All Forum Posts by: Ketan Patel

What would your RE business look like if you had access to as much capital as you needed ? There is no denying that Capital is a key element in growing your RE business. Here is what I think the Top 3 Challenges are that most RE Investors face when raising capital :

1. Building an Investor Network: Learning how to find and connect with investors in this noisy environment. Creating a database of investors that trust you and invest with you on a regular basis 

2. Mindset Mastery: Overcoming Limiting Beliefs, Fears, etc. (examples: What if the deal doesn't work out, what if I don't raise enough to cover my deal, why would somebody invest with me)

3. Strategy: How to raise capital effectively and efficiently, pre-raising before deals, structure for your business to leverage time, etc. 

I am interested in hearing what is the #1 challenge for most investors so I can elaborate and share my experience I obtained through raising over $10Million in past few years.  

I was a Full-Time Pharmacist about 6 years ago when I bought my first investment property and Fear was the number 1 thing stopping me back then. It took me years to pull a trigger but then finally one day I realized something, its easy to say you lack resources ( time, money, mentor, knowledge, etc) and believe in a limiting story. I knew to be successful I had to change the narrative and learned how to be resourceful.

I needed $8k to buy my first property with my partners but I had no money so I decided to open a 401k account with my employer and got 100% matching and worked little OT, and in 1 month my 401k had the money so I took it out as a loan to buy the property! After that, I decided to buy a business and had to engage in "creative finance" and make it happen, then raised $1million for apartment syndication. Everything changed for me over the years and I have crossed over $20million in RE transactions all with a simple shift in belief and some action. 

Point is asking yourself how can you be resourceful instead of focusing on not having resources. Hope this helps. 

@Taylor Hudgins I see the biggest issue as "Lack of Clarity" with most of the clients I coach and runner up is Action Related Challenges. I found out that at one point or another in our business journey we have ONE CHALLENGE that is dominant and the key is to overcome that and go to the next level and repeat the process. Successful Entrepreneurs always know this and work on in. I find the list to be fairly comprehensive so far ! Other option is consuming information that everybody has access to and all the mechanics which are useful only up to a point. 

For me personally, limiting beliefs played a huge role and I kept working as a Pharmacist even though I wasn't passionate about it. Once I was able to overcome the beliefs, everything changed where I am able to run multiple businesses and find greater satisfaction. I also learned that growth/progress gives you the biggest joy and why not have fun on your journey and enjoy the actual PROCESS instead of putting all attention on the end result. 

@Marco Morkous You also want to make sure that the real challenge under the hood is not FEAR! Too often when you are on your way to growth, little uncertainty, and fear comes with it naturally. So you ZERO in on the fear of house not renting or whatever the case may be and resolve it vs. understanding debt and all. Just another angle to look at it

Hi Guys,

We all know that having a great MINDSET is a pre-requisite to having success in real estate but often we are not sure that the MINDSET is what made up of and what our #1 Challenge is. From all of my research and experience over the past 3 years, I came up with this list and just curious to see what people see as their #1 challenge in reaching their goals.

1. Limiting Beliefs (Understanding, Finding & Changing them) 

2. Fear (Failure or other)

3. Action Related ( Feeling stuck, procrastination, etc, not taking consistent action)

4. Not having a strong purpose/WHY

5. Lack of Clarity 

6. Using Time/Energy Effectively

The overarching feeling at the moment—both in business and life in general—is one of uncertainty. What does the future of our business, our country, and our world look like?

Uncertainty is just a part of life—that’s undeniable. It can come in amounts both small and large—this time, unfortunately, it is particularly large.

The economy is going to crash—what do I do?

My property values are going to plummet, what will I do?

If you’re like most investors, you’re probably laser-focused on these questions right now, and that feeling of uncertainty is permeating your entire life.

However, at this moment we are presented with a rare opportunity—we have the time to assess ourselves and our business and create better versions of both.

By taking a step back and reminding yourself that every situation has more than one perspective.

Perspective is your power over the situation because perspective lives in you.

Perspective 1 – The economy is crashing all around me and will continue to struggle for the foreseeable future. I chose a terrible time to get into real estate, and worse I have failed to prepare properly.

Perspective 2 – I see failures, obstacles, and challenges as opportunities for growth. How can I use this situation to make my business better? How can I use this situation to become a stronger, more effective real estate investor?

Taking a look at these two perspectives on uncertainty…

• Ask yourself what feeling(s) is this uncertainty stimulating in you—fear, confidence, creativity, etc.?

• Examine the feeling you have. How is that unconscious feeling driving your perspective?

• Learn what you can from your feeling and subsequent perspective (what led you there? Is it positive or negative? How can you change your business to be stronger based on this information?).

• Finally, create a strategy that is informed by what you have learned and be prepared to put it into action when the time comes.

Without this opportunity (this sudden influx of free time), you might not even have gotten the chance to truly reflect and rebuild.

This entire situation probably has you firmly placed outside your comfort zone already, so you’re in a perfect position to do some outside-the-box thinking. That thinking is absolutely necessary if you truly want to grow.

The take-away here is, whether in two-weeks, six-months, or a year, this is going to pass. When it does, will you look back and say to yourself, I took advantage of the situation and learned how to turn my negative perspective (feelings of uncertainty, failure, lack of systems or strategy, etc.) into opportunities for success.

Or…

Are you going to look back and see someone who operated from the perspective of fear and uncertainty?

It’s all a matter of the perspective from which you choose to operate.

As a new investor, it's highly likely that your number 1 problem is a (completely legitimate) fear of failure--as would be the case when starting in any new business.

• You’ve done the research
• You’ve learned everything there is to know about real estate
• You have a deep understanding of the marketplace

Yet, you are still afraid to take action!

What you are doing is a common mistake for many, many first-time real estate investors--you go around and around, collecting information, doing more research, learning about the market, studying any and every piece of information you can find, but you NEVER PULL THE TRIGGER.

By doing so, you have put the breaks on your entire business because of a fear of failure.

To be successful, you must overcome this fear. One way to do so is by having the mindset that my failures are opportunities to collect feedback that fuels future success.

Obviously, part of real estate can be learned by books (i.e. through somebody else’s experience). However, the majority of what you need to know MUST be learned by taking action yourself and playing the game.

I don’t know of any real estate investor who hasn’t failed/lost money (including myself)--it’s just a matter of time.

Changing your mindset from fear of failure to my failures are opportunities to collect feedback that fuels future success is the key to elevating your potential.

For example, you bought a property and try to flip and it didn’t work out. Ok, a major disappointment, but you’ve acquired some very valuable feedback from the experience: you need to be better at analyzing numbers, managing contractors, or this doesn’t match with your skill set, etc. 

The only way to get feedback that will drive success is by taking action. 

Ketan Patel

@Anurag Kumar One more thing, make sure to take advantage of any first home buyer mortgage incentives if they are available. it all depends on your income and state but it worth to check it out.

Best way to get some resources would be to reach out to the licensing agency in your state for senior living. They should have information, contacts to get you going. 

Whole point of real estate meetups is to share and gain knowledge. No need to be nervous and you can ask anything that you want to know. Investors in your experience started out one time too so I am sure they will be glad to help. You can also ask the host of the meetup to help. I hope this helps.