Hey Awesomely reader, Patrick Riddle here, asking you to walk down memory lane with me…
So, my first year investing, one of the “Big Unknowns” for any deal that my business partners and I were working on was financing. We were doing our best to just get a good deal under contract, let alone even think about what we were going to do once we contracted one.
That was the first big hurdle.
But, then the inevitable happened… we got a great deal!
We did exactly what all the books and courses teach you. We were so excited running around high-fiving each other and decided that it deserved a night out on the town. The next day after a rather long night, I remember waking up and thinking: Now what do we do?
Long story short, we ended up getting the deal financed because one of my partners went door to door to real estate agencies and mortgage offices until someone realized we had a great deal under contract.
That was after about 25 NOs!
Like the glorious Julie Andrews (aka Mary Poppins) says:
“Perseverance is failing 19 times and succeeding the 20th.”
Right along with perseverance comes persistence.
Let’s take a closer look:
Per – sist – ence
– noun
1. The act or fact of persisting.
2. The quality of being persistent: You have persistence, I’ll say that for you.
3. Continued existence or occurrence: the persistence of smallpox.
4. The continuance of an effect after its cause is removed.
“Success is the child of drudgery and perseverance. It cannot be coaxed or bribed;
pay the price and it is yours.”
— Orison Swett Marden
You might be wondering where all of this came from…
Well, the reason that I’m even writing about this is because of a conversation I had with one of my clients. A few weeks ago, on a coaching call, we talked about financing strategies for one of his deals.
He got a great deal under contract and wanted advice on the best way to secure financing. He passed the investment opportunity to a few people but with no luck. He didn’t know what to do next.
So, after a recent meeting, he updated me on the deal. He looked into getting a credit line from a bank. But, he got turned down.
The decision he made right then in that moment is what makes ALL the difference in the world and defines those who succeed as investors and those who don’t.
He chose to persist!
“You may encounter many defeats, but you must not be defeated. In fact, it may
be necessary to encounter the defeats, so you can know who you are, what you can
rise from, how you can still come out of it.”
— Maya Angelou
And you know what happened…
Just 2 banks later, he got the financing he needed. A credit line for the exact amount that he wanted for the deal.
Let this be a lesson to anyone who is having difficulties getting started as a real estate investor or who’s encountered a roadblock, obstacle, speedbump — call it what you like.
He made the decision to get what he wanted.
If When you have a great deal under contract, and you say to yourself, “How am I going to get this deal financed?”
Remember…
PERSISTENCE!
That’s how to get a deal financed… or even sold to an end buyer!
“A river cuts through rock, not because of its power, but because of its persistence.”
— Jim Watkins
Persist, friend.