Attracting Opportunities: Turning Problems into Possibilities

   I've said before that opportunities do not usually just come up and announce themselves - that they are in fact, often shrouded in the guise of a problem. But that doesn’t mean that they aren’t all around us. When you think about it – don’t we come across problems every day? Almost everybody has problems of some sort going on in their life at any given time. If your car were to break down on the freeway and you were stuck on the side of the road – most people would drive right past you without giving it a second thought. A tow truck driver however would have a different perspective on the situation and would likely spot an OPPORTUNITY to pick up a customer and earn some quick cash. Your problem has become his OPPORTUNITY. 

   But that wasn’t hidden or disguised you might say – it was an obvious pick, like finding a dollar on the ground. But if this were true, than why wasn’t anyone else stopping to pick up that dollar – in other word’s no one else saw you sitting on the side of the road as an opportunity – they may have even avoided looking at you so to ease their guilt of not picking you up or offering help. But the tow truck driver- he was prepared – he had the equipment and the knowledge of how to use that equipment and so while you may have looked like a problem and potential burden to others – this one person recognized the value of the situation becuase he was prepared to find an opportunity and ready to take advantage of it on a moment’s notice. That’s how you have to be. You need to be equipped, educated , and ready to strike when the iron is hot so that when you see something that looks like a problem to everyone else, you can say “Hold me beer – I got this”

Real estate is fraught with problems and opportunities. The key to taking advantage of them is to ensure that you are prepared for it when it comes your way. That means taking the time to learn more about your market so that you know how to recognize a deal when you see it. You wont be able to determine what a good price is if you don't know what the market will bear or not. This knowledge will allow you to take the next step of analyzing the deal - if you don't know how to do that -learn how as soon as possible. It's not as complicated as it sounds - it's mainly about taking into account your expenses and comparing it to your potential income - the more expenses that you can account for, the better your analysis will be. This will be a critical and valuable tool for your through the rest of your investing career.

To ensure that you can tackle challenges head on, make sure your financing is lined up in advance. It's amazing how much more confidence you will have going into a problem when you have the financial backing that gives you more flexibility. For those who don't have any money lined up, even knowing the market, making the move can seem like a daunting challenge that is just out of reach - after all - you may know the market but what good does it do if you cannot take action?  The great part about financing is that it does not need to be your own money that's dialed in  - even if you do not have the cash or a lender who has already pre-approved you then you can find a partner with money and keep them on standby so that when you recognize an opportunity, you can have the confidence to make a move. Talk to other local investors about what kind of deals they are looking for - make sure it is specific. Someone who says they will buy just about anything will usually buy nothing - mainly because you have no real understanding of the problems they are trying to solve. But if you make the effort of really finding out what kind of properties and situations gets them salivating, then you can be on the lookout for those types of deals or keep it in mind when you suddenly come across it and would otherwise pass it by.   

Once you train yourself to start seeing problems as opportunities then you will start to see problems -ahem, I mean opportunities everywhere. As you become a more skilled problem solver then others will notice and start to bring their opportunities disguised as problems to you and before you know it – you are attracting opportunities. By positioning yourself as a problem solver you inadvertently put yourself directly in the path of potential opportunities. If you have the tools, the knowledge, and the willingness to take action, those opportunities can be your goldmine.