In this episode, Dr. Matt Motil talks about the top 5 excuses to not taking action!
This topic isn’t specifically for real estate, but life lessons in general!
You are not going to do anything great in the world without taking action!
Fuck your excuses!
Let’s get started…
Top 5 Excuses To Not Taking Action
1. No Experience
Having “no experience” is never an excuse!
A. Listen to this show – every week you are provided with free valuable information
B. Go find other shows – real estate not for you? There’s millions of other FREE podcasts!
C. Check out YouTube – YouTube has videos for everything you want to know!
D. Read books!
E. Check out the Doctor’s free master-mind class www.reiquickfire.com (you don’t need cash OR credit)
Both Google and your phone carry tons of information!
2. Bad Market
There’s no such thing as a “bad market.”
You can make money in a good market, it isn’t that hard!
You can make money in a bad market, it’s that much easier!
Still having problems? Find a new market!
3. No Cash
This was Dr. Matt Motil!
Life changed after reading Rich Dad, Poor Dad.
A. Partner up – it’s inexpensive to find a deal, find a partner with money, and split 50/50
B. Use hard money – this is a way to fund deal, but be careful
C. Raise private money – use family or friends
D. Seller Finance…
Find a property that a seller doesn’t owe a mortgage on.
Seller will carry a note pack.
Have agreement saying… “buy property at “x” amount of money and make the payments to the seller at a set rate”
You will have a balloon (typically 3-5 year balloon)
If you are in the position to get a loan (AKA have credit), go to the bank, and if the seller says they’ll carry the back note on the property…
Then usually you can negotiate a favorable interest rate (short-term)
Say the property needs a ton of work, you now have the money for the rehab.
If the seller agrees to float the purchase price, you will pay 100% of the purchase price over the next 12 months.
Once you finish the rehab, go to the bank, and the bank will appraise for market value.
The bank will give you a loan (70-75% of value) in cash.
Pay off the note to seller.
4. Not Enough Time
This is the worst excuse in the book!
Everyone has the same 24-hours in the day!
Work on time management skills.
Block off time in your day.
Do a time study.
5. Consumer Debt
This is the same as having no credit.
This gets personal.
Figure out why you have debt.
Why have you made bad decisions?
Do you need discipline?
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