Jul 2, 2019
What are your thoughts on money? How do you feel about debt? Are you a person who thinks in terms of "I can't" or "how can I"? The difference between rich and poor (or middle class) may very well exist in the distinction between those two mindsets.
Most people would LOVE to be a Real Estate Investor. I've yet to meet the person who says they would NOT want to own Real Estate. I've met people that would rather not be a Landlord, but everyone wants to own Real Estate. But most people will dismiss this thought as something they can't do by saying "I don't have the money" or "I can't afford it".
That's disappointing - because if instead such people would ask "HOW can I get the money" or "HOW can I afford it" - they would be unleashing the power of their mind to solve the problem just placed before it. This reasoning comes from the book Rich Dad Poor Dad, which is mentioned in the opening minutes of this Podcast Episode #15 - Where To Get The Money? Using Other Peoples Money (OPM) For Real Estate Investing Success - Part 1.
This is a two part episode, because while I talk about getting money from: Banks; Hard Money Lenders; Retirement Accounts (IRA/401K/TSP); HELOC; Credit Cards; Private Lenders; and even a line about Cash-Value Life Insurance - I spend most of this episode speaking in general about using debt to buy Real Estate. I even go into details of "Good Debt" versus "Bad Debt"; and a term from fellow Investor & Podcast Host, Jason Hartman - "Inflation Induced Debt Destruction". Because if you think ALL debt is bad, then we're done right there!
So listen to this Episode #15 - Part 1 of the [... and Landlord!] Rental Real Estate Investing Podcast and we'll continue in Episode #16 - Part 2 next week speaking more about Private Lenders - which is really where you want to get your funding from as you progress in your Real Estate Investing business. But you most likely want to start out using a Bank or Hard Money Lender, so I talk about that in this Episode, along with thoughts on how and where to get your 20% to 25% down-payment you'll likely need in addition to closing costs and reserves.