Intelligent Real Estate Investing
Should I Start my REI Business in a Recession?
Strapped for cash! Economic uncertainty! Fear of the unknown! These are some of the emotions that govern the thinking of most people today. Nonetheless, the fact that real estate investment is still the smartest way to achieving financial independence remains irrefutable. Wasn’t it Carnegie who originally said to “get aggressive when everyone is fearful, and be fearful when everyone is aggressive?” Recently Warren Buffet was quoted as repeating the same adage. If these famously wealthy businessmen agree to that strategy, then one has got to get busy now!
Earlier this year I was in San Francisco and saw a billboard. It read: “Bill Gates stared Microsoft during a recession.” Are we seeing a trend here? It would seem that the most successful see opportunity where others see peril. Are you programmed like these entrepreneurs or are you like the majority of the world’s population…motivated by emotion? If you feel you are in your element with these great history-making men, then you likely see that we are at the right place to create wealth in this housing value decline.
More pointedly, I believe we are facing the perfect storm for cash home buyers across the United States. The secret is out and many Europeans, Asians, Middle-Easterners and others have recognized that America is on sale and they are already scooping deals on our home turf every day! So, to answer the question at the top of the page: Yes. Only IF you see the “glass half full.” Before embarking on any business venture it is always wise to do your research, set a mission statement and plan of action. Before that, though, one must do some soul-searching in order to determine whether he or she is proceeding with the mindset of the great entrepreneurs or plagued with the typical negativity of the general populace. Make sure you have a clear vision of the opportunity and determine to KEEP that vision clearly in mind. Maybe even write it down and hang it on your refrigerator door, but do it.
It is imperative that a new real estate investor seek the right groups and networks in order to conclude deals with ease, moving quickly onto the next one. A website you can check out is for an example of a reputable group. They have an extensive buyers list from all over the world and independent territory managers nationwide.
Another factor that has played into the success of most if not all wealthy capitalists is having a mentor. There has usually been someone behind the scene coaching and leading by example. Ask anyone who has done something of high significance and they will likely tell you of those who inspired them. The REI market is no exception. We all need a mentor at some point.
Unfortunately, there is no end to the “gurus” wishing to sell us some “program” for a lot of money. In reality, their responsibility ended when your payment was processed. In my opinion, it is best to find a mentor willing to teach you and then partner up with you for a time, splitting the profits off each deal. That’s what your business will need entering the uncertain market conditions of the future. So cheer up! Do some self-analysis and adjust your thinking to “positive.” Opportunity is knocking.
