Tough Times? It won’t last forever!

There are going to be rough times in your investing career. It may be that your family doesn’t support what you are doing or that you can’t find investors to fund the great project you just found. It might be that interest rates make it really hard to find a property that will cash flow and make sense. It might be that the market gets so hot that prices are too high to make financial sense. So, what do you do when tough times hit? Because at some point in your career, they will.

As an investor, you are going to be putting in offers that are lower than the asking price. This means that you are going to get told no. A lot!!! Now that doesn’t mean that you won’t find properties out there that are priced right, it just means that most sellers want top dollar for their properties, and you can’t make that work. The key is to stay positive even when you are getting told no. You can get excited because statistically, every no puts you closer to a yes.

There will also be times when you hit a plateau with your investors. You need investors to keep growing. This is a frustrating time. However, it is not a time to give up. This is a great time to keep networking, especially with the investors that you already have. Always ask, who do you know that might be interested in investing with us. You can set up a referral business so that no one feels like they are going to lose out. There are a lot of ways to do this that we will talk about in another blog.

When the market gets tough, you need to keep going. This can be incredibly frustrating. Whether interest rates have made it impossible to cash flow or other investors are bidding up the prices, you cannot overpay for a property. During these markets, you want to look for the golden nuggets. In order to do that, you have to keep building your database of owners. Keep reaching out keep building those relationships. This is a critical time with your power team. If your power team isn’t as strong as it should be, make some tweaks.

Talk to a mentor about the things that are going wrong. Find out what mistakes you are making so that you can avoid repeating them. When tough times hit, it is more important than ever to have a mentor to stand by you and back you up. They can help guide you through those dark waters. There are always going to be tough times. The key is how you handle them. If you handle them right, then they won’t last long, and you will get back on track quickly. As always, happy investing.