et me ask you a chicken or If you simply are not ready to go
the egg question... to the next level is it FEAR
holding you back?
"What would you do first?
If so, I've found that education
a) find a great real estate deal is the key in taming that fear
monster and give you the
or confidence to move ahead.
b) find private money to fund the I remember my 1st deal. My knees
deal were knocking. Fortunately for me
I had an experience RE investor
Do you "Find a deal and then go walk me through my 1st deal. I
find the money because it gives also had gotten six months of
you the incentive to make it solid RE education through two
happen?" home study courses I had
purchased, library books on
I answered just the opposite creative real estate and a local
because having private money will REIA seminar.
give you the confidence when you
make offers that you are going to After that 1st deal the fear
be able to close. monster was gone and I was ready
to do it again.
I feel confidence is more
important. Like I said before, I've done my
homework, spent tons of money on
I don't know if there is one education and have had lots of
right answer but if you are not practical experience in the
doing either one, read on... business.
If there are gaps in your RE the bank's painstakingly slow
education, take care of that now process was no longer acceptable.
while you're busy finding lenders
to help take your business to the Even when I knew for certain what
next level. I wanted, I procrastinated. I was
not able to do nearly as many
You'll be very glad you did. deals as I wanted because I
waited so long to take action.
Let's face it, the reason most The thing is, if there is
investors don't have any private something you are afraid to do,
lenders is fear. you can always find a reason to
not do it.
It's as basic as that. It's a
fear of the unknown. How do I Sometimes we won't even admit to
know that? I've been there too. ourselves that we are afraid. We
just can't get to it because we
I was comfortable doing things are too busy, too tired, or
the way I had always done them. I focused on other "more important"
went to the bank, I jumped issues.
through their hoops of proving I
was qualified for their loan, But then, that didn't solve the
they gave me the money, and I whole problem. I was still too
paid them back the way they said. shy to approach people who I knew
It was a familiar routine in my would benefit from my program.
business of buying and selling
homes. I remember sitting in my doctor's
office and being too uncertain of
However, when I became a myself to tell him about my
full-time investor and wanted program. I didn't have the nerve
tons of quickly accessible cash, to ask for the money. That day,
we both lost. I wanted money to That gave me the foundation of
run my business and he missed out knowledge.
on earning a tremendous interest
rate. I am so grateful today that I got
a solid real estate education so
Once I recognized what was I can now confidently let
holding me back, I became potential private lenders know
educated in learning how to get that I have a great opportunity
what I wanted and how to handle for both of us!
private funds once I got them.
About the Author:
Alan Cowgill is a national speaker, author and real estate entrepreneur. Alan had bought or sold over 200 investment properties. His step-by-step system "Private Lending Made Easy" teaches Real Estate investors and mortgage brokers how to find private lenders. Contact Alan at 937-390-0816 or 866-831-3540. For a FREE audio CD go to http://www.FreeRealEstateCoaching.net
Read more articles by:
Alan Cowgill
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