Many of our private rehab loan customers ask us to wish them good luck on their rehab investment, but real estate investment isn’t about luck. It’s about well thought out decisions based on good research. It’s about markets and timing. However, all of that aside, it’s mostly about YOU. As a football coach would tell their team during half time, “You gotta get your head in the game!” To make successful decisions, you have to have the right mindset. What is the right mindset you ask?
It begins with having goals and writing them down. Most people think they have goals because the goals are in their head. A goal in your head is not a goal, it’s a thought. Thoughts are replaced by other thoughts instantly, so true goals never form. But once a goal is written down, it becomes something fixed in reality. It must be dealt with in some fashion. Now there is a much better chance that the goal will be completed.
Build the network.
You can start improving your chances of success right now by building the right network. Remember that “who” you know is often more important that “what” you know. Get to know some people who can help you make the right decisions. Get to know some people who can help you put those decisions into action. For example, one of our private rehab loan specialists would be glad to help you evaluate a potential investment opportunity. Whether or not you have begun real estate investing, you can begin by building a network that can help you achieve maximum returns on your future investments.
Each step you take in this process will get more interesting than the last. With this being the case, you will need to adopt position of flexibility. In your negotiations, there will need to be give and take. When it comes to dates and times you will need to be flexible in your scheduling. Your timetables will need to be flexible to accommodate delays. Sometimes the easiest process can be slowed by the lack of one small signature. This means that you have to be flexible enough to drive by the notary’s office after work before it closes. You have to be flexible. Think of it as “Rehab Yoga.”
Learn to set the right expectations.
What some may describe as a million dollar return on investment may be a lot less when you calculate fees, taxes, insurance, etc. You don’t want to borrow too much but you also don’t want to borrow too little. But don’t start spending the money in your head before the deal has gone through. There are no perfect deals but there are fantastic deals when they are based on more wisdom than hope.
Last, but most important, you have to want it.
The money is out there. As private rehab loan professionals, we KNOW the profit is out there. We have seen it. But it doesn’t come easy, and there are a lot of people out there who want it. The serious players recognize this. This is why so many of them say that you’ve got to want success the same way you want oxygen. If you are willing to stay motivated and focused you can do well in this industry. Not only that, but you got help from us!
New Funding Resources LLC is a private lender that provides private rehab loan financing to real estate investors in the Maryland, Washington, DC and Virginia area. For more information about us, visit www.newfundingresources.com or call 240.436.2340.