A teamwork mentality separates the most successful investors from investors who struggle to do it on their own. Imagine that you are playing on a team when you invest in real estate. The people on your team will provide what you don’t have, including special resources, knowledge, and relationships. What is the result You will be more successful and make more money than you would on your own.
If you consider real estate investing as a team sport, you will see the advantages. Think of a team game, such as soccer. What happens when you are in a bad position to score If you have a teammate in better position to make the goal, you can pass the ball. In a team game, when one player makes the goal, the whole team wins.
Compare the idea of investing as a team sport with the competitive model of success. Particularly in the United States, we have the model of the self-made man. (It is rare to apply the model to a woman.) The self-made man climbs up to pinnacle of success, stands at the top, and proclaims I’m now king of the world. It’s the competitive model of the top dog wins.
In contrast, consider Napoleon Hill’s MasterMind concept. The whole becomes more than the sum of its parts. Everyone becomes more successful by being part of a team. True success comes from surrounding yourself with like-minded people.
How does this apply to investing in real estate Say you want to buy a property, but you don’t have the money. If you have to use your own money, credit, and resources, you will say I can’t afford this, and that is the end of that.
When you think with an investor mindset, you don’t give up on the deal. Instead, you realize that you are part of a team with people who do have the money to buy the property.
One way to make money when you can’t afford to buy properties is to be a bird dog. A bird dog finds good deals and then points them out to investors who can buy them. Instead of making money by buying properties, the bird dog makes money by finding them.
Another real estate role is to be the deal maker. You can make money by arranging the deal. When you introduce the seller to an investor who can afford to buy, you can make money by being in the middle of the deal.
Another role is to be the one who buys, because you have money to invest. If you have the money and credit, a bird dog or deal maker can bring the deal to you.
A soccer team needs different players. My point is that real estate investing is the same. It needs different players, playing different roles. Your role can change. You can player different positions on a soccer team. You might play defense. You might play offensive. You might play in the goal. You might be the one who takes the shots. You might be the one who passes the ball.
When you’re part of a network of investors, you don’t have to climb up to the top of the mountain by yourself. You don’t have to do it all by yourself.
There are all kinds of people out there who are part of the real estate investor world who have specialized knowledge, money, and credit. The more you treat real estate investing as a team sport, the more successful you will become.
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You can always get money to fund a good real estate deal.
In the consumer view of the world, money is scarce. Consumers who believe that they have to buy investment property with their own money and their own credit are making a basic assumption If you want to invest in real estate, you have to do alone.
Where do consumers go for money They go to banks. And what happens at the bank If you are a consumer, the bank will require you to provide a vast amount of personal information. You might feel that you have to beg to get the money. And after providing all of the personal information, it is up to the bank to decide if you are worthy to borrow the money.
From a consumer money perspective, the most important issue is whether or not you have money and good credit. Consumers who want to borrow from the bank often get the impression that the bank is only interested in loaning money to people who don’t need it, and who have excellent credit. Throughout the process, you are not simply asking for money. The bank is judging whether or not you are worthy to receive any money.
Successful real estate investors know something that the average consumer doesn’t know. There is plenty of money available for good deals and you don’t have to go to the bank to get it. Why is this It is because there are private lenders who are ready, willing, and able to fund good real estate deals. In fact, you don’t ever have to ask a bank for money for real estate investing.
You might not have it, but someone has the money you need. If you want to buy a property, and you need $10,000 as a down payment, the consumer mindset says, I need $10,000 for a down payment. I don’t have $10,000, therefore, I can’t buy the property. Investors know that somebody out there has $10,000 to invest in the property. I might not have it, but you might have it. Investors know I don’t need to have my own money. I can use other people’s money.
This is why a consumer will look at a property and say I can’t buy this property because I don’t have the money, and the bank won’t loan me enough money to buy it because I don’t have enough credit to satisfy the bank’s requirements. The investor can stand beside the consumer, look at the same property, and have a different idea.
In the same situation, the investor will say, I know that this is a good deal. I’ll find a private lender willing to fund this deal so that I can buy the property. The investor knows that private lenders first of all want to know if this is a good investment. They don’t decide whether or not to fund the deal based only on your money and your credit. The fact is, if the investment really is a good deal, you will be able to find a private investor willing to provide the money.