seeing their property, let alone visit that state. There is still a way to do it, don’t say but thats another state, no, “How can I invest in another state”
They look on the internet and find real estate clubs, people in that area, they call finance people to get them qualified for loans across their state, they find lenders in that area with google, they find property managers with google search. I found mine through a referral, find a way you can do it.

**I’ll do it later
**

Yah, I’ll do it later, ever heard of that before. First off, if your serious about buying a piece of real estate now, you should never say I’ll do it later. I’ll do it later, what the heck does that mean, you might as well say I’m not interested in buying a piece of real estate now. If you really want something now, find a way to do it now. Yes it might take some time, but what I’m really talking about lying to yourself, and telling yourself you’ll do it later. If you are planning to do it later, and saving up money, putting together resources and making it happen now currently to do it later that is ok. What I’m talking about is just saying I’ll do it later, so I’ll do NOTHING now. Doing it later but working towards doing it later is not what I’m talking about. Find a way to work so you can do it later, not just say you’ll do it later and do nothing now to do it later thats being ignorant.

**There is no way I can buy a piece of real estate
**

If you say that yourself, your correct. There is no way you can because your to lazy to think of possible ways to do it. Instead of saying this, we need to just turn our mind into, “how can I purchase a piece of real estate.”

**But I have bad credit
**

Well at least you got credit, you should start to fix your credit first of all, and just complain you have bad credit. I’ll just tell you know, if you have bad credit you shouldn’t buy apiece of property because the reason you probably have bad credit is because you are way over your head in unnecessary unsecured debt like credit cards, make min-payments and late on your payments. I wouldn’t lend you money if you had bad credit.
Ok but this is how can I, I’m just saying if you really have bad credit you got finance problems of your own and need to figure it our first before you foreclosure on a piece of real estate and go bankrupt.
But even if you have bad credit you can still buy real estate:
You know there are people called hard money lenders, or private money otherwise, I have a person who will lend me money on a building without even looking at my credit, they are looking at the deal, yes it is higher interest rate but the fact is I can buy a property with no credit, because I found a way.
You can also co-sign on a loan with another person who has good credit
Or if you have a friend who has good salary you can partner with them, although you got to have good friends who are serious, and again, if you don’t have any serious good friends you got another problem worse than trying to buy a piece of real estate
You can also do a seller-finance, where the seller finances your mortgage, you just start making payments to them.
There are ways to purchase real estate if you have bad, or no credit, those are just a few options. you can also do a tenant in common and throw your money into a collective group of investors, the loan is then serviced to everyone collectively.

**But I don’t have the money.
**

You been waiting for this one, because of all excuses, this is the most annoying and most said, “well I just don’t have the money.” Thats great, you know what thats actually a blessing in disguise not having money, just think if you could buy a property without having any money, you know how valuable of a person you’d be, creative, leadership, putting together deals, all the money in the world will be yours if you can master putting together deals when you have nothing (or at least your bank account would say so)
First off if you don’t have any money, I’m basically referring to the down payment you need. You gota get clear on what you mean by you don’t have any money, or the money to buy a property. Do you not have a liquid cash to do a down payment, or just don’t have any money to pay for a property. Either way you confuse the hell out of yourself when you say you don’t have enough money because you don’t have enough money for WHAT, a down payment? Or don’t have money to cover bills, what do you mean when you don’t have money. So I’m going to break it down with you

**But I don’t have money for a down payment.
**

First this is to clear you, there is no law stating you have to have a down-payment. You can buy a property with no down-payment that is called 100% financing. You can get 100% financing loans without having any down payment, yes your interest rate is higher, but you can still purchase a property with a down payment
And to clear some stuff up many people think they need 10% down for a property, that is not true, there are many people who can buy a piece of real estate with 5% or even 3% down, through an FHA loan or whatever, there is different loan programs. 3% down on a $100,000 is only $3,000. My friend paid $3,000 for a down payment, you think thats a lot of money, a min wage job could get that in 2-3 months tops.
You can also do as mentioned above a seller-financing, where you can either make payments to the seller or just continue his/her monthly payments
Be creative, you can also work with several friends and have them put up the down payment in return for services, either you finding the deal, putting it together, managing it, or helping make monthly payments at your job.
Or you can also do a 100% financing with a private lender, and negotiate that they pay for the closing costs and whatever, and negotiate terms. As long as they know the building is a good buy and it makes sense for them as like if you default they are getting the building back and making money if you make the payments or default they’ll do it.
Or, why don’t you get a down payment. You know today, I could get you $10,000 liquid if you were willing to pay around $300-$400/month. In other words, if you have a steady job, I can get you a sum of cash for a monthly payment. $10,000 is enough for a good down payment. So just because you don’t have liquid cash, if you have a monthly cash flow from a job, you can in return for payments get a large sum of liquid cash, which in turn you can use it for a down-payment. If you don’t have any liquid cash or don’t have any monthly income, well you need a job, you got bigger problems.
Heck if you have some credit cards you could pull out cash on your credit cards if you needed a small down-payment, I wouldn’t recommend it, but just like above as long as u can make monthly payments on a small loan of $3,000-$10,000 you can easily get enough for a down payment. You can get a down payment through prosper.com if you wanted a down-payment for monthly payments.

**Conclusion:
**There are ways to buy real estate, you just need to “find a way.” “If you think you can, or think you can’t, your right.” Find a way, think you got some more reasons you can’t purchase a piece of real estate comment below with them. Or I assume you will agree with me that you can, if you really wanted to, and dedicated, and yes, have a life with at least some money, obviously you can’t really be a bum (although you could still put together a deal for other people and retain a percentage of the building).

Find a way