Getting The Money
Aug 12, 2022
Having money or having access to money is the key to any investment. In particular, real estate investments. I have come in contact with several people that want to start investing in real estate but they are BROKE. I'm not making light of any situation because we have all been there. It's hard to start something without funding.
I'm sure you have heard the old cliché that money makes the word go round. This statement could not have been further from the truth. When I initially started investing in real estate I thought that I had enough to purchase and rehab a property but I quickly learned that I was delusional. In property investing you have to prepare for the unknowns. In order to that you have to have more than enough in case things go left.
Early in my career I was doing a renovation that I thought I had enough money. Well there were rotten beams and sagging floors that I never accounted for. This was a kick in the face to my budget. I did get out of the property but just barely. I cleared $8000 on something that I worked on for 4 months. That was definitely a learning lesson for me. On the next project I was better prepared.
I am thankful that I have great credit and access to money. I could not have said this several years ago. My $2 million line of credit is awesome for purchasing properties. I am working on increasing this because it puts me at a hinderance when I'm looking at turnkey multifamily properties. I have managed to established credit in both of my businesses with unsecured loans and unsecured credit cards. I have 3 American Express cards with no limit and pay over time options. I thought they gave these cards to anyone but they don't. It's by invitation only from American Express or someone with a platinum card must invite you. These cards work great for project expenses which allows you time to float money if you have to.
Financial networks and lenders are included in both of my courses, Investor Wholesaling Bootcamp and She-Vestor Coaching. I am giving you the secrets that people try to keep hidden because they feel you might outdo them. I always say that there is enough for everyone. You are unique to your situation. Your only goal should be to outperform yourself.
Stephanie J Ford aka She-Vestor