What to do when you have done all that you can?

What to do when you have done all that you can?

Ozzy SmithPro Member
Specialist · Dayton, OH · Member since 2014 · 352 posts · 265 votes

Do you ever feel like despite your best efforts things just aren't happening or at least not as fast as you would like?  Do you feel like you are doing all that you can do and it's just not enough and wander when you will finally succeed?.... ME TOO!

This post is going to be a little something for everyone.  For the beginner, you may read this and wish to be where I am.  For many, I believe you will relate to my story and find yourself asking the same questions as me.  For those that have made it past these first two steps, PLEASE SHARE YOUR STORY and help motivate the rest of us.


MY STORY

I started investing in RE around 2014.  I was recently divorced, basically unemployed (self employed with a new business - what's the difference right), completely broke and a credit score of 515 (would have been better having no credit).  I just knew I wanted to do RE Investing so I started to read books and network and anything I could to learn.

Soon I met a guy that changed my world and told me "never let money stop you from buying real estate... if you find a good deal money will always follow".  Fast forward 3 weeks I bought my first property and then 14 over the next 10 months.  I thought I made it!  Looking back some deals were good and some not so much but I learned it could be done and I never looked back.

Now in 2020 I have changed my circumstances drastically.  I make decent money (still self employed but very much in demand), recently remarried with a great family life, and at the time of this post have a credit score of 740!  I have 14 rental units that I own free and clear, and basically am debt free.... so what's the problem?  I BELIEVE I'M DESTINED FOR MORE BUT I'M STUCK!

I have done well over 20 RE transactions from flipping, to rentals, to wholesale deals, partnerships, etc so I have a very good grasp how this whole investing thing works.  I have a plan, I have been working the plan, but still feel like I'm not gaining any ground.  For the past 2 years I have been busting my tail sinking every dollar I make into fixing my credit, getting out of debt and building a business that now does about $500K per year with a decent bottom line, only to be told yesterday no from a couple of banks that they won'y lend me money!

I have a great business plan, plenty of experience, income to support the debt, and a track record to show I always pay my debts, BUT IT'S STILL NOT GOOD ENOUGH?!

Right now I'm feeling discouraged, wandering what I'm doing wrong, and how do I achieve the greatness and lifestyle that my family deserves.  I'm constantly networking, posting content, and working through deals, but it just doesn't feel like I'm gaining as much ground as I should with the amount of work I'm putting in.

Whichever group you see yourself in that I referenced above, feel free to add your comments here.  I'm always happy to help those trying to get to where I am, others like me achieve more together, and definitely looking for advise from those that have made it to where I want to be in my journey! 

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  • Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    6y

    What are you being told "No" to, @Ozzy Smith? If it's some kind of new business loan, I would say that's to be expected right now. Very few lenders are going to take a risk on an unproven business under the current circumstances (not matter how good your track record and business plan are).

    Also, being told "no by a couple of banks" is hardly being stuck. Here's a list of all the banks in Ohio. Here's a list of all the credit unions. Get dialing.

    If you're not able to get mortgage on new investment properties or a primary residence, that may be a different thing. When a lender says "no" ask how they get to "yes." If they say, "we simply aren't giving loans to any new business right now." Well, at least you know. If they say, "we wish you had $50k liquid for a rainy day instead of locked up in equity at your rental properties." Now you know what you need to do.

  • Ozzy SmithPro Member
    OP
    Specialist · Dayton, OH · Member since 2014 · 352 posts · 265 votes
    6y

    @Jaysen Medhurst

    I’m not applying for a business loan I’m trying to take out a little cash and refinance out of my hard money loan at a 75% ltv 

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